Cost Avoidance vs. Cost Savings

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ are the real, measurable savings that impact a company's bottom line (i.e. profit/loss).

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1. _____ is a decrease in cost that is not detected by a year-over-year comparison, because it cost avoidance minimizes a cost increase that could have happened.

2. Cost avoidance is often considered a _____ cost savings because it is not easily recognizable.

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About This Quiz & Worksheet

Utilize the worksheet and quiz, identifying how much you know about cost avoidance compared to cost savings. You need to know the definitions of both terms for the quiz.

Quiz & Worksheet Goals

The goal of these tools is to check your knowledge of:

  • How cost savings is classified
  • Type of cost savings that cost avoidance is considered
  • The meaning of cost savings
  • How to see measurable cost savings

Skills Practiced

  • Defining key concepts - ensure that you can accurately define main topics, such as cost savings and cost avoidance
  • Information recall - access the knowledge you have gained about how to see measurable cost savings
  • Reading comprehension - ensure that you draw the most important details from the lesson on cost avoidance vs. cost savings

Additional Learning

Learn more by using the lesson called Cost Avoidance vs. Cost Savings. Thanks to this lesson, you can:

  • Review cost savings examples
  • See how cost savings and cost avoidance are similar
  • Identify attributes of cost avoidance
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