Question 1

Which of the following is NOT true of an LLC?

Accepted Answer

A) profits and losses are reported on individual tax returns 
B) there is double taxation-on the corporation and on personal income 
C) LLCs have continuous existence 
D) there is potential tax sheltering from losses while personal assets are protected. 
A) profits and losses are reported on individual tax returns 
B) there is double taxation-on the corporation and on personal income 
C) LLCs have continuous existence 
D) there is potential tax sheltering from losses while personal assets are protected.

Question 2

Which of the following would be considered fair use of copyrighted material?

Accepted Answer

A) A writer references a portion of a comedian's script in a book in order to demonstrate a key point in the book. 
B) A writer copies a portion of a new book on chess in which he reveals the secrets in the competitor's book.He credits the original author. 
C) A songwriter puts the words of a poem to a musical score. 
D) A writer and biologist copy 30 diagrams from another textbook, citing the original author. 
A) A writer references a portion of a comedian's script in a book in order to demonstrate a key point in the book. 
B) A writer copies a portion of a new book on chess in which he reveals the secrets in the competitor's book.He credits the original author. 
C) A songwriter puts the words of a poem to a musical score. 
D) A writer and biologist copy 30 diagrams from another textbook, citing the original author.

Question 3

Failure to assign ownership occurs in which of the following situations?

Accepted Answer

A) when someone makes significant contributions to a product design without a formal agreement of who owns the idea 
B) only when someone makes a significant contribution and is not paid for the contribution 
C) only when someone makes a significant contribution and is paid for the contribution 
D) when someone fails to place the company name on the patent 
A) when someone makes significant contributions to a product design without a formal agreement of who owns the idea 
B) only when someone makes a significant contribution and is not paid for the contribution 
C) only when someone makes a significant contribution and is paid for the contribution 
D) when someone fails to place the company name on the patent

Question 4

In a general partnership, which of the following is true?

Accepted Answer

A) a general partner and a limited partner jointly manage the business 
B) two or more people manage and share in the profits and losses of the business 
C) two or more people manage the business under the direction of a board of directors 
D) taxes are paid on the corporation 
A) a general partner and a limited partner jointly manage the business 
B) two or more people manage and share in the profits and losses of the business 
C) two or more people manage the business under the direction of a board of directors 
D) taxes are paid on the corporation

Question 5

Which of the following is the official authoritative source for information about copyrights?

Accepted Answer

A) Google Patents 
B) SCC 
C) U.S.Copyright Office 
D) Patent Pro 
A) Google Patents 
B) SCC 
C) U.S.Copyright Office 
D) Patent Pro

Question 6

What two characteristics should a lawyer have when working with a startup?

Accepted Answer

A) years of experience and willingness to work at reduced charges 
B) knowledge of laws across states and knowledge of the industry 
C) industry knowledge and a willingness to work with startups 
D) knowledge about all aspects of the business and laws across states 
A) years of experience and willingness to work at reduced charges 
B) knowledge of laws across states and knowledge of the industry 
C) industry knowledge and a willingness to work with startups 
D) knowledge about all aspects of the business and laws across states

Question 7

How did FlexGround protect its in-ground, randomized water sprayer called the Splashground from competitors?

Accepted Answer

A) It was the first to offer the product, associating its use with the company name. 
B) Since it was an add-on product, it was not important to protect it. 
C) They did not advertise the service until people were ready to buy. 
D) They obtained a patent. 
A) It was the first to offer the product, associating its use with the company name. 
B) Since it was an add-on product, it was not important to protect it. 
C) They did not advertise the service until people were ready to buy. 
D) They obtained a patent.

Question 8

Why does the employer fill out an IRS form 940 every year?

Accepted Answer

A) to report income taxes withheld from employee wages 
B) to report federal unemployment tax 
C) to report the number of employees from their company who have filed for unemployment 
D) to report the number of employees who filed a workers' compensation claim 
A) to report income taxes withheld from employee wages 
B) to report federal unemployment tax 
C) to report the number of employees from their company who have filed for unemployment 
D) to report the number of employees who filed a workers' compensation claim

Question 9

Which of the following is NOT a characteristic of a benefit corporation?

Accepted Answer

A) it is certified by the nonprofit B Lab 
B) it follows strict standards of social and environmental performance and accountability 
C) it must fulfill a social mission 
D) it is only available to C corporations 
A) it is certified by the nonprofit B Lab 
B) it follows strict standards of social and environmental performance and accountability 
C) it must fulfill a social mission 
D) it is only available to C corporations

Question 10

How much does IP theft cost the United States in lost revenue?

Accepted Answer

A) $3 million 
B) $100 million 
C) $3 billion 
D) $300 billion 
A) $3 million 
B) $100 million 
C) $3 billion 
D) $300 billion

Question 11

With which of the following agencies must you register to pay state unemployment compensation tax?

Accepted Answer

A) the federal Department of Labor 
B) the labor department of your state 
C) the franchise tax board 
D) the state tax board 
A) the federal Department of Labor 
B) the labor department of your state 
C) the franchise tax board 
D) the state tax board

Question 12

You have just developed a voice recognition system that will also translate the spoken language to the language of the software program.You are based in the United States but would like to sell the product in Europe and parts of South America.Describe what steps you might take to protect your product.

Accepted Answer

Answers should address the need to make

Question 13

Terry does not want his employees to be on their cell phones during work hours.He requires them to have their cell phones on mute and to remove themselves from the office for emergency phone calls.He believes that this is necessary in order to ensure the safety of the workplace, where machinery is in use and distractions may cause accidents.Describe the steps Terry should take in enforcing this policy.

