Chapter 7 Quiz - Bargain Shopping (Dave Ramsey)

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 "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 used when the "good guy, 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.

A tshirt's wholesale price is $3.99. The retail price is $8.99. What is the markup percentage?

• 201.3%

• 165.1%

• 125.3%

• 139.7%

"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

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

• non-existent 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.