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What is Cost Avoidance? - Definition & Examples

Instructions:

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

question 1 of 3

Cost avoidance is a way of decreasing your costs by _____.

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1. All of the following are examples of cost avoidance EXCEPT for _____.

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

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About This Quiz & Worksheet

Easily measure your comprehension of cost avoidance with this quiz and worksheet. This convenient multiple-choice quiz requires you to know about renegotiating a contract in consideration of inflation.

Quiz & Worksheet Goals

Here's what the quiz covers:

  • Meaning and examples of cost avoidance
  • Type of cost savings cost avoidance is considered
  • Calculating cost avoidance in a specified scenario
  • Renegotiating a contract so that prices rise each year by the inflation level

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about cost avoidance
  • Interpreting information - verify that you can read information about the type of cost savings cost avoidance is know as and interpret it correctly
  • Information recall - access the knowledge you've gained regarding how to calculate cost avoidance

Additional Learning

Learn more about this topic with the lesson titled What is Cost Avoidance? - Definition & Examples. Here's a brief look at topics in the lesson:

  • Overview of cost avoidance
  • How companies benefit from use of cost avoidance
  • Real life examples of cost avoidance
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