Chapter 7 Test

Getting the best deal on a purchase involves doing all of the following except:1) 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

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

• Online auctions

• Consignment shops

• individuals

• mall

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

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 statements is false?

• Using a cost-benefit analysis approach to your buying decisions will make you a wise consumer.

• In addition to economic savings, wise consumers also enjoy improved health and have a positive impact on the larger social and even global environment.

• Being a wise consumer involves developing a variety of skills, from product research to careful comparative analysis.

• Your choices as a consumer have no impact on the larger social environment.

Which of the following is true about the ʺIf Iʺ take-away technique?

• This technique involves negotiating the lowest price possible, then throwing something else into the deal.

• This technique should only be used when the ʺgood guy, bad guyʺ 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.

ʺThe Lucky Sevenʺ 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

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 itʹs 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.

Store return policies must balance customer service and profits. As a consumer, to ensure the best possible store return process, you should:

• Familiarize yourself with the storeʹs return policy prior to your purchase

• Hold on to your receipt and keep the labels and price tags on the item

• Return the item to the store as quickly as possible

• All of the above