1) Which of the following is NOT a step in the managerial decision-making process?

A) Determine the decision alternatives.

B) Calculate the payback period.

C)Identify the decision problem.

D) Evaluate the costs and benefits of the alternatives.

2) A relevant cost is:

A) a cost that differs across decision alternatives.

B) a cost that is the same regardless of the alternative the manager chooses.

C) a cost that has already been incurred.

D) the foregone benefit of choosing to do one thing instead of another.

3) What is the term for the most constrained resource?

A) The constrainment

B) The opportunity cost

C) The contribution margin

D) The bottleneck