Chapter 8 Personal Finance Review

Which of the following is not one of the three keys to finding a bargain?a. Patienceb. Fast talking c. Negotiate everything d. Knowing where to look b. fast talking
When negotiating, what kind of deal should you set up?a. profitable b. win-win c. modest d. slick b. win win
Which is not a characteristic of cash?a. Visual b. Walkaway power c. Emotional d. Immediacy b. walkaway power
Joe tries to bargain at an electronic store but is unable to negotiate the price down. What should be his next step?a. Walk away b. Ask about 90 days same-as-cash c. Shut up d. All of the above a. walkaway
Bargain hunting takes a lot of:a. Fast talking b. Courage c. Patience d. Both a and b c. patience
With which technique will you most likely hear, “I have to check with my manager”?a. Good Guy, Bad Guy b. “If I” take away c. That’s not good enough! d. Walk away a. good guy, bad guy
If you had no extra money but you still needed an item, what would be your options?a. Purchase it on credit with the intent to pay it in full when the bill arrivesb. Borrow the money with the intent to pay it in full within 30 daysc. Offer to trade services for the itemd. None of the above c. offer to trade services for the item
When negotiating, never:a. Tell the truth b. Misrepresent the truth c. Create a win-win situation d. Use cash b. misrepresent the truth
Besides bargain shoppers, who else might say, “That’s not good enough!”a. Real estate agents b. Banks foreclosing on mortgages c. Collectors d. Teachers c. collectors
18. Which of the following is a good place to negotiate?a. Estate sales b. Garage sales c. Flea markets d. All of the above d. all of the above
Silence is one of the most powerful, pressure oriented aspects of a negotiation. True
To win a negotiation, you need to gather info on the other person’s needs, wants, fears, and passions. True
It is acceptable to misrepresent the truth under certain circumstances False, always tell the truth
The United States is one of the few countries in the world where negotiating is a way of life. False, is NOT a way of life.
The power of cash is immediate. True
a great place to buy and sell used clothes consignment shop
“if I” take away used to get something else just before closing a deal
cash emotional, visual, and has immediacy
win win both parties benefit in negotiations
auction bidding on items
pawn shop it’s a myth that these places have stolen goods
negotiating bargaining for a lower price

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