Question 1

Once granted, a patent's scope is limited to the content that companies disclose in the drawings and specification portion of the filing.

Accepted Answer

A) True 
 B)False

Question 2

Under what condition will the law consider the company to have taken reasonable protection of its information?

Accepted Answer

A)  If the company made its employees sign non-disclosure agreements 
B)  If the company successfully kept the information confidential 
C)  If the company protected the information through copyright laws 
D)  If the company protected the information by registering patents 
E)  All of the above 
A)  If the company made its employees sign non-disclosure agreements 
B)  If the company successfully kept the information confidential 
C)  If the company protected the information through copyright laws 
D)  If the company protected the information by registering patents 
E)  All of the above

Question 3

Since there is no formal protection procedure, the necessary steps for establishing a trade secret are often not taken seriously until a lawsuit is brought by the owner against someone who has misappropriated them.

Accepted Answer

A) True 
 B)False

Question 4

What is the maximum dollar amount of a securities offering for it to still qualify for private placement exemption?

Accepted Answer

A)  $100,000 
B)  $500,000 
C)  $1,000,000 
D)  $2,000,000 
E)  $5,000,000 
A)  $100,000 
B)  $500,000 
C)  $1,000,000 
D)  $2,000,000 
E)  $5,000,000

Question 5

The basic requirement for a utility patent is that the ______ be different in some way from what came before.

Accepted Answer

A)  idea 
B)  appearance 
C)  value 
D)  design 
E)  product branding 
A)  idea 
B)  appearance 
C)  value 
D)  design 
E)  product branding

Question 6

What concept requires that an employee does not knowingly take action designed to harm the employer's business?

Accepted Answer

A)  Reasonable protection 
B)  Employee's obligation 
C)  Duty of loyalty 
D)  Corporate tact 
E)  Generally accepted protection principle 
A)  Reasonable protection 
B)  Employee's obligation 
C)  Duty of loyalty 
D)  Corporate tact 
E)  Generally accepted protection principle

Question 7

To qualify the invention for a patent, the applicant must describe all things novel about the invention.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not referred to as intellectual property creations of the mind?

Accepted Answer

A)  inventions 
B)  literary and artistic works 
C)  symbols, names, and images 
D)  designs used in commerce 
E)  budget for a certain project 
A)  inventions 
B)  literary and artistic works 
C)  symbols, names, and images 
D)  designs used in commerce 
E)  budget for a certain project

Question 9

Although formally there is only one owner in the sole proprietorship, two or more people control the company.

Accepted Answer

A) True 
 B)False

Question 10

An employer may not discriminate against anyone for any of the following characteristics, except for:

Accepted Answer

A)  Religion 
B)  Age 
C)  National origin 
D)  Sexual orientation 
E)  Disability 
A)  Religion 
B)  Age 
C)  National origin 
D)  Sexual orientation 
E)  Disability

Question 11

As can be learned from the chapter, a redemption agreement is the covenant, in which:

Accepted Answer

A)  The business owns insurance policies on the owners and is obligated to use the proceeds to purchase each stockholder's equity upon his or her death. 
B)  Each owner is required to take out insurance on the others and to buy a proportional amount of the deceased's equity. 
C)  Business assets, such as inventory or marketable securities, equal to the value of owner's share of the equity in the company will be transferred to relatives upon his or her death. 
D)  Internal Revenue Service allows installment tax payments to be received within 2 years after an owner's death. 
E)  None of the above. 
A)  The business owns insurance policies on the owners and is obligated to use the proceeds to purchase each stockholder's equity upon his or her death. 
B)  Each owner is required to take out insurance on the others and to buy a proportional amount of the deceased's equity. 
C)  Business assets, such as inventory or marketable securities, equal to the value of owner's share of the equity in the company will be transferred to relatives upon his or her death. 
D)  Internal Revenue Service allows installment tax payments to be received within 2 years after an owner's death. 
E)  None of the above.

Question 12

The employer is responsible for any damage done by the employees occurring within the scope of their employment.

Accepted Answer

A) True 
 B)False

Question 13

The corporate opportunity doctrine basically claims that a director cannot use his position to decide which acquisition deals the company should enter to.

Accepted Answer

A) True 
 B)False

Question 14

Trademark protection cannot be obtained for just some word, symbol, or combination thereof that is used on goods to indicate their source.

Accepted Answer

A) True 
 B)False

Question 15

After the U.S. Patent and Trademark Office examines the application and determines that the mark could be registered, the applicant must show actual use within how many months?

Accepted Answer

A)  1 month. 
B)  3 months. 
C)  6 months. 
D)  12 months. 
E)  24 months. 
A)  1 month. 
B)  3 months. 
C)  6 months. 
D)  12 months. 
E)  24 months.

