1- What is a relevant cost?

2- Define the following terms: incremental cost, opportunity cost, and sunk cost.

5- Variable costs and differential costs mean the same thing. Do you agree? Explain

8- If a product is generally a loss, then it should be discountinued. Do you agree? Explain.

9- What is the danger in allocating common fixed costs among products or other segments of an organization?

10- How does opportunity cost enter into a make or buy decision?

11- Give at least four examples of possible constraints.

13- Define the following terms: joint products, joint costs, and split-off point.

15- What guideline should be used in determining whether a joint product should be sold at the split-off point or processed further?

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