Percent Unit Vocabulary

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Sales Tax

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An amount added onto the cost of items.

Percent Rate varies by county and state.

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Sales Tax Rate

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The percent at which sales tax is charged.

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Percent Markup

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The percent increase on the price of products to arrive at the selling price. Usually to ensure a profit.

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Percent Decrease

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The percent reduction from the original cost of a product. i.e. clearance sales & discounts.

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Tip or Gratuity

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An extra sum of money paid to certain service workers for a service performed, often calculated as a percentage of the total bill.

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Percent Error

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The difference between the approximate or measured value and an exact or known value, expressed as a percentage of the known value.

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Percent of Change

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The extent to which a value increases or decreases, expressed as a percentage of the original value.

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Commission

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A fee paid to an agent or employee for performing a service. (real estate, sales people, barbers & hair dressers)

Often a percentage of the amount of money involved.

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Interest

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The cost of borrowing money or the amount collected for depositing or investing money. Often expressed as a percentage of the money borrowed or invested.

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Principal Amount

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The original sum of money borrowed or invested.