1. Define the term "opportunity cost." How may this cost be relevant in a make-or-buy decision? 2. A variation on cost-plus pricing is time-and-material pricing. Under this approach, two pricing rates are set. Explain where this approach is used and identify the steps involved in time-and-material pricing. Also explain what the material loading charge covers and how it is expressed. 3. What is participative budgeting? What are its potential benefits? What are its potential shortcomings? 4. What is responsibility accounting? Explain the purpose of responsibility accounting