Foundations Chapter 7

Which of the following is true about the "If I take-away technique?

• This technique involves negotiating the lowest price possible, then throwing something else into the deal.
• This technique should only be use when the "good by, bad guy" technique is used on you.
• This technique is meant to take advantage of the other person in the negotiation.
• Use this technique prior to negotiating price.

Joe tries to bargain at an electronics store but is unable to negotiate the price down. What should be his next step?

• Ask about 90-days-same-as-cash
• Shut up
• Walk away
• All of the above

Which of the following describes why using cash is a great bargaining tool?

• Cash is emotional.
• Cash is visual.
• Cash has immediacy.
• All of the above.

Which of the following is typically not a good place to find a deal?

• Online auctions
• Consignment shops
• Individuals
• Mall

Getting the best deal on a purchase involves doing all of the following except:

• Having patience
• Negotiating
• Being first in line for a new product
• Shopping around to find the best deal

"The Lucky Seven" rules can get you incredible deals on the stuff you buy every day, but they only work if you:

• Use them
• visit another country
• Are willing to buy the item regardless of the price
• Have a lot of money

Which of the following statements is false?

• Negotiation involves a conversation of back-and-forth, give-and-take.
• If negotiation is done correctly, it will end up being a win-win deal.
• Just asking for a great deal doesn't always mean that you'll get one.
• A great deal often just happens by accident.

The Federal Trade Commission found that people who reported having more debt than they could handle were more likely to be victims of consumer fraud involving:

• Fraudulent work-at-home programs
• Nonexistent foreign lotteries
• Credit repair and debt consolidation
• Dishonest prize promotions

Which of the following is not recommended when selling something you own?

• Find an uninformed buyer and charge the highest price possible.
• Be armed with information so that you can be sure it's a win-win deal.
• Get antiques or collectible items appraised and sell them slightly below that price.
• Make it clear that, as a seller, you have walk-away power.

Which of the following is not recommended if you are trying to make your money go further?

• Buying clothing at end-of-the-season sales
• Buying only name-brand products
• Negotiating for a lower price
• Comparison shopping