Question 1

A trade secret is defined as knowledge, which is kept secret for the purpose of gaining an advantage in business.

Accepted Answer

A) True 
 B)False

Question 2

In the United States, the patent application must be filed within one year of the first public disclosure, public use, sale, or even offer for sale of the product, or the opportunity to obtain a patent will be lost forever.

Accepted Answer

A) True 
 B)False

Question 3

Users of another company's products can be sued for patent infringement.

Accepted Answer

A) True 
 B)False

Question 4

Business angels prefer to invest in sole proprietorships.

Accepted Answer

A) True 
 B)False

Question 5

There are conditions under which a corporation can be taxed as a partnership.

Accepted Answer

A) True 
 B)False

Question 6

Trademarks can be more valuable to some companies than patents and trade secrets combined.

Accepted Answer

A) True 
 B)False

Question 7

S corporations have the same restrictions as the LLCs, while allocating profit, loss and control more creatively.

Accepted Answer

A) True 
 B)False

Question 8

It is illegal to sue a former employee's startup for using trade secrets if such a lawsuit can ruin the new venture.

Accepted Answer

A) True 
 B)False

Question 9

People can establish which of the following without any formal governmental procedure?

Accepted Answer

A)  Utility patent 
B)  Technique patent 
C)  Design patent 
D)  Trademark 
E)  Copyright 
A)  Utility patent 
B)  Technique patent 
C)  Design patent 
D)  Trademark 
E)  Copyright

Question 10

Trademark law cannot be invoked in Internet search engines, pop-up ads, and websites.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following could NOT be protected as a common form of trademarks?

Accepted Answer

A)  Geometric shapes 
B)  Natural shapes 
C)  Combinations of shapes and colors 
D)  Words used descriptively 
E)  Colors 
A)  Geometric shapes 
B)  Natural shapes 
C)  Combinations of shapes and colors 
D)  Words used descriptively 
E)  Colors

Question 12

Certain states do not enforce non-compete agreements.

Accepted Answer

A) True 
 B)False

Question 13

Copyrights cover many forms of writing; however, they will not cover which of the following?

Accepted Answer

A)  Brochures 
B)  Photographs 
C)  Video presentations 
D)  Architectural designs 
E)  Biological materials 
A)  Brochures 
B)  Photographs 
C)  Video presentations 
D)  Architectural designs 
E)  Biological materials

Question 14

One benefit of trade secrets is they can cover everything patents cover, and much more.

Accepted Answer

A) True 
 B)False

Question 15

The minimum number of owners in a general partnership is equal to:

Accepted Answer

A)  1 
B)  2 
C)  4 
D)  5 
E)  6 
A)  1 
B)  2 
C)  4 
D)  5 
E)  6

Question 16

You can use any information you gathered at your previous job as long as it is not patented or copyright protected.

Accepted Answer

A) True 
 B)False

Question 17

Legally, an employee may not compete with his or her employer.

Accepted Answer

A) True 
 B)False

Question 18

A sale more than a year before the application will generally bar a patent even if the invention is embedded so deeply within a larger system that it could never be discovered.

Accepted Answer

A) True 
 B)False

Question 19

Although there are actually three different kinds of patents, the kind people usually obtain to protect an invention is a design patent.

Accepted Answer

A) True 
 B)False

Question 20

From the date the application is filed, there is a "patent pending;" and from the date of a "patent pending," there are real legal rights associated with that designation.

Accepted Answer

A) True 
 B)False

A trade secret is defined as knowledge, which is kept secret for the purpose of gaining an advantage in business.

In the United States, the patent application must be filed within one year of the first public disclosure, public use, sale, or even offer for sale of the product, or the opportunity to obtain a patent will be lost forever.

Users of another company's products can be sued for patent infringement.

Business angels prefer to invest in sole proprietorships.

There are conditions under which a corporation can be taxed as a partnership.

Trademarks can be more valuable to some companies than patents and trade secrets combined.

S corporations have the same restrictions as the LLCs, while allocating profit, loss and control more creatively.

It is illegal to sue a former employee's startup for using trade secrets if such a lawsuit can ruin the new venture.

People can establish which of the following without any formal governmental procedure?

Trademark law cannot be invoked in Internet search engines, pop-up ads, and websites.

Which of the following could NOT be protected as a common form of trademarks?

Certain states do not enforce non-compete agreements.

Copyrights cover many forms of writing; however, they will not cover which of the following?

One benefit of trade secrets is they can cover everything patents cover, and much more.

The minimum number of owners in a general partnership is equal to:

You can use any information you gathered at your previous job as long as it is not patented or copyright protected.

Legally, an employee may not compete with his or her employer.

A sale more than a year before the application will generally bar a patent even if the invention is embedded so deeply within a larger system that it could never be discovered.

Although there are actually three different kinds of patents, the kind people usually obtain to protect an invention is a design patent.

From the date the application is filed, there is a "patent pending;" and from the date of a "patent pending," there are real legal rights associated with that designation.

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

A trade secret is defined as knowledge, which is kept secret for the purpose of gaining an advantage in business.

In the United States, the patent application must be filed within one year of the first public disclosure, public use, sale, or even offer for sale of the product, or the opportunity to obtain a patent will be lost forever.

Users of another company's products can be sued for patent infringement.

Business angels prefer to invest in sole proprietorships.

There are conditions under which a corporation can be taxed as a partnership.

Trademarks can be more valuable to some companies than patents and trade secrets combined.

S corporations have the same restrictions as the LLCs, while allocating profit, loss and control more creatively.

It is illegal to sue a former employee's startup for using trade secrets if such a lawsuit can ruin the new venture.

People can establish which of the following without any formal governmental procedure?

Trademark law cannot be invoked in Internet search engines, pop-up ads, and websites.

Which of the following could NOT be protected as a common form of trademarks?

Certain states do not enforce non-compete agreements.

Copyrights cover many forms of writing; however, they will not cover which of the following?

One benefit of trade secrets is they can cover everything patents cover, and much more.

The minimum number of owners in a general partnership is equal to:

You can use any information you gathered at your previous job as long as it is not patented or copyright protected.

Legally, an employee may not compete with his or her employer.

A sale more than a year before the application will generally bar a patent even if the invention is embedded so deeply within a larger system that it could never be discovered.

Although there are actually three different kinds of patents, the kind people usually obtain to protect an invention is a design patent.

From the date the application is filed, there is a "patent pending;" and from the date of a "patent pending," there are real legal rights associated with that designation.

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