For each of the following statement select the correct term.

For each of the following statement select the correct term.

1.	A	sunk costselected answer correct	arises from a past decision and cannot be avoided or changed; it is irrelevant to future decisions.
2.	Relevant benefitsselected answer correct		refer to the incremental revenue generated from taking one particular action over another.
3.	Relevant costs are also known as			avoidable costsselected answer correct
4.	A(n)	out-of-pocket costselected answer correct	requires a future outlay of cash and is relevant for current and future decision making.
5.	A(n)	opportunity costselected answer correct	is the potential benefit lost by taking a specific action when two or more alternative choices are available.