Flashcards in chapter 7 Deck (33)
In certain circumstances, it is okay to stretch the truth to get a bargain(t/f)
The Federal Trade Commission found that people who reported having more debt than they could handle were more likely to be victims of consumer fraud involving
credit repair and debt consolidation
Making informed choices as a consumer will usually yield savings(t/f)
Most of the items at a pawnshop are stolen(t/f)
Joe tries to bargain at an electronics store but is unable to negotiate the price down. What should be his next step?
When buying things at an auction, it is important that you
all of the above
Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract
The process of quantifying costs and benefits of a decision
“The Lucky Sevenʺ rules can get you incredible deals on the stuff you buy every day, but they only work if you:
Which of the following statements is false about bargening
Your choices as a consumer have no impact on the larger social environment.
To bargain for a lower price
Excluding the United States, most countries use negotiating as a way of life(t/f)
Shopping for bargains is part of a healthy financial plan because it makes your hard-earned money go further(t/f)
Using cash gives you more bargaining power than using credit.(t/f)
The ability to walk away from a purchase when negotiating
The good guy, bad guy technique is a negotiating tool that you should be aware of.(t/f)
Which of the following is true about the ʺIf Iʺ take-away technique?
This technique involves negotiating the lowest price possible, then throwing something else into the deal.
Which of the following describes why using cash is a great bargaining tool?
all of the above
Getting the best deal on a purchase involves doing all of the following except
Being first in line for a new product
The difference between the wholesale price and retail price
The exchange of goods or services without the use of money
Which of the following is typically not a good place to find a deal?
Learning to be quiet is actually a powerful tool in negotiation(t/f)
Which of the following is not recommended when selling something you own?
Find an uninformed buyer and charge the highest price possible.
Having to do with a person’s honesty and moral attributes
Which of the following statements is false?
1.Negotiation involves a conversation of back-and-forth, give-and-take
2.A great deal often just happens by accident.
3.If negotiation is done correctly, it will end up being a win -win deal.
4.Just asking for a great deal doesn’t always mean that you’ll get one.
a great deal often just happens by accident
Being married (or emotionally attached) to a purchase will cause you to lose bargaining power.(t/f)
Type of yard sale with more items, usually the entire contents of a household
Store return policies must balance customer service and profits. As a consumer, to ensure the best possible store return process, you should:
All of the above