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19 Feb 2024, 10:23
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Each company incurred a loss in at least one of the three years.: No
The highest profit as a percentage of expenses incurred by any company was in 2013.: No
Each company did not incur a profit for at least one of the three years.: Yes
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
65%
(hard)
Question Stats:
64% (02:31) correct
36%
(02:31)
wrong
based on 1881
sessions
History
Date
Time
Result
Not Attempted Yet
The table below provides details of the revenue and expenses (in USD) incurred by six companies (A to F) over a three-year period: 2011, 2012, and 2013. Profit or loss is calculated as Revenue - Expenses.
For each of the following statements, select Yes if the statement is true based on the information provided. Otherwise, select No.
| Year | Year 2011 | Year 2012 | Year 2013 | |||
| Company | Revenue | Expenses | Revenue | Expenses | Revenue | Expenses |
|---|---|---|---|---|---|---|
| A | 50,000 | 40,000 | 75,000 | 60,000 | 60,000 | 80,000 |
| B | 60,000 | 50,000 | 70,000 | 70,000 | 100,000 | 80,000 |
| C | 45,000 | 35,000 | 60,000 | 65,000 | 85,000 | 80,000 |
| D | 50,000 | 40,000 | 70,000 | 60,000 | 70,000 | 80,000 |
| E | 45,000 | 40,000 | 65,000 | 60,000 | 80,000 | 85,000 |
| F | 40,000 | 20,000 | 50,000 | 60,000 | 90,000 | 50,000 |
For each of the following statements, select Yes if the statement is true based on the information provided. Otherwise, select No.
| Yes | No | |
| Each company incurred a loss in at least one of the three years. | ||
| The highest profit as a percentage of expenses incurred by any company was in 2013. | ||
| Each company did not incur a profit for at least one of the three years. |
ShowHide Answer
Official Answer
Each company incurred a loss in at least one of the three years.: No
The highest profit as a percentage of expenses incurred by any company was in 2013.: No
Each company did not incur a profit for at least one of the three years.: Yes
05 Jan 2025, 02:21
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Bunuel
Official Solution:
Statement 1:
To evaluate this statement, we need to compare revenue and expenses for each company over the three-year period. Upon review, we can see that Company B did not incur a loss in any of the years—it broke even in 2012 and made a profit in both 2011 and 2013. Therefore, this statement is not true.
Statement 2:
The highest profit as a percentage of expenses essentially means the highest revenue-to-expenses ratio. The highest ratio in 2013 was for Company F: 90,000/50,000 = 1.8 (80% profit). Let's check if any company in 2011 or 2012 had a higher revenue-to-expenses ratio. Quickly scanning the data, we can see that in 2011, Company F had an even higher ratio: 40,000/20,000 = 2, indicating a profit of 100%. Therefore, this statement is not true.
Statement 3:
Companies A, C, D, E, and F experienced a loss in at least one year, while Company B broke even in 2012, meaning it did not incur a profit either. Therefore, this statement is true.
Correct answer:
Each company incurred a loss in at least one of the three years. "No"
The highest profit as a percentage of expenses incurred by any company was in 2013. "No"
Each company did not incur a profit for at least one of the three years. "Yes"
General Discussion
08 Jan 2025, 11:34
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1. We have to check whether the following statements are true or false.
2. Each company incurred a loss in at least one of the three years. A loss happens when Revenue - Expenses < 0. For all companies except B we can that this is true. As for company B we have the following:
- Year 2011. 60000 - 50000 = 10000 > 0.
- Year 2012. 70000 - 70000 = 0 = 0.
- Year 2013. 100000 - 80000 = 20000 > 0.
No losses happen. So, this statement is false.
3. The highest profit as a percentage of expenses incurred by any company was in 2013. Company F in 2011 had 2 times more profit than expenses (200%). However no company in 2013 and anything near that. So, this statement is false.
4. Each company did not incur a profit for at least one of the three years. This is similar to the first statement. All companies except B had losses, which is also not incurring a profit. Looking at company B year 2012, the difference is 0, which means that they also didn't incur a loss. So, this statement is true.
2. Each company incurred a loss in at least one of the three years. A loss happens when Revenue - Expenses < 0. For all companies except B we can that this is true. As for company B we have the following:
- Year 2011. 60000 - 50000 = 10000 > 0.
- Year 2012. 70000 - 70000 = 0 = 0.
- Year 2013. 100000 - 80000 = 20000 > 0.
No losses happen. So, this statement is false.
3. The highest profit as a percentage of expenses incurred by any company was in 2013. Company F in 2011 had 2 times more profit than expenses (200%). However no company in 2013 and anything near that. So, this statement is false.
4. Each company did not incur a profit for at least one of the three years. This is similar to the first statement. All companies except B had losses, which is also not incurring a profit. Looking at company B year 2012, the difference is 0, which means that they also didn't incur a loss. So, this statement is true.
