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7-Math-Unit2 L1-4

Percent Change, Tax, Tip, Markups and downs

TermDefinition
sales tax a state or local tax added to the price of an item.
percent the number of parts per 100.
percent change a ratio, written as a percent that compares the amount of change to the original amount.
percent increase the percent a quantity increases from its original amount.
percent decrease the percent a quantity decreases from its original amount.
gratuity a tip, or additional money, given in return for a service
wholesale cost the amount a store pays for an item
markup The amount, usually a percent of the wholesale price, that a store adds to the price of an item before selling it.
selling price the amount a customer pays for an item.
markdown also called a discount, the amount an item is reduced before selling
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