$1-$All future costs are relevant in decision making, do you agree?

$2-$What is a relevant cost $?$

$3-$Define the following terms: incremental cost $,$ opportunity cost $,$ and sunk cost $.$

$4-$Are avoidable costs always relevant costs? Explain.

$5-$Depreciation $($as shown on the income statement$)$ is an expense to a company, but this same expense is irrelevant in decision making. Explain why this is so$.$

$6-$Sunk costs are easy to spot$$they$$re simply the fixed costs associated with a decision.$$ Do you agree? Explain.

$7-$Are variable costs always relevant in decision making? Explain.

$8-$GOIL is considering dropping one of its product lines. What costs of the product line would be relevant to this decision? Irrelevant?

$9-$How does opportunity cost enter into the make or buy decision?

$10-$Which costs are relevant to special$-$order decisions?

$11-$Define the following terms: joint products $,$ joint product costs $,$ and split$-$off point $.$