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Module 2 vocab
| Question | Answer |
|---|---|
| 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 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 is a small amount of money in return of a service |
| interest | The amount paid or earned for the use of principal |
| markdown | An amount by which the regular price of an item is reduced |
| markup | The amount the price of an item is increased above the price the store paid for the item |
| percent error | A ratio that compares the inaccuracy of an estimate ( amount of error ) to the actual amount |
| percent of change | A ratio that compares the change in a 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 the customer pays for an item. |
| simple interest | The amount paid or earned for the use of money. the formula for simple interest is I = prt. |
| tip | Also known as a gratuity, it is a small amount of money in return of a service |
| wholesale cost | The amount the store pays for an item |
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