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mod 2 vocab
| Question | Answer |
|---|---|
| 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 charge, or both. |
| gratuity | Also know as tip. 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 item is reduced |
| markup | The amount of 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 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 buy. |
| selling price | The amount the customer pays for an item |
| simple interest | The amount paid or earned for the use of money. |
| 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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