Podcast
Questions and Answers
Getting the best deal on a purchase involves doing all of the following except:
Getting the best deal on a purchase involves doing all of the following except:
Which of the following is typically not a good place to find a deal?
Which of the following is typically not a good place to find a deal?
Which of the following describes why using cash is a great bargaining tool?
Which of the following describes why using cash is a great bargaining tool?
What should Joe do next after being unable to negotiate the price down at an electronics store?
What should Joe do next after being unable to negotiate the price down at an electronics store?
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Which of the following statements is false?
Which of the following statements is false?
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Which of the following is true about the 'If I' take-away technique?
Which of the following is true about the 'If I' take-away technique?
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The Lucky Seven rules can get you incredible deals on everyday items, but they only work if you?
The Lucky Seven rules can get you incredible deals on everyday items, but they only work if you?
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What type of fraud are people with excessive debt more likely to encounter?
What type of fraud are people with excessive debt more likely to encounter?
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To ensure the best possible store return process, you should:
To ensure the best possible store return process, you should:
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Which of the following is not recommended if you are trying to make your money go further?
Which of the following is not recommended if you are trying to make your money go further?
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When buying things at an auction, it is important that you:
When buying things at an auction, it is important that you:
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Which of the following statements is false?
Which of the following statements is false?
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Using cash gives you more bargaining power than using credit.
Using cash gives you more bargaining power than using credit.
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Being married (or emotionally attached) to a purchase will cause you to lose bargaining power.
Being married (or emotionally attached) to a purchase will cause you to lose bargaining power.
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Most of the items at a pawnshop are stolen.
Most of the items at a pawnshop are stolen.
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Learning to be quiet is actually a powerful tool in negotiation.
Learning to be quiet is actually a powerful tool in negotiation.
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Shopping for bargains is part of a healthy financial plan because it makes your hard-earned money go further.
Shopping for bargains is part of a healthy financial plan because it makes your hard-earned money go further.
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In certain circumstances, it is okay to stretch the truth to get a bargain.
In certain circumstances, it is okay to stretch the truth to get a bargain.
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Excluding the United States, most countries use negotiating as a way of life.
Excluding the United States, most countries use negotiating as a way of life.
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Making informed choices as a consumer will usually yield savings.
Making informed choices as a consumer will usually yield savings.
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If you are trying to buy something, it's not your job to come up with a good price. Make the seller work for your business.
If you are trying to buy something, it's not your job to come up with a good price. Make the seller work for your business.
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The good guy, bad guy technique is a negotiating tool that you should be aware of.
The good guy, bad guy technique is a negotiating tool that you should be aware of.
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What is the process by which the holder of a mortgage sells the property of a homeowner who has not made payments on time?
What is the process by which the holder of a mortgage sells the property of a homeowner who has not made payments on time?
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What is the difference between the wholesale price and retail price called?
What is the difference between the wholesale price and retail price called?
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What term describes a person's honesty and moral attributes?
What term describes a person's honesty and moral attributes?
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What is the type of yard sale with more items, usually the entire contents of a household?
What is the type of yard sale with more items, usually the entire contents of a household?
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What is the retail store where people sell items and the owner of the shop gets a percentage of the sale?
What is the retail store where people sell items and the owner of the shop gets a percentage of the sale?
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What is the process of quantifying costs and benefits of a decision called?
What is the process of quantifying costs and benefits of a decision called?
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What is a public sale in which property or items of merchandise are sold to the highest bidder?
What is a public sale in which property or items of merchandise are sold to the highest bidder?
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What do you call the act of bargaining for a lower price?
What do you call the act of bargaining for a lower price?
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What is the exchange of goods or services without the use of money called?
What is the exchange of goods or services without the use of money called?
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What term describes the ability to walk away from a purchase when negotiating?
What term describes the ability to walk away from a purchase when negotiating?
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Study Notes
Effective Bargaining Techniques
- Getting the best deal requires more than being first for new products.
- Cash is a strong bargaining tool due to its immediate value and lack of future credit obligations.
- Walking away can often prompt sellers to reconsider their offers.
Consumer Behavior and Choices
- Consumer choices significantly impact the market and social environment.
- Negotiating techniques like the "If I" take-away can create better deals.
- Being attached to a purchase can weaken negotiation leverage.
Shopping Strategies
- Shopping in malls is typically not the best way to find deals.
- Avoid targeting uninformed buyers and setting the highest possible prices when selling personal items.
- Awareness of store return policies can enhance the return process, balancing customer service and business needs.
Auction and Selling Insights
- When bidding in auctions, understanding all rules and being prepared is crucial.
- Informed consumer choices lead to better savings over time.
- Estate sales involve selling entire household contents and can offer numerous items at once.
Understanding Financial Terms
- Foreclosure refers to a mortgage holder selling a property due to missed payments.
- Markup denotes the difference between wholesale and retail prices.
- Cost-benefit analysis measures the financial pros and cons of decisions.
Negotiation Dynamics
- The good guy, bad guy technique is commonly used in negotiations and requires vigilance.
- Bartering is essentially trading goods or services without money.
- Walk-away power emphasizes the strength of being able to refuse a purchase during negotiations.
Consumer Awareness
- False assumptions, like accidental great deals, should be recognized and avoided.
- Most countries outside the U.S. incorporate negotiation as a cultural norm.
- Maintaining integrity is essential in all financial transactions for ethical dealings.
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Description
This quiz explores effective bargaining techniques, consumer behavior in negotiations, and strategies for smart shopping. Learn how cash can be a potent bargaining tool and how emotional attachments can weaken your negotiation power. Understand the dynamics of auctions and selling to optimize your market interactions.
