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Mod 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 charge, or both. |
| Gratuity | Also known as 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 of an items is reduced. |
| Markup | The amount the price of an item is increased above the price the store paid for an item. |
| Percent Error | A ration that compares the inaccuracy 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 change. |
| 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 costumer pays for an item. |
| Simple Interest | The amount paid or earned for the use of money, the formula for simple interest is l=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. |
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user-1982816