6.7.1: Key Terms
- Page ID
- 118943
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Key Terms
- commission
- A commission is a percentage of total sales as determined by the rate of commission.
- discount
- An amount of discount is a percent off the original price, determined by the discount rate.
- mark-up
- The mark-up is the amount added to the wholesale price, determined by the mark-up rate.
- percent
- A perfecnt is a ratio whose denominator is .
- percent decrease
- The percent decrease is the percent the amount of decrease is of the original amount.
- percent increase
- The percent increase is the percent the amount of increase is of the original amount.
- proportion
- A proportion is an equation of the form , where , .The proportion states two ratios or rates are equal. The proportion is read “ is to , as is to ”.
- sales tax
- The sales tax is a percent of the purchase price.
- simple interest
- If an amount of money, , the principal, is invested for a period of years at an annual interest rate , the amount of interest, , earned is . Interest earned according to this formula is called simple interest.