Personal Finance - SET 7

SET 7 Having patience Negotiating Researching Shopping around to find the best deal Getting the best deal on a purchase involves doing all of the following except: Mall Typically not a good place to find a deal: Cash is emotional. Cash is visual. Cash has immediacy. Why using cash is a great bargaining tool? Walk away Joe tries to bargain at an electronics store but is unable to negotiate the price down. What should be his next step? impact Your choices as a consumer have _______________ on the larger social environment. ʺIf Iʺ take-away technique? This technique involves negotiating the lowest price possible, then throwing something else into the deal. Use them ʺThe Lucky Sevenʺ rules can get you incredible deals on the stuff you buy every day, but they only work if you: Credit repair and debt consolidation Credit repair and debtThe 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: armed, win-win When selling something you own, Be ________________ with information so that you can be sure itʹs a ___________ deal. 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 As a consumer, to ensure the best possible store return process, you should: Buy clothing at end-of-the-season sales Negotiate for a lower price Comparison shopping If you are trying to make your money go further: Familiarize yourself with the item you want to purchase (quality, condition, age, etc.) Donʹt get caught up in the excitement and end up paying more than retail price Set a limit on the amount you are willing to pay When buying things at an auction, it is important that you: conversation Negotiation involves a ___________________of back-and-forth, give-and-take. win-win If negotiation is done correctly, it will end up being a __________-_______deal. asking Just ____________ for a great deal doesnʹt always mean that youʹll get one. bargaining Using cash gives you more _________________power than using credit. power Being married (or emotionally attached) to a purchase will cause you to lose bargaining ______________. quiet Learning to be __________ is actually a powerful tool in negotiation. financial plan, further. Shopping for bargains is part of a healthy ______________________________ because it makes your hard -earned money go _______________ Never it is ______________okay to stretch the truth to get a bargain. negotiating Excluding the United States, most countries use _____________________ as a way of life. informed Making ________________ choices as a consumer will usually yield savings. seller If youʹre trying to buy something, itʹs not your job to come up with a good price. Make the ______________ work for your business The good guy, bad guy technique The good guy, bad guy technique is a negotiating tool that you should be aware of. foreclosure Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract markup The difference between the wholesale price and retail price integrity Having to do with a personʹs honesty and moral attributes estate sale Type of yard sale with more items, usually the entire contents of a household Retail store where people sell items and the owner of the shop gets a percentage of the sale consignment shop cost-benefit analysis The process of quantifying costs and benefits of a decision (cost-benefit analysis, auction A public sale in which property or items of merchandise are sold to the highest bidder negotiate To bargain for a lower price The exchange of goods or services without the use of money barter ... ... ... ... ... ... quality, price There is very little difference in ________________ and performance of slightly outdated products. However, the _____________ difference may be significant bogus weight-loss products nonexistent foreign lotteries unauthorized buyer club enrollments dishonest prize promotions fraudulent work-at-home programs. What are the most common types of consumer fraud? cost-benefit analysis Using a _____________________approach to your buying decisions will make you a wise consumer. improved health , larger social In addition to economic savings, wise consumers also enjoy ____________ and have a positive impact on the ____________________and even global environment. variety, product research Being a wise consumer involves developing a____________ of skills, from _________________to careful comparative analysis. appraised, below When selling antiques or collectible items, get them ______________ and sell them slightly ________________ that price. walk-away power When selling something you own, Make it clear that, as a seller, you have _______________________________. Consumer Reports A nonprofit organization providing unbiased product ratings and reviews Kelly Blue Book Buyer resource which tell consumers what the value of a used can based on year, make, model, mileage, condition and other spec.