Final answer:
Return on net operating assets (RNOA) is a financial metric that measures the efficiency of a company's core operations excluding financial activities like interest expenses or income.
Step-by-step explanation:
The student's question is focused on the concept of return on net operating assets (RNOA), which is a performance measure used in financial analysis. One of the claims about RNOA that is not true might be that it includes interest expense or income in its calculation, when in fact, RNOA focuses on the return from operating activities only, excluding financial activities. Another possible misconception could be that RNOA is the same as return on investment (ROI), but RNOA specifically evaluates the efficiency of a company's core operations without the influence of its capital structure.