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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 a 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 change, 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 paid for the item |
| percent error | A radio that compares the inaccuracy of an estimate amount of error to the actual amount |
| percent of change | A radio that compares the change in the 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 change on item that people buy |
| selling price | The amount the customer pays for an item |
| simple interest | The amount Peter earned for the use of money. The formula for simple interest is l=prt |
| tip | Also known as a gratitude ,it is a small amount of money and return for a service |
| wholesale cost | the amount the store pays for an item |
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