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Revenue Management Final Exam Questions With 100% Correct Answers
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What is the industry term used to describe the sum of prices paid by a business's customers? - ANSWER-Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - ANSWER-Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - ANSWER-Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - ANSWER-Profit What element is not present in a barter economy? - ANSWER-Money What is the formula used to calculate an owner's ROI? - ANSWER-Owner's Investment Return / Owner's Original Investment = Owner's Return on Investment
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