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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 and services that an employee sells for the company |
| discount | The amount of 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 for a service |
| intrest | The amount paid or earned for the use of principal |
| markdown | An amount in which the regular price of an item is reduced |
| markup | The amount of a price of an item is increased above the price the store paid for the item |
| percent error | A ratio that compares 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 of money that a customer pays for an item |
| simple intrest | The amount paid or earned for the use of money. The formula is simple intrest I=prt |
| tip | Also known as gratuity, it is a small amount of money in return for service |
| wholesale cost | The amount the store pays for an item |
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user-1981853