Chapter 8

Question 0

shop retail store where people sell items and the owner of the shop gets a percentage of the sale

Answer 0

consignment

Question 1

a public sale in which property or items of merchandise are sold to the highest bidder

Answer 1

Auction

Question 2

sale type of yard sale with more items, usually the entire contents of a household

Answer 2

estate

Question 3

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

Answer 3

foreclosure

Question 4

having to do with a person’s honesty and moral attributes

Answer 4

integrity

Question 5

the difference between the wholesale price and retail price

Answer 5

mark-up

Question 6

to bargain for a lower price

Answer 6

negotiating

Question 7

the ability to wait or delay an action without becoming upset or annoyed

Answer 7

patience

Question 8

the ability to walk away from a purchase when negotiating

Answer 8

walk away power

Question 9

a negotiation where both parties benefit

Answer 9

win-win