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Financial Literacy Chapter 7 - Bargain Shopping Flashcards | StudBud
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Financial Literacy Chapter 7 - Bargain Shopping
Financial Literacy Chapter 7 - Bargain Shopping
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Review questions for the Chapter 7 Test
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
Which of these is having to do with a person’s honesty and moral attributes?
Integrity
Cost-Benefit Analysis
Walk-Away Power
Negotiate
2
Which of these is typically NOT a good place to find a deal?
Individuals
Consignment shops
Online auctions
Mall
3
A public sale in which property or items of merchandise are sold to the highest bidder.
Estate Sale
Foreclosure
Flea Market
Auction
4
Sellers will be less likely to negotiate a deal if he sees you...
don't care about the item
are emotionally attached
walk away
5
Which of these would likely not help you get a good deal on a purchase?
Negotiating
Shopping around to find the best deal
Having patience
Buying a new product right away
6
Which of the following describes why using cash is a great bargaining tool?
All of these
Cash has immediacy
Cash is visual
Cash is emotional
7
What is the process of comparing the costs and benefits of a decision?
Cost-Benefit Analysis
Opportunity Cost
Buyer's Remorse
$500 emergency fund
8
Being emotionally attached to a purchase will cause you to lose bargaining power
True
False
9
What is the difference between the wholesale price and the retail price?
One is more expensive than the other
Negotiate
One of these is cheaper than the other
Markup
10
Dave recommends that shoppers purchase product replacement warranties?
False
True
11
True or False: Using cash gives you more bargaining power than using credit
False
True
12
What is the ability to walk away from a purchase when negotiating?
Cost-Benefit Analysis
Walk-Away Power
Markup
Integrity
13
What type of retail store allows people to sell items and the owner gets a % of the sale?
Auction
Estate Sale
Consignment Shop
Foreclosure