Presented Below Are Terms Preceded by Letters (A)through (F)and Followed

question 113

Essay

Presented below are terms preceded by letters (a)through (f)and followed by a list of definitions 1 through 6.Match the letter of the terms with the definitions.Use the space provided preceding each definition.
(a) Incremental cost
(b) Opportunity cost
(c) Out-of-pocket cost
(d) Relevant cost
(e) Sunk cost
(f) Relevant benefits.
__________ (1) A cost that requires a current outlay of cash.
__________ (2) The incremental revenue generated by selecting a particular course of action over another.
__________ (3) An avoidable cost.
__________ (4) A cost that cannot be avoided or changed in any way because it arises from a past decision; irrelevant to current and future decisions.
__________ (5) An additional cost incurred only if a particular action is taken.
__________ (6) The potential benefits of one alternative that are lost by choosing an alternative course of action.

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Definitions:

Z-value

A uniform measure displaying the number of standard deviations a data point lies away from the average.

Binomial Proportions

The ratios that represent the outcomes of processes that follow binomial distribution, often involving two possible outcomes.

Population Mean

The average value of a population attribute, representing the central point of a data set for the entire population.

Random Sample

A subset of a statistical population in which each member has an equal chance of being chosen.