Question 1

Which of the following might support a claim that the person you hired as a contractor might be classified as an employee?

Accepted Answer

A) the person works only for the employer 
B) the person brings in his or her own supplies 
C) the person is a professional, using that expertise to perform the job 
D) the person informs you of his or her working schedule at the start of each week 
A) the person works only for the employer 
B) the person brings in his or her own supplies 
C) the person is a professional, using that expertise to perform the job 
D) the person informs you of his or her working schedule at the start of each week

Question 2

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

Accepted Answer

A) a T-shirt company uses a famous clause from a song and places it on their T-shirts. 
B) a high school teacher copies a portion of a song sheet to explain the use of timing and syncopation 
C) a nonprofit organization sells copies of a copyrighted cookbook as a fundraiser 
D) a movie producer uses a popular song as background to one of her movie scenes 
A) a T-shirt company uses a famous clause from a song and places it on their T-shirts. 
B) a high school teacher copies a portion of a song sheet to explain the use of timing and syncopation 
C) a nonprofit organization sells copies of a copyrighted cookbook as a fundraiser 
D) a movie producer uses a popular song as background to one of her movie scenes

Question 3

Which of the following indicates that the employee has the ability to work in the United States?

Accepted Answer

A) Declaration of U.S.Citizenship 
B) I-9 
C) W-4 
D) Form 940 
A) Declaration of U.S.Citizenship 
B) I-9 
C) W-4 
D) Form 940

Question 4

In an S corporation, what is the maximum number of shareholders allowed?

Accepted Answer

A) 12 
B) 50 
C) 75 
D) 100 
A) 12 
B) 50 
C) 75 
D) 100

Question 5

What support service is offered by the U.S.Patent and Trademark Office?

Accepted Answer

A) general advice to startup companies 
B) pro bono legal program 
C) small business grants 
D) tax preparation services 
A) general advice to startup companies 
B) pro bono legal program 
C) small business grants 
D) tax preparation services

Question 6

Who should be consulted before setting up an employee benefits program?

Accepted Answer

A) your HR manager 
B) an accountant experienced with employee benefits 
C) the company lawyer 
D) the provider, such as the insurance company or retirement fund company 
A) your HR manager 
B) an accountant experienced with employee benefits 
C) the company lawyer 
D) the provider, such as the insurance company or retirement fund company

Question 7

Which of the following countries is most likely to violate IP rights?

Accepted Answer

A) England 
B) Germany 
C) China 
D) Australia 
A) England 
B) Germany 
C) China 
D) Australia

Question 8

Which of the following provides links to information regarding federal and state employment laws?

Accepted Answer

A) IRS.gov/business 
B) Business.gov 
C) D.O.L.Office of Small and Disadvantaged Businesses 
D) Securities Laws and Regulations 
A) IRS.gov/business 
B) Business.gov 
C) D.O.L.Office of Small and Disadvantaged Businesses 
D) Securities Laws and Regulations

Question 9

A C corporation has transferable ownership.This refers to the fact that:

Accepted Answer

A) a C corporation can change its structure at any time after the first year 
B) it can issue stock in exchange for capital and can pass on to new owners 
C) it can adapt to more employees as the company grows 
D) it can be owned by an unlimited number of shareholders 
A) a C corporation can change its structure at any time after the first year 
B) it can issue stock in exchange for capital and can pass on to new owners 
C) it can adapt to more employees as the company grows 
D) it can be owned by an unlimited number of shareholders

Question 10

Which of the following is true about filing for a patent?

Accepted Answer

A) Patents are based on a "first to file" basis. 
B) Patents are based on a "first to invent" basis. 
C) Patents can be shared if multiple people invent the same product. 
D) Patents are awarded to the best design should multiple people file at the same time. 
A) Patents are based on a "first to file" basis. 
B) Patents are based on a "first to invent" basis. 
C) Patents can be shared if multiple people invent the same product. 
D) Patents are awarded to the best design should multiple people file at the same time.

Question 11

A company must have an EIN before hiring employees

Accepted Answer

A) True 
 B)False

Question 12

Which of the following would NOT be a good reason to hire a contractor?

Accepted Answer

A) the job requirements are short in duration 
B) it is a policy of the company to hire only contractors to perform the job 
C) the job is not usually performed by regular employees 
D) the contractor has knowledge that is not normally part of the company's skillset 
A) the job requirements are short in duration 
B) it is a policy of the company to hire only contractors to perform the job 
C) the job is not usually performed by regular employees 
D) the contractor has knowledge that is not normally part of the company's skillset

Question 13

Which of the following can be affected by the type of legal structure your company has?

Accepted Answer

A) the authorities you need to notify, taxes, records, decision process 
B) taxes and ability to sue the company 
C) taxes and marketability of your company 
D) taxes only 
A) the authorities you need to notify, taxes, records, decision process 
B) taxes and ability to sue the company 
C) taxes and marketability of your company 
D) taxes only

Question 14

A C corporation's disadvantage is double taxation.This means that:

Accepted Answer

A) the corporation is taxed on the profit it makes and the shareholders are taxed on the dividends 
B) the corporation pays taxes in April and October 
C) corporations are taxed more heavily than other corporate structures 
D) corporations pay taxes on the goods they purchase to create the product rather than on the profits from the sale of the goods 
A) the corporation is taxed on the profit it makes and the shareholders are taxed on the dividends 
B) the corporation pays taxes in April and October 
C) corporations are taxed more heavily than other corporate structures 
D) corporations pay taxes on the goods they purchase to create the product rather than on the profits from the sale of the goods

Question 15

An employee leaves a company and has been developing one of its products for the last 3 years.That product is a glue that remains tacky for hours, enabling certain types of art work to be performed.After he leaves the company, the employee joins another company and finalizes the glue development for his new company.Who is likely to own the rights of the intellectual property involved in the formulation of the glue?

