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Mod 2 Vocab
| Term | Definition |
|---|---|
| amount of error | The positive difference between the estimate and the actual amount. |
| commision | 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 change, or both. |
| gratuity | Also known as 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 | The 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 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 deposit or borrowed |
| sales tax | A 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 in I=prt. |
| tip | Also known as gratuity, it is small amount of money in return for service. |
| wholesale cost | The amount the store pays for an item. |
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