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L20 vocab
| Term | Definition |
|---|---|
| Commission | a fee paid for services, often a percent of the total cost |
| Gratuity | an amount added on to the cost of a service, often a percent of the total cost; often referred to as a tip |
| Markdown | an amount subtracted from the cost of an item to determine the final price; the amount subtracted is often a percent of the cost |
| Markup | an amount subtracted from the cost of an item to determine the final price; the amount subtracted is often a percent of the cost |
| Simple interest | a percent of an original amount that is borrowed or invested, paid at the end of a set period of time |
| Tax | a percent of income or of the cost of goods or services paid to the government |
| Percent | a percent of income or of the cost of goods or services paid to the government |
| Proportional relationship | the relationship between two quantities where one quantity is a constant multiple of the other quantity |
| Rate | - a ratio that tells the number of units of one quantity for 1 unit of another quantity |
| Discount | an amount taken off of an original price |
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