Unit 2: Ratios & Proportional Reasoning (Part 2 - Percents)

commission

A fee paid to a person for making a sale.

sales tax

A percent of the cost of an item, which is charged by governments to raise money (added to the cost of the item).

tip/gratuity

A percentage of money given for a service (ex. to a server at a restaurant).

percent

A special ratio where the denominator is one hundred.

percent equation

An equation used to find a missing part of a percent problem: Part = Percent * Whole (where "is" means equal & "of" means multiply).

percent proportion

Proportion in which one ratio compares part of a quantity to the whole quantity equaled to a percent over one hundred. (%/100 = is/of)

markup

The amount added to the wholesale cost of merchandise to establish the selling price.

discount/markdown

The amount by which a regular price is reduced (a percent of the item subtracted from the cost).

retail price

The amount of money a product or service is sold for.

principal

The amount of money invested or borrowed.

simple interest

The amount paid or earned for the use of money. It is found using the the formula I=prt (where p represents the principal, r the rate of interest, and t the time).

percent change

The amount stated as a percent that a number increases or decreases (change/original amount).

percent increase

The percent of change when the new amount is greater than the original amount.

percent decrease

The percent of change when the new amount is less than the original amount.

sale price

The price of an item after a discount has been subtracted.

account balance

The total amount of money that is in the account at a given point in time.

deposit

To put money into an account.