Question 1

Corporations do not necessarily operate in the same state where they were formed.

Accepted Answer

A) True 
 B)False  True

Question 2

What is the advantage of hiring a specialized attorney for a startup?

Accepted Answer

A)  Usually good at suing multinationals 
B)  Will gladly accept equity as the fee 
C)  May agree upon installment payments 
D)  May substitute expensive software at the early stage 
E)  Good at representing your national interests 
A)  Usually good at suing multinationals 
B)  Will gladly accept equity as the fee 
C)  May agree upon installment payments 
D)  May substitute expensive software at the early stage 
E)  Good at representing your national interests C

Question 3

Trade secrets cover proprietary information, but only if they are in the form of an engineering schematic.

Accepted Answer

A) True 
 B)False  False

Question 4

Some corporations give their boards of directors the authority to bind the companies into contracts.

Accepted Answer

A) True 
 B)False

Question 5

The benefit of a copyright registration is _______.

Accepted Answer

A)  the registration is easy to obtain 
B)  protection lasts a long time 
C)  the cost is low 
D)  all of the above 
E)  none of the above 
A)  the registration is easy to obtain 
B)  protection lasts a long time 
C)  the cost is low 
D)  all of the above 
E)  none of the above

Question 6

People like provisional patents because of the future protection that they ensure.

Accepted Answer

A) True 
 B)False

Question 7

The number of workers you draw from your former employer to your new company does not matter from the viewpoint of liability.

Accepted Answer

A) True 
 B)False

Question 8

What, if possible, must the employer do to make its employees not compete with the company for a year after they quit the job?

Accepted Answer

A)  Issue an internal order 
B)  Does not have to do anything - the obligation is imposed on any employee by statutes 
C)  Obtain a court order 
D)  Have the employees sign a non-competition agreement 
E)  It cannot be done 
A)  Issue an internal order 
B)  Does not have to do anything - the obligation is imposed on any employee by statutes 
C)  Obtain a court order 
D)  Have the employees sign a non-competition agreement 
E)  It cannot be done

Question 9

If you decided to leave your current employer and establish your own venture, what actions will decrease the likelihood of being sued for convincing other employees from the company to leave with you?

Accepted Answer

A)  Working in the Human Resources department of the employer 
B)  Talking to them after the business hours 
C)  Talking to them over e-mail or/phone 
D)  Offering them better working conditions in the new company 
E)  None of the above 
A)  Working in the Human Resources department of the employer 
B)  Talking to them after the business hours 
C)  Talking to them over e-mail or/phone 
D)  Offering them better working conditions in the new company 
E)  None of the above

Question 10

Trademarks can differentiate a business's products and services from those of others businesses.

Accepted Answer

A) True 
 B)False

Question 11

By filing a special PCT patent application in a specially designated PCT office within one year of U.S. filing, and by designating certain countries, companies can preserve their right to file in those countries without further expense for ___ after the U.S. filing date; that will provide ______for test marketing the product.

Accepted Answer

A)  1 or 10 months and an additional 8 or 18 months 
B)  20 or 30 months and an additional 8 or 18 months 
C)  24 or 36 months and an additional 8 or 18 months 
D)  40 or 50 months and an additional 28 or 38 months 
E)  50 or 60 months and an additional 48 or 58 months 
A)  1 or 10 months and an additional 8 or 18 months 
B)  20 or 30 months and an additional 8 or 18 months 
C)  24 or 36 months and an additional 8 or 18 months 
D)  40 or 50 months and an additional 28 or 38 months 
E)  50 or 60 months and an additional 48 or 58 months

Question 12

Provisionals have found favor because they are typically less expensive than full patent applications and allow companies to advertise "patent pending."

Accepted Answer

A) True 
 B)False

Question 13

The doctrine of vicarious liability states that:

Accepted Answer

A)  The employer's liability for the employee's actions is limited to a specific amount of money (the amount differs from state to state) 
B)  The employer is responsible for any contract signed by the employee. 
C)  The employer is responsible for any actions of the employee occurring within the scope of his/her employment 
D)  The employee always answers for the consequences of his/her criminal actions without transferring the responsibility to the employer 
E)  Employees can be held criminally liable if they contribute to the unlawful actions of an employer and should have reasonably understood the consequences. 
A)  The employer's liability for the employee's actions is limited to a specific amount of money (the amount differs from state to state) 
B)  The employer is responsible for any contract signed by the employee. 
C)  The employer is responsible for any actions of the employee occurring within the scope of his/her employment 
D)  The employee always answers for the consequences of his/her criminal actions without transferring the responsibility to the employer 
E)  Employees can be held criminally liable if they contribute to the unlawful actions of an employer and should have reasonably understood the consequences.

