Which of the following is NOT a commonly used measure of return?

The measure identified as not being commonly used for calculating return is Net Present Value (NPV). NPV is primarily used as a project evaluation tool, taking into consideration the value of money over time and providing a dollar amount that represents the net value added by undertaking a particular project or investment after considering discounted future cash flows. While NPV is crucial for assessing investment profitability, it does not provide a direct percentage return, which is often what is sought in measures of return.

In contrast, Cash-on-cash return directly represents an annual return on cash investment expressed as a percentage. Gross return typically refers to the total return before any deductions, allowing for a clear measure of performance. Internal Rate of Return (IRR) is a widely-used metric that expresses an investment's return as a percentage, considering the time value of money. This makes both IRR and Cash-on-cash return valuable for investors looking to assess their returns on investment comprehensively.