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Click to watch the Tell Me More Learning Objective $1$ video and then answer the questions below.

Which of the following steps is considered the first step in the managerial decision$-$making process?

a$.$ Gather information and perform a differential analysis.

b$.$ Review, analyze, and assess the results of the decision.

c$.$ Identify alternative courses of action.

d$.$ Identify the objective of the decision.

$$

An analysis that evaluates differential revenues and costs in order to determine the differential impact on income of two alternative courses of action is called

$$ analysis.

a$.$ horizontal

b$.$ vertical

c$.$ ratio

d$.$ incremental

$$

$$ costs are costs that have been incurred in the past, cannot be recouped, and are not relevant to future decisions.

a$.$ Sunk

b$.$ Historical

c$.$ Product

d$.$ None of these choices are correct.

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