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mod 2
| Term | Definition |
|---|---|
| amount of error | the positive difference between the estimate and the actual amount |
| commission | it is a payment based on a percentage of sales |
| discount | the amount by which the regular price of an item is reduced |
| fee | a payment for service. it can be a fixed amount, a percent of charge, or both. |
| gratuity | also known as a tip. it is a small amount of money in return for service |
| interest | the amount paid or earned for the use of the principal |
| markdown | an amount by which the a 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 a 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 (principal, rate percent as a decimal, and time in years |
| 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-1982158