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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 a 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 payed or earned for the use of the principal. |
| Markdown | An amount by which the regular 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 quality 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 by 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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