The Ultimate Bargains Quiz

By: Garth Sundem

The Ultimate Bargains Quiz
Image: iStockphoto/Thinkstock

About This Quiz

Can you talk the talk, walk the walk and get the best deals on everything from tires to lobster? Answer these questions to see how bargain-savvy you are.
A recent survey by the American Survey Group found that what percentage of American consumers had recently bargained for retail goods?
17 percent
36 percent
54 percent
72 percent
Of the 72 percent of American who haggled, 80 percent were successful -- so don't be afraid to give it a shot!

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What three factors are most likely to make a seller discount an item?
personality, trustworthiness and tenacity
price, margin and utility
supply, demand and deadline
Look for items or services that are about to expire and that sellers are having difficulty moving.
aggressiveness, cheapness and threats

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Which of the following would you be LEAST likely to haggle successfully for?
cereal
Cereal has a long shelf life, only small variation in price between stores and a relatively tight margin.
refrigerator
lobster
car tires

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Which of the following tech companies has seen the highest increase in stock price since its initial public offering (IPO)?
Apple
Microsoft
Cisco Systems
Cisco Systems has increased its stock price an average of 10,000 percent per year, clocking almost 100,000 percent its IPO price at its peak to date.
Intel

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What haggling techniques can you use when shopping for jewelry?
comparison shopping
bundling items
store discount cards
all of the above
Remember, all is fair in love and war. Haggling is more like the latter, but in a nice way.

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Which grocery items are you most likely to be able to bargain down the price on?
coffee filters
baked goods
Because baked good have a limited shelflife, the seller is working against a deadline. When the deadline nears, it's time to play "Let's Make a Deal."
raisins
canned soup

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Which of the following baseball players is considered one of the all-time best draft deals?
Mickey Mantle
Ken Griffey Jr.
Jose Conseco
Mike Piazza
Mike Piazza was chosen 1,390th in the 1986 draft, due mostly to his father's connection with Dodger's manager Tommy Lasorda.

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In 2004, Peter Thiel invested $500,000 in Facebook. How much is Thiel worth today?
$200 million
$500 million
$1 billion
$1.4 billion
His "angel investment" was the first money invested in the company.

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Which was among the best investments of the United States government?
the Louisiana Purchase
The U.S. paid France $15 million for the 828,800 square miles of land that are now the majority of the Midwestern United States.
the moon landing
the Bay of Pigs
Microsoft

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Which of the following is most comparable to a high-risk, high-reward investment?
converting dollars to yuan
buying a lottery ticket
While you'll almost certainly lose your $1 or $2 investment, it has the outside chance of returning millions.
putting money in a stock index fund
burying gold bullion in the backyard

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Which of the following domain names sold for the most at auction?
AsSeenOnTV.com
Fund.com
While Fund.com sold for $9.9 million in 2008, the others also brought some high prices: AsSeenOnTV.com ($5.1 million in 2000), Beer.com ($7 million in 2007) and Porn.com ($9.5 million in 2007).
Beer.com
Porn.com

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Generally, will you get better deals on luxury or economy items in times of economic slowdown?
luxury
In hard economic times, fewer people can afford luxury goods (just ask Whole Foods), and so the laws of supply and demand mean that lower prices can be found on luxury items when the economy slumps.
economy

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Which of the following industries commonly does your haggling for you?
oil and gas
venture capital
education
health insurance
The health insurance industry haggles with hospitals to reduce medical costs. If you don't have insurance, consider doing the haggling yourself.

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Most of the following items require similar bargaining strategies. Which one is most different?
hotel rooms
cruise tickets
apartment rental
lobster
Most are items or services that have the danger of standing vacant, and which also cost very little to add a customer -- meaning that sellers might be willing to take something rather than nothing. Lobster is a commodity best negotiated by trying to cut through resellers to get close to the source.

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What is one technique that experts recommend when haggling on a big-ticket item comes to an impasse?
Tell the salesperson that money talks and money walks.
Threaten to load the comment box with hate mail.
Refuse the salesperson's card, but leave one of your own.
While crying might work, the most correct answer is to refuse the salesperson's card while offering one of your own. Leave amicably, leaving the door open for the salesperson to call if anything changes.
Cry.

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Which of the following can make conditions ripe for a great deal?
difference in information between buyer and seller
an unexplored frontier
a resource that seemed unlimited but is actually scarce
all of the above
If you know things the seller doesn't, maybe including the value of resources, you're in the right position to discover diamond-in-the-rough deals. For example, think comic books at a garage sale, gasoline in the early 20th century or the electromagnetic spectrum.

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You Got:
/16
iStockphoto/Thinkstock

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