Question 16

All of the following forms of legal entities must file an annual report with the state government in addition to their tax return except:

Accepted Answer

A)  General partnerships 
B)  Limited liability companies 
C)  Limited partnerships 
D)  Corporations 
E)  Limited liability partnerships 
A)  General partnerships 
B)  Limited liability companies 
C)  Limited partnerships 
D)  Corporations 
E)  Limited liability partnerships

Question 17

If a business is not able to pay its debts, under a general partnership, the debt is transferred to the owners.

Accepted Answer

A) True 
 B)False

Question 18

The business is not recognized as a legal entity separate from its owners under which form?

Accepted Answer

A)  Professional corporation 
B)  Limited Liability Company 
C)  Partnership 
D)  S corporation 
E)  Non-profit 
A)  Professional corporation 
B)  Limited Liability Company 
C)  Partnership 
D)  S corporation 
E)  Non-profit

Question 19

How long does an organization have to file for and secure non-profit status?

Accepted Answer

A)  14 weeks 
B)  1 year 
C)  18 months 
D)  2 years 
E)  26 months 
A)  14 weeks 
B)  1 year 
C)  18 months 
D)  2 years 
E)  26 months

Question 20

What is the main attraction of an employment agreement for the employee?

Accepted Answer

A)  Social benefits 
B)  Protection against firing without cause 
C)  Guaranteed promotion on a regular basis 
D)  Fewer responsibilities 
E)  Higher wages 
A)  Social benefits 
B)  Protection against firing without cause 
C)  Guaranteed promotion on a regular basis 
D)  Fewer responsibilities 
E)  Higher wages

Once granted, a patent's scope is limited to the content that companies disclose in the drawings and specification portion of the filing.

Under what condition will the law consider the company to have taken reasonable protection of its information?

Since there is no formal protection procedure, the necessary steps for establishing a trade secret are often not taken seriously until a lawsuit is brought by the owner against someone who has misappropriated them.

What is the maximum dollar amount of a securities offering for it to still qualify for private placement exemption?

The basic requirement for a utility patent is that the ______ be different in some way from what came before.

What concept requires that an employee does not knowingly take action designed to harm the employer's business?

To qualify the invention for a patent, the applicant must describe all things novel about the invention.

Which of the following is not referred to as intellectual property creations of the mind?

Although formally there is only one owner in the sole proprietorship, two or more people control the company.

An employer may not discriminate against anyone for any of the following characteristics, except for:

As can be learned from the chapter, a redemption agreement is the covenant, in which:

The employer is responsible for any damage done by the employees occurring within the scope of their employment.

The corporate opportunity doctrine basically claims that a director cannot use his position to decide which acquisition deals the company should enter to.

Trademark protection cannot be obtained for just some word, symbol, or combination thereof that is used on goods to indicate their source.

After the U.S. Patent and Trademark Office examines the application and determines that the mark could be registered, the applicant must show actual use within how many months?

All of the following forms of legal entities must file an annual report with the state government in addition to their tax return except:

If a business is not able to pay its debts, under a general partnership, the debt is transferred to the owners.

The business is not recognized as a legal entity separate from its owners under which form?

How long does an organization have to file for and secure non-profit status?

What is the main attraction of an employment agreement for the employee?

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

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Exam 13: Legal and Tax Issues, Including Intellectual Property

Once granted, a patent's scope is limited to the content that companies disclose in the drawings and specification portion of the filing.

Under what condition will the law consider the company to have taken reasonable protection of its information?

Since there is no formal protection procedure, the necessary steps for establishing a trade secret are often not taken seriously until a lawsuit is brought by the owner against someone who has misappropriated them.

What is the maximum dollar amount of a securities offering for it to still qualify for private placement exemption?

The basic requirement for a utility patent is that the ______ be different in some way from what came before.

What concept requires that an employee does not knowingly take action designed to harm the employer's business?

To qualify the invention for a patent, the applicant must describe all things novel about the invention.

Which of the following is not referred to as intellectual property creations of the mind?

Although formally there is only one owner in the sole proprietorship, two or more people control the company.

An employer may not discriminate against anyone for any of the following characteristics, except for:

As can be learned from the chapter, a redemption agreement is the covenant, in which:

The employer is responsible for any damage done by the employees occurring within the scope of their employment.

The corporate opportunity doctrine basically claims that a director cannot use his position to decide which acquisition deals the company should enter to.

Trademark protection cannot be obtained for just some word, symbol, or combination thereof that is used on goods to indicate their source.

After the U.S. Patent and Trademark Office examines the application and determines that the mark could be registered, the applicant must show actual use within how many months?

All of the following forms of legal entities must file an annual report with the state government in addition to their tax return except:

If a business is not able to pay its debts, under a general partnership, the debt is transferred to the owners.

The business is not recognized as a legal entity separate from its owners under which form?

How long does an organization have to file for and secure non-profit status?

What is the main attraction of an employment agreement for the employee?

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