Chapter 6 Vocabulary Quiz (Big Ideas)

Definition: Gross profit / cost of sales x 100

• Percent

• Interest

• Discount

• Mark-up

Definition: the amount the customer pays for an item

• selling price

• payment terms

• equilibrium price

• floor price

The absolute value of the error divided by the accepted value, multiplied by 100%.

• percent difference

• percent error

• percent of change

• simple interest

An equivalent form of the percent proportion, where % is written as a decimal.

• percent equation

• percent of change

• simple interest

• percent error

One ratio or fraction that compares part of a quantity to the whole quantity. The other ratio is the equivalent percent written as a fraction with a denominator of 100.

• percent of change

• percent error

• percent proportion

• selling price

The amount by which the regular price of an item is reduced

• percent

• discount

• selling price

• interest

The percent a quantity increases or decreases from its original amount.

• percent equation

• percent of change

• loss in value

• interest

The amount of money borrowed.

• principal

• discount

• interest

• percent of change

The amount by which the regular price of an item is reduced

• interest

• discount

• percent

• selling price

Part of a whole

• proportion

• proportion

• fraction

• decimal