Life-Cycle Costing: Definition, Formula & Examples


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question 1 of 3

How is life-cycle costing, or LCC, calculated?

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1. What time period does life-cycle costing for a product cover?

2. Operations costs for the purchase of a car include all of the following except:

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About This Quiz & Worksheet

This worksheet/quiz will assess what you know about life-cycle costing. Topics include the way life-cycle costing is calculated and the time period of life-cycle costing for a product.

Quiz & Worksheet Goals

These key areas will be highlighted on the quiz:

  • Things included in the operations cost of buying a car
  • Term for the life-cycle cost at the end of a product's life
  • Disadvantages of life-cycle costing

Skills Practiced

  • Reading comprehension - make sure you know the most important information from the lesson on life-cycle costing and how it's calculated
  • Information recall - access the knowledge you've gained regarding the life-cycle costing when purchasing a car
  • Knowledge application - use your knowledge to answer questions about the time period associated with the life-cycle costing of a product and some disadvantages of life-cycle costing

Additional Learning

To learn more, you can review the accompanying lesson named Life-Cycle Costing: Definition, Formula & Examples. These points will be considered:

  • The purpose of life-cycle costing
  • Operations cost examples
  • Disposal costs
  • The 12 steps of life-cycle costing