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What should companies do if they are trying to lower employee absenteeism?
Fixed Overhead
Costs that do not vary with production volume, such as rent, salaries, and insurance, required to operate a business regardless of production levels.
Variable Cost
Costs that change in proportion to the level of goods or services that a business produces.
Relevant Costs
Costs that are directly related to a specific management decision and that will change as a result of that decision.
Sunk Costs
Costs that have already been incurred and cannot be recovered, which should not affect future business decisions.
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