Question: Multiple Choice 1. ________ are the costs associated with not choosing the other alternative. a. Sunk costs b. Opportunity costs c. Differential costs d. Avoidable

Multiple Choice 1. ________ are the costs associated with not choosing the other alternative. a. Sunk costs b. Opportunity costs c. Differential costs d. Avoidable costs 2. Which type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making? a. avoidable costs b. unavoidable costs c. sunk costs d. differential costs 3. The managerial decision-making process has which of the following as its third step? a. Review, analyze and evaluate the results of the decision. b. Decide, based upon the analysis, the best course of action. c. Identify alternative courses of action to achieve a goal or solve a problem. d. Perform a comprehensive differential (differential) analysis of potential solutions. 4. Which of the following is not one of the five steps in the decision-making process? a. identify alternatives b. review, analyze, and evaluate decision c. decide best action d. consult with CFO concerning variable costs

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