b10chap1 - 10/4/2011 1 Chapter 1: Taking Risks and Making...

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Unformatted text preview: 10/4/2011 1 Chapter 1: Taking Risks and Making Profits within the DYNAMIC BUSINESS Environment ` http://www.youtube.com/watch?v=XF8nRC6- YAU True or False? The only way a firm can increase its profits is to increase its profits is to increase its sales revenue . 10/4/2011 2 Profit = Revenue Expenses Profit = Revenue Costs Expenses (Chapter 17 version (Chapter 17 version) True or False? The amount of profit or loss earned by a business can be found be subtracting the firms expenses from its revenues . True or False? Backstreet Books generated total revenues of $15 million while incurring expenses of $12 million. Backstreet Books earned a profit of $3 million. 10/4/2011 3 True or False? If people living in San Jose on average earn more money than people living in Richmond, VA, then it must be the case that the citizens of San Jose enjoy a higher standard of living . True or False?...
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b10chap1 - 10/4/2011 1 Chapter 1: Taking Risks and Making...

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