1. Relevant information reflects what differs (or potentially differs) across decision alternatives. True O False 2. Which of the following statements reflects why sunk costs are irrelevant? (Check all that apply.) Some costs have been committed to, and therefore are unavoidable. Some costs change depending on how many units are purchased or manufactured. The statement is not true - some sunk costs are relevant. Some costs have been incurred already, and therefore do not change across alternatives in some current or future decision.3. Which of the following best reflects an opportunity cost? Rent paid for a one-year lease on a factory O The potential sales price of equipment that is retained Direct materials costs O Contracted salaries already paid 4. Which of the following relate to common mistakes made in business decisions? Traceable fixed costs Total fixed costs O Avoidable fixed costs O Allocated fixed costs7. True or false? The greater the amount of fixed costs, the more relevant they are to operational decisions. True O False 8. Replacing equipment is always more expensive. True O False