Complete the following descriptions using the terms a through e.
a. Opportunity cost
b. Avoidable costs
c. Sunk cost
d. Relevant benefits
e. Out-of-pocket cost
1. A ________ arises from a past decision and cannot be avoided or changed; it is irrelevant to future decisions.
2. ________ refer to the incremental revenue generated from taking one particular action over another.
3. Relevant costs are also known as ________.
4. An ________ requires a future outlay of cash and is relevant for current and future decision making.
5. An ________ is the potential benefit lost by taking a specific action when two or more alternative choices are available.