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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 percent of 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 change, or both. |
| gratuity | Aka a tip. A small amount of money in return for a service |
| interest | The interest paid or earned for the use of a 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 of 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 the customer pays for an item |
| simple interest | the amount paid or earned for the use of money. The formula for simple interest is I= prt. |
| tip | aka gratuity, is a small amount of money in return of a service |
| wholesale cost | the amount the store pays for an item |
Created by:
user-1981856