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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 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 the charge, or both |
| 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 princpal |
| Markdown | An 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 changes in a quantity to the orginal 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 a customers pays for an item |
| Simple Interest | The amount paid or earned for the use of money |
| Tip | Also known as 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-1981832