Chapter 10, Problem 1E

Fill in each of the blanks below with the correct term.

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.