Which of the following will not result in an increase in return on investment (ROI) , assuming other factors remain the same?

A) A reduction in expenses.
B) An increase in net operating income.
C) An increase in operating assets.
D) An increase in sales.

An increase in operating assets will result in a decrease in ROI, as ROI is calculated as net operating income divided by operating assets. Therefore, an increase in operating assets will reduce the ROI, assuming other factors remain the same. The other options (A, B, and D) will increase ROI if other factors remain constant.