Accepted Answer

Answers may include addressing the polic

Question 14

Which of the following forms will let the employer know how much money to withhold from paychecks for federal taxes?

Accepted Answer

A) I-9 
B) T-140 
C) W-4 
D) Form 940 
A) I-9 
B) T-140 
C) W-4 
D) Form 940

Question 15

Candy-corp hires a summer intern to work in the candy shop during the summer.The intern works 20 hours a week and earns course credit for a course he is taking toward his culinary degree.He is learning a great deal, and at the same time, the company is benefiting from the intern because they did not need to schedule their regular employees full time and they are not paying the intern.What is the legal liability this company is incurring?

Accepted Answer

A) The summer intern is learning store operations that may not be related to his academic program. 
B) The intern is performing actual work and not just observing. 
C) The intern is benefiting the company by replacing duties which could be provided by paid employees. 
D) The intern is working too many hours. 
A) The summer intern is learning store operations that may not be related to his academic program. 
B) The intern is performing actual work and not just observing. 
C) The intern is benefiting the company by replacing duties which could be provided by paid employees. 
D) The intern is working too many hours.

Question 16

What characteristic of a C corporation will make it possible to pass the corporation on to new owners after the original owners pass away?

Accepted Answer

A) vesting 
B) the laws of inheritance 
C) transferable ownership 
D) stockholder rights 
A) vesting 
B) the laws of inheritance 
C) transferable ownership 
D) stockholder rights

Question 17

Which of the following forms will be needed to indicate federal unemployment tax that will be used should the employee lose his or her job?

Accepted Answer

A) Form 940 
B) W-2 
C) I-9 
D) W-4 
A) Form 940 
B) W-2 
C) I-9 
D) W-4

Question 18

What should an entrepreneur do if he or she worked on a product with a former employer and wants to market the product as his or her own?

Accepted Answer

A) market it before the former employer does 
B) consult an IP attorney to review employee contracts and applicable laws 
C) keep all documentation proving that you are the inventor 
D) market the product in another country 
A) market it before the former employer does 
B) consult an IP attorney to review employee contracts and applicable laws 
C) keep all documentation proving that you are the inventor 
D) market the product in another country

Question 19

Darcy created a solution that prevents mildew on rosebushes using all-natural products.The product works systemically, being placed around the plant, and is introduced via the root system.While working on the product, Darcy frequently talks about the product with her boyfriend who helped her with the mixing and testing, made suggestions, and talked to her about techniques his grandfather used.Darcy obtained a patent for the product prior to putting it on the market.A year later, the couple broke up and the former boyfriend created a product with the same formula and marketed it under his own name, claiming that he owned the formula based on codevelopment.Discuss why the former boyfriend may or may not be correct.

Accepted Answer

Answers should address ownership when th

Question 20

What is the greatest danger of following legal advice given on a lawyer's site on the Internet?

Accepted Answer

A) The advice may be given by a lawyer who does not have an official office. 
B) The advice may not be accurate to your type of business or state in which you are operating. 
C) The service is free and there is no paperwork to document the advice 
D) Sample documents and forms will not be available. 
A) The advice may be given by a lawyer who does not have an official office. 
B) The advice may not be accurate to your type of business or state in which you are operating. 
C) The service is free and there is no paperwork to document the advice 
D) Sample documents and forms will not be available.

Which of the following is NOT true of an LLC?

Which of the following would be considered fair use of copyrighted material?

Failure to assign ownership occurs in which of the following situations?

In a general partnership, which of the following is true?

Which of the following is the official authoritative source for information about copyrights?

What two characteristics should a lawyer have when working with a startup?

How did FlexGround protect its in-ground, randomized water sprayer called the Splashground from competitors?

Why does the employer fill out an IRS form 940 every year?

Which of the following is NOT a characteristic of a benefit corporation?

How much does IP theft cost the United States in lost revenue?

With which of the following agencies must you register to pay state unemployment compensation tax?

Which of the following forms will let the employer know how much money to withhold from paychecks for federal taxes?

What characteristic of a C corporation will make it possible to pass the corporation on to new owners after the original owners pass away?

Which of the following forms will be needed to indicate federal unemployment tax that will be used should the employee lose his or her job?

What should an entrepreneur do if he or she worked on a product with a former employer and wants to market the product as his or her own?

What is the greatest danger of following legal advice given on a lawyer's site on the Internet?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

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Exam 15: Navigating Legal and Ip Issues

Which of the following is NOT true of an LLC?

Which of the following would be considered fair use of copyrighted material?

Failure to assign ownership occurs in which of the following situations?

In a general partnership, which of the following is true?

Which of the following is the official authoritative source for information about copyrights?

What two characteristics should a lawyer have when working with a startup?

How did FlexGround protect its in-ground, randomized water sprayer called the Splashground from competitors?

Why does the employer fill out an IRS form 940 every year?

Which of the following is NOT a characteristic of a benefit corporation?

How much does IP theft cost the United States in lost revenue?

With which of the following agencies must you register to pay state unemployment compensation tax?

Which of the following forms will let the employer know how much money to withhold from paychecks for federal taxes?

What characteristic of a C corporation will make it possible to pass the corporation on to new owners after the original owners pass away?

Which of the following forms will be needed to indicate federal unemployment tax that will be used should the employee lose his or her job?

What should an entrepreneur do if he or she worked on a product with a former employer and wants to market the product as his or her own?

What is the greatest danger of following legal advice given on a lawyer's site on the Internet?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters