Listed below are a number of statements concerning relevant versus irrelevant costs and benefits. Complete each statement by providing the missing term or phrase.
1. _______ are costs that have already been incurred and are not relevant to future decisions.
2. _______ is a measure of the limit placed on a specific resource.
3. A/an _______ is the forgone benefit of choosing to do one thing instead of another.
4. Monthly utility costs are estimated to be $1,200 regardless of the course of action; in this case the utility costs are considered a/an _______.
5. When a company has not yet reached the limit on its resources, it has _______.
6. A/an _______ has the potential to influence a particular decision and will change depending on the alternative a manager selects.
7. At _______ opportunity costs become relevant and should be incorporated into the analysis.
8. When managers are forced to choose one alternative over another due to limited employee time and equipment availability, the business manager is facing _______ costs.