A nonrefundable cash outlay (e.g., money spent on a passport) is an example of an opportunity cost. Overhead costs normally include all costs that are not direct costs. Most decisions are based on...

Which of the following statements are true and which are false?

Extracted text: A nonrefundable cash outlay (e.g., money spent on a passport) is an example of an opportunity cost. Overhead costs normally include all costs that are not direct costs. Most decisions are based on differences that are perceived to exist among alternatives.