Innovation Refers to the Act Of

question 52

Multiple Choice

Innovation refers to the act of:

• A) seeking patent protection for new products.
• B) creating new products and processes.
• C) measuring time taken for a service to be provided.
• D) measuring the output produced by an employee.
• E) identifying and satisfying the needs of a customer.

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Definitions:

Capital Cost Allowance (CCA)

A tax deduction in Canada that represents a business's investment in depreciable properties, allowing for the asset's cost to be written off over its useful life.

Taxable Income

The amount of an individual's or a corporation's income used to determine how much tax is owed to the government in a given tax year.

Fixed Assets

Assets of a long-lasting nature involved in business operations, which are not anticipated to be expended or turned into cash quickly.

Current Assets

Items of value that are projected to be turned into cash, sold off, or consumed either within a year or throughout the length of the business's normal operational cycle, whichever timeframe is greater.