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Financial Managment 1 > Ch. 8 > Flashcards

Ch. 8 Flashcards

0
Q

Always telling the absolute truth

A

Integrity

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1
Q

The opposite of showing that you are hooked on a purchase

A

Walk away power

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2
Q

Waiting without becoming upset

A

Patience

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3
Q

Both parties benefit

A

Win-win

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4
Q

Sending in proof of purchase, receiving cash back

A

Rebating

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5
Q

Type of sale used to dispose of a majority of items owned by a person

A

Estate sale

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6
Q

Knowing how to talk to a salesman is one of the most powerful and pressure oriented things in negotiation…t or f

A

F

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7
Q

You can get great deals if you find a convention that is just setting up… T or f

A

F

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8
Q

When negotiating you must use integrity and avoid misrepresenting the truth t…or f

A

T

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9
Q

Gathering information on what the other persons needs, wants and fears is only a small part of successful negotiation …t or f

A

T

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10
Q

Couponing is when you send in proof of purchase to get cash back..t or f

A

F

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11
Q

____ guy, ____ guy

A

Good, bad

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12
Q

That’s not _____ enough.

A

Good

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13
Q

_____ up!!

A

Shut

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14
Q

____ away power

A

Walk

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15
Q

What are some reasons people don’t negotiate ?

A

Their afraid to

16
Q

What are 5 of the 7 basic rules of negotiating?

A
  1. Shut up
  2. That’s not good enough
  3. Good guy, bad guy
  4. Walk away power
  5. Take away technique
17
Q

What are the places to find great deals? Name 5

A

Individuals, estate sales, public auction, couponing, garage sales, flea markets, pawn shops, online auctions.

18
Q

Whats the first key?

A

Learning to negotiate everything

19
Q

Do win win deals really work? If so what…..

A

Don’t be afraid to ask for the deal

20
Q

It’s proper to get a great deal if you…

A
  1. Haven’t misrepresented the truth
  2. Don’t set up to harm the other party
  3. Created a win-win deal
21
Q

Whats the second key…and….

A

Must have patience, don’t get married to a purchase

22
Q

Third key….and….

A

Where to find the great deals, and trade something of value, goods or just your services

23
Q

Auction

A

Public sale, where goods are sold to the highest bidder

24
Q

Consignment shop

A

2nd hand shops that sell used goods for the owner at a lower price than the new

25
Q

Whats an estate sale

A

a sale or to dispose of materials owned by a person who is recently deceased or who has to dispose his or her personal property to facilitate a move

26
Q

Foreclosure

A

Taking over someone’s mortgage property because they can’t keep up their payments

27
Q

Markup

A

The amount added to goods to cover profit

28
Q

Win win

A

Both parties benefit

Financial Managment 1 (6 decks)

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