A Change in the Technique for Producing an Existing Product

question 73

Multiple Choice

A change in the technique for producing an existing product is known as

• A) process innovation.
• B) an increase in productivity.
• C) invention.
• D) investment.
• E) product innovation.

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Definitions:

Gross Profit Rate

A financial metric indicating the proportion of money left from revenues after accounting for the cost of goods sold.

Sales Revenue

The gross revenue of a company refers to the entire sum of income derived from selling products or services before deducting any costs.

Sales Returns

Transactions in which customers return previously purchased merchandise to the seller for a refund, store credit, or exchange due to various reasons such as defects or dissatisfaction.

Income From Operations

The earnings of a business generated from its regular business operations, excluding revenues and expenses from non-operational activities.