PFP 3301 Chapter 7 Key Terms
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Auction
o A public sale in which property or items of merchandise are sold to the highest
bidder
Consignment Shop
o Retail store where people sell items, and the owner of the shop gets a percentage
of the sale
Cost-Benefit Analysis
o The process of quantifying costs and benefits of a decision
Estate Sale
o Type of yard sale with more items, usually the entire contents of a household
Foreclosure
o 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
Integrity
o Having to do with a person's honesty and moral attributes
Markup
o The difference between the wholesale price and retail price
Negotiate
o To bargain for a lower price
Walk-Away Power
o The ability to walk away from a purchase when negotiating