Question 1

Because of the potential value of a patent, the cost of filing a patent is always worth it.

Accepted Answer

A) True 
 B)False

Question 2

An S corporation can be distinguished from other types of corporations in:

Accepted Answer

A)  Tax status 
B)  Number of employees 
C)  Areas of expertise 
D)  Geographic location 
E)  Annual income 
A)  Tax status 
B)  Number of employees 
C)  Areas of expertise 
D)  Geographic location 
E)  Annual income

Question 3

Patents today cover non-engineering subject matter ranging from holders for floral bouquets to business methods.

Accepted Answer

A) True 
 B)False

Question 4

The owner of the patent has the right to exclude others from making, using, selling, offering for sale or importing the patented invention during the term of the patent.

Accepted Answer

A) True 
 B)False

Question 5

National statutes prohibit employment discrimination on the basis of sex, race, nationality, religion, sexual orientation, age, and disability.

Accepted Answer

A) True 
 B)False

Question 6

When choosing an official name, every company has to receive an approval from its respective state regulatory board.

Accepted Answer

A) True 
 B)False

Question 7

In the context of this chapter, IRC stands for: (the acronym is never used)

Accepted Answer

A)  Investment Recovery Center 
B)  International Residential Code 
C)  International Relations Center 
D)  Initial Ready Company 
E)  Internal Revenue Code 
A)  Investment Recovery Center 
B)  International Residential Code 
C)  International Relations Center 
D)  Initial Ready Company 
E)  Internal Revenue Code

Question 8

Which one of the following is within the range of Intellectual Property protection?

Accepted Answer

A)  patents 
B)  trade secrets 
C)  trademarks 
D)  copyrights 
E)  all of the above 
A)  patents 
B)  trade secrets 
C)  trademarks 
D)  copyrights 
E)  all of the above

Question 9

Different countries have different conditions that entrepreneurs must meet to obtain any patent protection; the first and most important restriction is______.

Accepted Answer

A)  the time limit 
B)  the cost limit 
C)  the term of protection limit 
D)  the subject matter limit 
E)  the value limit 
A)  the time limit 
B)  the cost limit 
C)  the term of protection limit 
D)  the subject matter limit 
E)  the value limit

Question 10

The design patent covers only______.

Accepted Answer

A)  the appearance of the product 
B)  the idea of the product 
C)  the underlying concept of the product 
D)  the functionality of the product 
E)  the rarity of the product 
A)  the appearance of the product 
B)  the idea of the product 
C)  the underlying concept of the product 
D)  the functionality of the product 
E)  the rarity of the product

Question 11

______can be considered a public use of an invention, sufficient to activate the one-year period.

Accepted Answer

A)  Market testing 
B)  Exhibitions 
C)  Use by the inventor himself 
D)  All of the above 
E)  None of the above 
A)  Market testing 
B)  Exhibitions 
C)  Use by the inventor himself 
D)  All of the above 
E)  None of the above

Question 12

The law protects companies from their employees disclosing trade secrets even if those employees did not sign confidentiality contracts.

Accepted Answer

A) True 
 B)False

Question 13

Which state is famous for its management-friendly corporate laws?

Accepted Answer

A)  Ohio 
B)  Massachusetts 
C)  New Mexico 
D)  California 
E)  Delaware 
A)  Ohio 
B)  Massachusetts 
C)  New Mexico 
D)  California 
E)  Delaware

Question 14

The form of all patents contains the same basic sections, including: ____________.

Accepted Answer

A)  drawings showing an embodiment of the invention 
B)  a written description of the invention referring to the drawings akin to an engineering specification 
C)  one or more claims-hybrid legal and technical language that "captures" the invention in words 
D)  all of the above 
E)  none of the above 
A)  drawings showing an embodiment of the invention 
B)  a written description of the invention referring to the drawings akin to an engineering specification 
C)  one or more claims-hybrid legal and technical language that "captures" the invention in words 
D)  all of the above 
E)  none of the above

Because of the potential value of a patent, the cost of filing a patent is always worth it.

An S corporation can be distinguished from other types of corporations in:

Patents today cover non-engineering subject matter ranging from holders for floral bouquets to business methods.

The owner of the patent has the right to exclude others from making, using, selling, offering for sale or importing the patented invention during the term of the patent.

National statutes prohibit employment discrimination on the basis of sex, race, nationality, religion, sexual orientation, age, and disability.

When choosing an official name, every company has to receive an approval from its respective state regulatory board.

In the context of this chapter, IRC stands for: (the acronym is never used)

Which one of the following is within the range of Intellectual Property protection?

Different countries have different conditions that entrepreneurs must meet to obtain any patent protection; the first and most important restriction is______.

The design patent covers only______.

______can be considered a public use of an invention, sufficient to activate the one-year period.

The law protects companies from their employees disclosing trade secrets even if those employees did not sign confidentiality contracts.

Which state is famous for its management-friendly corporate laws?

The form of all patents contains the same basic sections, including: ____________.

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

Exam 13: Legal and Tax Issues, Including Intellectual Property

Because of the potential value of a patent, the cost of filing a patent is always worth it.

An S corporation can be distinguished from other types of corporations in:

Patents today cover non-engineering subject matter ranging from holders for floral bouquets to business methods.

The owner of the patent has the right to exclude others from making, using, selling, offering for sale or importing the patented invention during the term of the patent.

National statutes prohibit employment discrimination on the basis of sex, race, nationality, religion, sexual orientation, age, and disability.

When choosing an official name, every company has to receive an approval from its respective state regulatory board.

In the context of this chapter, IRC stands for: (the acronym is never used)

Which one of the following is within the range of Intellectual Property protection?

Different countries have different conditions that entrepreneurs must meet to obtain any patent protection; the first and most important restriction is______.

The design patent covers only______.

______can be considered a public use of an invention, sufficient to activate the one-year period.

The law protects companies from their employees disclosing trade secrets even if those employees did not sign confidentiality contracts.

Which state is famous for its management-friendly corporate laws?

The form of all patents contains the same basic sections, including: ____________.

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