7th Mod. 2 Review

A ratio that compares the inaccuracy of an estimate to the actual amount is called ________________.

• amount of error

• tip

• markdown

• percent error

The manager of a grocery store buys boxes of cereal from a distributor for $2.80 and sells them to customers for $4.30. Which of the following best describes the amount $2.80?

• tax

• markup

• markdown

• wholesale cost

Kristen estimates that there are 40 dogs at a dog park this afternoon. There are actually 45 dogs. Which of the following terms best describes the difference between Kristen's estimate and the actual number of dogs?

• percent error

• amount of error

• percent of increase

• percent of decrease

The Chan family went out to lunch and left their server $6.97 for a $34.86 bill. The $6.97 is an example of a(n) ________.

Select all that apply.

• gratuity

• fee

• discount

• sales tax

• tip

The amount paid or earned for the use of money over specified periods of time is called _______.

• interest

• principal

• markdown

• selling price

Drew works for a retail store marking items for sale. The selling price he lists includes the store's cost for the item and which of the following?

• Drew's commission

• the sales tax

• the markup

• a tip

The amount of money deposited or borrowed is called the _______.

• commission

• interest

• principal

• gratuity

True or False

An amount earned by a sales person on the sale of an item is called commission.

• True

• False

True or False

The additional amount you pay above an item's listed price is called discount.

• True

• False

An ice cream shop had 316 customers the first weekend it opened. The second weekend it had 468. What is the percent of increase in the number of customers? Round to the nearest percent.