Question 14

Persuading your co-workers to leave your employer is not very risky, as long as their defections do not impact the company's ability to function and the conversations are occurring after working hours.

Accepted Answer

A) True 
 B)False

Question 15

Every start-up should concentrate on hiring a litigation attorney from the very beginning.

Accepted Answer

A) True 
 B)False

Question 16

The patent application must contain a complete and understandable explanation of the invention.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following cannot be considered non-profit entities?

Accepted Answer

A)  Social welfare organizations 
B)  Educational institutions 
C)  Churches 
D)  Limited liability corporations 
E)  Industry associations 
A)  Social welfare organizations 
B)  Educational institutions 
C)  Churches 
D)  Limited liability corporations 
E)  Industry associations

Question 18

Since each patent application is unique, the form of each individual patent does not necessarily contain the same sections.

Accepted Answer

A) True 
 B)False

Question 19

Double taxation is not necessarily a problem for a company.

Accepted Answer

A) True 
 B)False

Question 20

Even when a patent application is successfully completed, protecting Intellectual Property is not the end game; a patent doesn't generate revenue.

Accepted Answer

A) True 
 B)False

Corporations do not necessarily operate in the same state where they were formed.

What is the advantage of hiring a specialized attorney for a startup?

Trade secrets cover proprietary information, but only if they are in the form of an engineering schematic.

Some corporations give their boards of directors the authority to bind the companies into contracts.

The benefit of a copyright registration is _______.

People like provisional patents because of the future protection that they ensure.

The number of workers you draw from your former employer to your new company does not matter from the viewpoint of liability.

What, if possible, must the employer do to make its employees not compete with the company for a year after they quit the job?

If you decided to leave your current employer and establish your own venture, what actions will decrease the likelihood of being sued for convincing other employees from the company to leave with you?

Trademarks can differentiate a business's products and services from those of others businesses.

Provisionals have found favor because they are typically less expensive than full patent applications and allow companies to advertise "patent pending."

The doctrine of vicarious liability states that:

Persuading your co-workers to leave your employer is not very risky, as long as their defections do not impact the company's ability to function and the conversations are occurring after working hours.

Every start-up should concentrate on hiring a litigation attorney from the very beginning.

The patent application must contain a complete and understandable explanation of the invention.

Which of the following cannot be considered non-profit entities?

Since each patent application is unique, the form of each individual patent does not necessarily contain the same sections.

Double taxation is not necessarily a problem for a company.

Even when a patent application is successfully completed, protecting Intellectual Property is not the end game; a patent doesn't generate revenue.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

The Business Planning Process

Building Your Pro Forma Financial Statements

Financing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Entrepreneurial Growth

Social Entrepreneurship

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Exam 13: Legal and Tax Issues, Including Intellectual Property

Corporations do not necessarily operate in the same state where they were formed.

What is the advantage of hiring a specialized attorney for a startup?

Trade secrets cover proprietary information, but only if they are in the form of an engineering schematic.

Some corporations give their boards of directors the authority to bind the companies into contracts.

The benefit of a copyright registration is _______.

People like provisional patents because of the future protection that they ensure.

The number of workers you draw from your former employer to your new company does not matter from the viewpoint of liability.

What, if possible, must the employer do to make its employees not compete with the company for a year after they quit the job?

If you decided to leave your current employer and establish your own venture, what actions will decrease the likelihood of being sued for convincing other employees from the company to leave with you?

Trademarks can differentiate a business's products and services from those of others businesses.

Provisionals have found favor because they are typically less expensive than full patent applications and allow companies to advertise "patent pending."

The doctrine of vicarious liability states that:

Persuading your co-workers to leave your employer is not very risky, as long as their defections do not impact the company's ability to function and the conversations are occurring after working hours.

Every start-up should concentrate on hiring a litigation attorney from the very beginning.

The patent application must contain a complete and understandable explanation of the invention.

Which of the following cannot be considered non-profit entities?

Since each patent application is unique, the form of each individual patent does not necessarily contain the same sections.

Double taxation is not necessarily a problem for a company.

Even when a patent application is successfully completed, protecting Intellectual Property is not the end game; a patent doesn't generate revenue.

The Power of Entrepreneurship

The Entrepreneurial Process

Opportunity Recognition, Shaping, and Reshaping

Prototyping Your Ideas

Understanding Your Business Model and Developing Your Strategy

Entrepreneurial Marketing

Building the Founding Team

The Business Planning Process

Building Your Pro Forma Financial Statements

Financing Entrepreneurial Ventures Worldwide

Raising Money for Starting and Growing Businesses

Debt and Other Forms of Financing

Entrepreneurial Growth

Social Entrepreneurship

Filters