7th Grade Module 2 & Module 5 Vocab Terms Flashcards
Positive difference between the estimate and the actual amount.
Amount of error
Payment equal to a percent of the amount of goods or services that an employee sells for a company.
Commission
Amount by which the regular price of an item is reduced or marked down.
Discount
Payment for a service. It can be a fixed amount, a percent of the charge, or both. Unlike a tip (or “gratuity”) which is optional and the amount is up to the customer’s discretion, this amount is usually a set amount that the customer is required to pay.
Fee
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Loan
The amount paid or earned for the use of a principal.
Interest
The amount by which the regular price of an item is reduced.
Markdown
The amount the price of an item is increased above the price the store paid for it.
Markup
Ratio that compares the inaccuracy of an estimate (amount of error) to the actual amount.
Percent Error
A ratio that compares the change in a quantity from the original amount. The equation for this term is “Amount of Change (÷) Original Amount (×) 100”
Percent of Change
A negative percent of change.
Percent of Decrease
A positive percent of change.
Percent of Increase
Amount of money deposited or borrowed.
Principal
Additional amount of money charged on items people can buy.
Sales Tax
Amount customer pays for an item.
Selling Price
Amount paid or earned for the use of money. Formula for this term is “i=prt”.
Simple Interest
Small amount of money paid for a service. Also known as gratuity.
Tip
Amount the store pays for an item.
Wholesale Cost
Numerical factor of a term that contains a variable.
Coefficient
A term that does not contain a variable.
Constant
To write a number as the product of its factors.
Factor
An expression expressed as the product of its factors.
Factored Form
The greatest monomial that is a factor of both monomials. This term also includes any variables that the monomials have in common.
Greatest Common Factor
Terms that contain the same variable raised to the same power. Example: ‘5x’ and ‘6x’
Like Terms
An algabraic expression in which the variable is raised to the first power, and variables are neither multiplied nor divided.
Linear Expression
A number, variable, or product of a number and one or more variables.
Monomial
When an expression is replaced by an equivelant expression having no like terms or parentheses. For example, the fraction 20/4 would be written as 4/1, or 4.
Simplest Form
Each part of an algabraic expression separated by an addition or subtraction sign.
Term
A quantity obtained by multiplying numbers together.
Product
The result of dividing one number by another
Quotient
The total amount resulting from the addition of two or more numbers, amounts, or items.
Sum
Refers to the result you get when you subtract one number from another
Difference
Mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Tax
