Knowledge Check 01 Which of the following is the second concept used in business decision making? Identify opportunity costs. Perform differential analysis. Distinguish between relevant and irrelevant costs and benefits. Define the alternatives. Knowledge Check 01 Costs that have been incurred and cannot be eliminated regardless of the alternative chosen are sunk costs unavoidable costs relevant costs irrelevant costs Knowledge Check 01 Match the term and the definition 1.Wages paid to the division's employees who will be downsized if the division is dropped. 2. General management expenses allocated to the Orange County division 3. Cost of machinery purchased for the Orange County division 4. Rent paid for the division's regional office. 5 Cost of the private jet purchased for the company management's use