Accepted Answer

A) The employee; he invented it. 
B) The original company who paid for the product to be developed. 
C) The new company because the product was released while the employee worked for them. 
D) The glue cannot be considered intellectual property. 
A) The employee; he invented it. 
B) The original company who paid for the product to be developed. 
C) The new company because the product was released while the employee worked for them. 
D) The glue cannot be considered intellectual property.

Question 16

Collin obtains a position as a stock clerk where he must stock and distribute office supplies to a group of 250 employees.In his job, he uses a pull cart, ladder, and occasionally must use small hand tools in order to assemble small furniture and office equipment.Discuss safety precautions the employer must take.

Accepted Answer

The area of work should be inspected for

Question 17

Which of the following might support a claim that the person you hired as a contractor might be classified as an employee?

Accepted Answer

A) the person was not eligible for vacation 
B) the person subcontracted the work at some time during the relationship 
C) the person was included in company training to help him or her perform the job 
D) the person paid his or her taxes separately 
A) the person was not eligible for vacation 
B) the person subcontracted the work at some time during the relationship 
C) the person was included in company training to help him or her perform the job 
D) the person paid his or her taxes separately

Question 18

Which of the following is NOT a way that a C corporation can minimize double taxation?

Accepted Answer

A) use profits to fund the growth of the company 
B) pay out profits in the form of additional compensation to the owners 
C) reserve the reporting of taxed income into the next fiscal year 
D) not realize enough revenue to make a profit 
A) use profits to fund the growth of the company 
B) pay out profits in the form of additional compensation to the owners 
C) reserve the reporting of taxed income into the next fiscal year 
D) not realize enough revenue to make a profit

Question 19

Which of the following may be a liability issue if hiring an unpaid intern?

Accepted Answer

A) the Fair Labor Standards Act provides a minimum wage, overtime, and other protections to all workers 
B) the internship must be associated with an educational entity such as a college or high school 
C) the internship must be associated with earned educational credit hours 
D) the intern may not learn enough to pass the school's internship requirement 
A) the Fair Labor Standards Act provides a minimum wage, overtime, and other protections to all workers 
B) the internship must be associated with an educational entity such as a college or high school 
C) the internship must be associated with earned educational credit hours 
D) the intern may not learn enough to pass the school's internship requirement

Question 20

What pitfall might affect the ability to attain a patent?

Accepted Answer

A) not developing a prototype 
B) disclosing the product or service to the public before the patent is filed 
C) not filing for the patent 45 days after the invention of the product 
D) not having the company logo on the product 
A) not developing a prototype 
B) disclosing the product or service to the public before the patent is filed 
C) not filing for the patent 45 days after the invention of the product 
D) not having the company logo on the product

Which of the following might support a claim that the person you hired as a contractor might be classified as an employee?

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

Which of the following indicates that the employee has the ability to work in the United States?

In an S corporation, what is the maximum number of shareholders allowed?

What support service is offered by the U.S.Patent and Trademark Office?

Who should be consulted before setting up an employee benefits program?

Which of the following countries is most likely to violate IP rights?

Which of the following provides links to information regarding federal and state employment laws?

A C corporation has transferable ownership.This refers to the fact that:

Which of the following is true about filing for a patent?

A company must have an EIN before hiring employees

Which of the following would NOT be a good reason to hire a contractor?

Which of the following can be affected by the type of legal structure your company has?

A C corporation's disadvantage is double taxation.This means that:

Which of the following might support a claim that the person you hired as a contractor might be classified as an employee?

Which of the following is NOT a way that a C corporation can minimize double taxation?

Which of the following may be a liability issue if hiring an unpaid intern?

What pitfall might affect the ability to attain a patent?

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

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Exam 15: Navigating Legal and Ip Issues

Which of the following might support a claim that the person you hired as a contractor might be classified as an employee?

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

Which of the following indicates that the employee has the ability to work in the United States?

In an S corporation, what is the maximum number of shareholders allowed?

What support service is offered by the U.S.Patent and Trademark Office?

Who should be consulted before setting up an employee benefits program?

Which of the following countries is most likely to violate IP rights?

Which of the following provides links to information regarding federal and state employment laws?

A C corporation has transferable ownership.This refers to the fact that:

Which of the following is true about filing for a patent?

A company must have an EIN before hiring employees

Which of the following would NOT be a good reason to hire a contractor?

Which of the following can be affected by the type of legal structure your company has?

A C corporation's disadvantage is double taxation.This means that:

Which of the following might support a claim that the person you hired as a contractor might be classified as an employee?

Which of the following is NOT a way that a C corporation can minimize double taxation?

Which of the following may be a liability issue if hiring an unpaid intern?

What pitfall might affect the ability to attain a patent?

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