77) An irrelevant cost:
A) is also called a differential cost.
B) must differ between decision alternatives.
C) must be incurred in the future rather than in the past.
D) will not influence a decision.
78) For a cost to be relevant, it must:
A) differ between decision alternatives.
B) have already been incurred.
C) not influence a decision.
D) not be a differential cost.
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79) A cost that has already been incurred is called a(n) _________ cost.
A) indirect
B) sunk
C) relevant
D) opportunity
80) You are to receive five gold coins from your great uncle as an incentive to study hard. The coins were originally purchased in 1982. Your great uncle will deliver the coins the week after finals (assuming your grades are "acceptable"). The amount your great uncle paid for the coins is a(n):
A) opportunity cost.
B) indirect cost.
C) sunk cost.
D) overhead cost.
81) For a cost to be relevant, it must meet which of the following criteria?
A) It must not differ between the decision alternatives and it must be incurred in the future rather than in the past.
B) It must differ between the decision alternatives and it must be incurred in the future rather than in the past.
C) It must not differ between the decision alternatives and it must have occurred in the past rather than in the future.
D) It must differ between the decision alternatives and it must have occurred in the past rather than in the future.
82) For a cost to be relevant, it must be:
A) a differential cost and a sunk cost.
B) a differential cost, but not a sunk cost.
C) a sunk cost, but not a differential cost.
D) neither a differential cost nor a sunk cost.
83) Which of the following costs is not relevant to the decision whether to replace an old computer with a new one?
A) The cost of the new computer.
B) The cost of the old computer.
C) The cost of a service plan on the new computer.
D) The cost to repair the old computer if a new computer is not purchased.
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