Final answer:
The value calculated by a method and given back to the caller is known as its return value, a key concept in programming languages.
Step-by-step explanation:
The value calculated by a method is called its return value. In programming, when a method is called, it performs its defined task and then delivers a value back to the source that called it, which is known as the return value. The term return value is a fundamental concept in various programming languages including Java, Python, C++, and many others. It is important to understand this concept as it enables a method to provide an output after processing inputs.