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L20 M7
| Question | Answer |
|---|---|
| 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 added to the cost of an item to determine the final price; the amount added 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 | Per 100; A rate per 100 |
| 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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