Question 1

The _______ created the commission that prescribes safety standards for products.

Accepted Answer

A) Consumer Product Safety Act 
B) Patent Cooperation Treaty 
C) Sarbanes-Oxley Act 
D) U.S.Labor Department 
A) Consumer Product Safety Act 
B) Patent Cooperation Treaty 
C) Sarbanes-Oxley Act 
D) U.S.Labor Department A

Question 2

Under the Sarbanes-Oxley Act CEOs are not required to vouch for the firm's financial statements because they don't get involved with the day to day operations of the firm.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following is not a condition that makes a contract legally enforceable?

Accepted Answer

A) Consideration is given by both parties 
B) All parties involved are competent 
C) Money is exchanged for products/services 
D) Acceptance of the offer must be voluntary 
A) Consideration is given by both parties 
B) All parties involved are competent 
C) Money is exchanged for products/services 
D) Acceptance of the offer must be voluntary C

Question 4

Once accepted,the trademark is published in the Trademark Official Gazette for ____ days to allow any party to oppose or request an extension to oppose the use of the mark.

Accepted Answer

A) 10 
B) 30 
C) 90 
D) 180 
A) 10 
B) 30 
C) 90 
D) 180

Question 5

While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.

Accepted Answer

A) True 
 B)False

Question 6

Entrepreneurs,because of their lack of understanding of intellectual property,ignore important steps that they should have taken to protect these assets.

Accepted Answer

A) True 
 B)False

Question 7

A patent is a contract between the government and an inventor.

Accepted Answer

A) True 
 B)False

Question 8

What type of insurance is mandatory in some states?

Accepted Answer

A) Property 
B) Bonding 
C) Life 
D) Workers' Compensation 
A) Property 
B) Bonding 
C) Life 
D) Workers' