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Mod 2 Vocab
| Term | Definition |
|---|---|
| amount of error | the positive difference between the estimate and the 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 is discounted |
| 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 exchange for a service |
| interest | the amount paid or earned for the use of the principal |
| markdown | an amount in which the regular price is reduced |
| markup | the amount by which 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 to the actual amount |
| percent of change | a ratio that compares the change in a 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 a customer pays for an item |
| simple interest | the amount paid or earned for the use of money |
| tip | a small amount in return for a service |
| wholesale cost | the amount a store pays for an item |
Created by:
user-1981837