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Mod 2 vocab

QuestionAnswer
Wholesale cost The amount the store pays for an item.
Gratuity Also known as tip. It is a small amount of money in return for a service.
Markup The amount the of an item is increased above the price the store paid for the item.
Selling Price The amount the customer pays for an item.
Tip Also known as gratuity, it is a small amount of money in return for a service.
Discount The amount by which the regular price of an item is reduced.
Markdown An amount by which the regular price of an item is reduced.
Simple Interest The amount paid or earned for the use of money. The formula for simple interest is I=prt
Principal The amount of money deposited or borrowed.
Commission A payment equals to a percent of the amount of goods or services that an employee sells for the company.
Fee A payment for a service. It can be a fixed amount, a percent of the charge, or both.
Amount of Error The positive difference between the estimate and actual amount.
Percent Error A ration that compares the inaccuracy of an estimate (amount of error) to the actual amount.
Created by: user-1982181
 

 



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