Which of the following accurately describes a turret lathe?

A turret lathe is characterized by its capability to hold multiple cutting tools, which makes it particularly versatile for various machining tasks. This design allows for rapid tool changes, enabling the operator to switch between different operations (like turning, drilling, or facing) without having to replace the tool manually. The turret itself is a rotating device that can be indexed to bring different tools into position relative to the workpiece, significantly improving efficiency in production settings.

The essence of a turret lathe lies in its design that emphasizes not just one type of operation but a variety of operations that can be performed in a single setup, making it a valuable asset in manufacturing processes that require repetitive tasks with different tools. This differentiates it from other types of lathes, which may be more limited in their functionality.