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mod 2 vocab
| Term | Definition |
|---|---|
| amount of error | The positive difference between the estimate and actual amount. |
| commission | A payment equal to a percent 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 principal. |
| 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 payed for them. |
| percent of 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 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 gratuity it is a small amount of money in return for a service. |
| wholesale cost | The amount the store pays for a item. |
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user-1981858