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MOD 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 company |
| discount | The amount by which the regular price of an item is reduced |
| fee | A payment for a service. It can be fixed amount, a percent of the change, or both |
| gratuity | Also known as a tip, It is a small amount of money in return for a service. |
| interest | The amount pair or earned for the use of the principal |
| markdown | A amount by which the regular price of an item is reduced |
| markup | The amount the price of an item is increased |
| percent error | a ratio that compares the in accuracy of an estimate 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 increase |
| percent of increase | a positive percent increase |
| principal | the amount of money deposited or borrowed |
| sales tax | an additional amount of money charged on items that people buy. |
| selling price | amount of money that a customer pays for an item |
| simple interest | the amount paid or earned for the use of money. |
| tip | also known as gratuity, a small amount of money returned the amount a store pays for an item for a service |
| wholesale cost | The amount the store pays for an item. |
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user-1982160