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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 of which the regular price of an item is reduce |
| fee | a payment for a service. it can be a fixed amount of money in return for a service. |
| gratuity | also known as a 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 prices 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 to the actual amount. |
| percent 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 nuy. |
| selling price | the amount the customer pays for am 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-1981829