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Module 2 vocab
| Term | Definition |
|---|---|
| Amount of error | The positive difference between the estimate and the actual amount |
| Commission | A payment equal to a percent of the amount of goods or services that an employee sells for the country |
| Discount | The amount by which the regular price of an item was reduced |
| Fee | A payment for a service. It can be a fixed amount, a percent of change, or both. |
| Percent of error | A ratio that compares the inaccuracy of an estimate to the actual amount. |
| Gratuity | Also known as a tip. It is a small amount of money in return for a service |
| Interest | The amount paid or earned for the use of the principal |
| Markdown | An amount by which the regular price was reduced |
| Markup | The amount the price of an item is increased above the price the store paid for them |
| Percent of change | A ratio that compares the change in quantity 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 items that people buy. |
| Selling price | The amount a customer pays for an item |
| Simple interest | The amount payed or earned for the use of money. |
| Tip | Also known as a gratuity, It is a small amount of money for a service |
| Wholesale cost | The amount the store pays for an item |
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