chapter 7 Flashcards

1
Q

In certain circumstances, it is okay to stretch the truth to get a bargain(t/f)

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

credit repair and debt consolidation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Making informed choices as a consumer will usually yield savings(t/f)

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Most of the items at a pawnshop are stolen(t/f)

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Joe tries to bargain at an electronics store but is unable to negotiate the price down. What should be his next step?

A

walk away

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

When buying things at an auction, it is important that you

A

all of the above

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

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

A

forclosure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The process of quantifying costs and benefits of a decision

A

cost-benefit analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

“The Lucky Sevenʺ rules can get you incredible deals on the stuff you buy every day, but they only work if you:

A

use them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Which of the following statements is false about bargening

A

Your choices as a consumer have no impact on the larger social environment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

To bargain for a lower price

A

neogatiate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Excluding the United States, most countries use negotiating as a way of life(t/f)

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Shopping for bargains is part of a healthy financial plan because it makes your hard-earned money go further(t/f)

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Using cash gives you more bargaining power than using credit.(t/f)

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The ability to walk away from a purchase when negotiating

A

walk-away power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The good guy, bad guy technique is a negotiating tool that you should be aware of.(t/f)

17
Q

Which of the following is true about the ʺIf Iʺ take-away technique?

A

This technique involves negotiating the lowest price possible, then throwing something else into the deal.

18
Q

Which of the following describes why using cash is a great bargaining tool?

A

all of the above

19
Q

Getting the best deal on a purchase involves doing all of the following except

A

Being first in line for a new product

20
Q

The difference between the wholesale price and retail price

21
Q

The exchange of goods or services without the use of money

22
Q

Which of the following is typically not a good place to find a deal?

23
Q

Learning to be quiet is actually a powerful tool in negotiation(t/f)

24
Q

Which of the following is not recommended when selling something you own?

A

Find an uninformed buyer and charge the highest price possible.

25
Having to do with a person’s honesty and moral attributes
intergrity
26
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
27
Being married (or emotionally attached) to a purchase will cause you to lose bargaining power.(t/f)
true
28
Type of yard sale with more items, usually the entire contents of a household
estate sale
29
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
30
Retail store where people sell items and the owner of the shop gets a percentage of the sale
consignment shop
31
A public sale in which property or items of merchandise are sold to the highest bidder
auction
32
If you’re trying to buy something, it’s not your job to come up with a good price. Make the seller work for your business.(t/f)
true
33
Which of the following is not recommended if you are trying to make your money go further?
buying only name brand products