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Module 2 Vocabulary
| 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 a fixed amount, a percent of the charge, or both. |
| Gratuity | Also known as a tip. It is a small amount 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 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. |
| Tip | Also known as 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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