Bloom's Taxonomy of Educational Objectives
1. Knowledge
Recalling material you have learned.  Remembering facts, principles, steps in a sequence, etc.
2. Comprehension
Understanding the material.  At this stage you should be able to explain what you know, translate to new forms & symbols and extrapolate.
3. Application
At this stage you should be able to use the material in new situations, that is apply concepts, principles, rules, theories and laws to find solutions to new problems - problems you haven't seen before.
4.  Analysis
At this level you should be able to break things apart so that relationships are understood.  For example, you might analyze an amplifier circuit using what you learn about transistors.
5.  Synthesis
You should be able to put together parts to form a new whole.  Engineers do this when they write proposals, design new products, etc.
6.  Evaluation
Here you should be able to use what you know about a subject area to make critical judgments, rate ideas or objects and to accept or refect materials based on standards.  The key skill is the ability to make judgments.