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mod 2 vocab
| Term | Definition |
|---|---|
| Amount of error | The positive difference between the estimate and actual amount. |
| commission | An fee paid to an agent as a percentage sale. |
| 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, percent of the charge, or both. |
| gratuilty | Also known as a tip. It is a small amount of money in return for a service. |
| interest | The amount paid or earned for use of the principle. |
| markdown | An amount of 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 to the actual amount. |
| percent of change | A ratio that compares the charge in an quantity to the original amount. |
| percent of decrease | A negative percent of change. |
| percent of increase | A positive percent of change. |
| principle | 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. The formula for simple interest is I=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. |
Created by:
user-1982141