_________ Is the Creation of New Products or Processes Through

question 21

Multiple Choice

_________ is the creation of new products or processes through the development of new knowledge or from new combinations of existing knowledge.

• A) Process development
• B) Invention
• C) Innovation
• D) Improvement

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Definitions:

Tax Shield

A reduction in taxable income for individuals or corporations achieved through claiming allowable deductions.

Tax Rate

The percentage at which an individual or corporation is taxed. The government sets the rate, which can apply to income, capital gains, or other financial figures.

Straight-Line Depreciation

A procedure for assigning the cost of a solid asset over its productive lifetime in equal annual figures.

Marginal Tax Rates

The rate at which an individual or corporation's next dollar of taxable income is taxed.