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Mod 2 Vocab
| Term | Definition |
|---|---|
| Amount of error | The positive difference between the estimate and the actual. |
| Commission | A payment equals to a percent of the amount of goods or services that an employee sells for the company. |
| Discount | The amount by which the regular price of an item is reduced. |
| Fee | A payment for a service. It can be a fixed amount, a percent of the charge,or both. |
| Gratuity | Also known as a tip. It's is a small amount of money in return for a service. |
| Interest | The amount paid or earned for the use the principal. |
| Markdown | An a,n |
| Markup | |
| Percent of change | A ratio that compares the change in a quantity to the original to the original amount. |
| Percent of decrease | A negative percent of change. |
| Percent of increase | A positive percent of change. |
| Principal | The amount of money deposited or borrowed. |
| Sales tax | An additional amount of money charged on item that people buy. |
| Selling price | The amount the costumer pays for an item. |
| Simple interest | The amount paid or earned for the use of money. The formula,a for simple interest is I = prt |
| Tip | Also known as a gratuity,it is a small amount of money in return for a service |
| Wholesale Cost | The amount the store pays for an item. |
Created by:
user-1975168