Chapter 7-9 Flashcards
T or F: Learning to be quiet is actually a powerful tool in negotiation
True
T or F: Most of the items at a pawn shop are stolen
False
T or F: In certain circumstances, it is okay to stretch the truth to get a bargain
False
What is a win-win deal
Where the buyer and seller are satisfied
The first key to getting a huge bargain is learning to…
Negotiate
Proverbs 20:14
“It’s no good, it’s no good!” says the buyer, then goes off and boasts about the purchase
Matthew 5:33
Moses says keep your oaths, Jesus says “Let your “yes” be yes and your “no” be no.”
- Anything other than this comes from the evil one
What is the phrase to get a better deal
“It’s not good enough.”
What are the two tips for refunding
- Send in the application in on time
2. Follow the instructions carefully
Integrity
Having to do with a person’s honesty and moral attributes
Consignment Shop
Retail stores where people sell items and the owner of the shop gets a percentage of the sale
Walk-Away Power
The ability to walk away from a purchase when negotiating
Foreclosure
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
Auction
A public sale in which property or items of merchandise are sold to the highest bidder
Markup
The difference between the wholesale price and retail price
Estate Sale
Type of yard sale with more items, usually the entire contents of a household
Negotiate
To bargain for a lower price
T or F: Using cash gives you more bargaining power than using credit
True
What does being married to a purchase mean
You want it because you can’t live without it
T or F: With virtually all investments, as the risk goes up, so does the potential return
True
T or F: It’s okay to borrow money if you are going to invest it
False
What is the percentage of inflation in taxes
6%
What is a CD
Certificate of Deposit