| A | B |
|---|
| What are the keys to finding a bargain? | Patience, Negotiate everything, Knowing where to look |
| When negotiating, what kind of deal should you set up? | A win-win |
| Where are good places to negotiate? | Flea Markets, Consignment Shops, Pawn Shops, Thrift Stores, Garage Sales, Estate Sales |
| What are the characteristics of cash? | Visual, emotional, immediacy |
| Joe tries to bargain at an electronic store but is unable to negotiate the price down. What should be his next step? | Walk Away |
| Bargain hunting takes a lot of: | Patience |
| With which technique will you most likely hear, “I have to check with my manager” | Good guy, bad guy |
| If you had no extra money but you still needed an item, what would be your options? | Offer to trade services for the item |
| Besides bargain shoppers, who else might say, “That’s not good enough!” | Collectors |
| When negotiating, never: | misrepresent the truth |
| Sending in a proof of purchase to get free gifts or cash back is called: | rebating |
| What is true about extended warranties? | Most warranties are about 50-60% commission; Only 12% of the warranty covers the statistical probability of the item breaking; You are better off to self-insure through your emergency fund. |
| If you show the seller that you are interested in the item, then you have lost ___________? | Walkaway power |
| What is a common response from salespeople if you are silent when they are talking to you? | They drop their price. |
| A key to buying foreclosures is: | patience |
| Negotiating | Bargaining for a lower price |
| Type of sale used to dispose of a majority of items owned by a person | estate sale |
| Bargain | Paying a lower price for an item |
| Used to get something else just before closing a deal | “If I” take away |
| It’s a myth that these places have stolen goods | Pawn Shops |
| A great place to buy and sell used clothes | Consignment Shops |
| The ability to leave if you are not satisfied with the price offered | Walk away power |
| T/F Silence is one of the most powerful, pressure-oriented aspects of a negotiation. | True |
| T/F The power of cash is immediate. | True |
| T/F It is acceptable to misrepresent the truth in certain circumstances. | False |
| T/F The United States is one of the few countries in the world where negotiating is a way of life. | False |
| T/F To win a negotiation, you need to gather information on the other person’s needs, wants, fears and passions. | True |
| T/F When negotiating, you must use integrity and avoid misrepresenting the truth. | True |
| T/F You can get great deals if you find a convention that is just setting up. | True |
| T/F Couponing is when you send in proof of purchase to get cash back. | False |
| T/F Using a credit card is a good way to find a bargain. | False |
| T/F The power of surprise is one of the seven basic rules of negotiating. | False |
| T/F Pawn shops routinely carry stolen goods. | False |
| T/F Walkaway power means you leave if you don’t get the price you want. | True |
| T/F People often don’t negotiate because they feel embarrassed. | True |
| Tell the ____________ ______________. | Absolute truth |
| Use the power of _______________. | Cash |
| ________ up. | Shut |
| That’s not ___________ ________________!” | Good enough |
| “If I” _____________ _____________ technique. | Take Away |
| You’ll never get a bargain if you don’t do what? | ask for one |
| To keep from losing your patience, make sure that you do not do what | get married to the item |
| Why is it better to buy from individuals vs. a business? | Individuals are looking to get rid of items vs. making a profit |
| Why should you be careful at a public auction? | You can get carried away.. emotional.. |
| What is the key to using coupons? | Use them only for items that you were going to buy anyway |
| Why are conventions a good place to get items? | because they do not want to pay to ship the items back across country. |
| He with the most information about the whole deal has the best opportunity to do what? | win the negotiation |
| In the book the Millionaire Mind, what was the number one characteristic of the millionaires? | integrity |
| What happens if you are emotionally married to an item? | lose your walk away power |
