The term 'CHANCES TAKEN' can be summarized as taking risks. This phrase is often used to describe a situation in which someone has decided to take a risk in order to achieve a desired outcome. The crossword solution for this term is 'RISKS', which is an appropriate word to describe the concept of taking chances. Taking risks can be beneficial, as it can lead to new opportunities and experiences, but it can also be dangerous, as it can lead to negative consequences.