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Vocabulary terms from Chapter 8

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
Auction   public sale in which property or items of merchandise are sold to the highest bidder  
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Consignment Shop   retail store where people sell items and the owner of the shop gets a percentage of the sale.  
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Estate Sale   type of yard sales with more items, usually the entire contents of a household  
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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  
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Integrity   having to do with a person’s honesty and moral attributes  
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Markup   the difference between the wholesale price and retail price  
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Negotiating   to bargain for a lower price  
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Patience   the ability to wait or delay an action without becoming upset or annoyed  
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Walk Away Power   the ability to walk away from a purchase when negotiating  
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Win-Win   a negotiation where both parties benefit  
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Created by: mgarda
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