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Money Matters Chapter 8 Review

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
NegotiatingBargaining for a lower price
Type of sale used to dispose of a majority of items owned by a personestate sale
BargainPaying 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 goodsPawn Shops
A great place to buy and sell used clothesConsignment Shops
The ability to leave if you are not satisfied with the price offeredWalk 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 whatget 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

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