Podcast
Questions and Answers
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 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?
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Which of the following statements is false?
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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?
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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:
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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:
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Which of the following statements is false?
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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.
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Most of the items at a pawnshop are stolen.
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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.
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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.
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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.
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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?
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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?
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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?
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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?
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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?
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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.
