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PCS Personal Fin

Personal Finance Key Terms Ch. 7

TermDefinition
auction a public sale in which property or items of merchandise are sold to the highest bidder
consignment shop retail store where people sell items and the owner of the shop gets a percentage of the sale
cost-benefit analysis the process of quantifying cost and benefits of a decision
estate sale type of yard sale with more items, usually the entire contents of a household
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
integrity having to do with a person's honesty and moral attributes
markup the difference between the wholesale price and retail price
negotiate to bargain for a lower price
walk-away power the ability to walk away from a purchase when negotiating
Created by: Ms.Sala
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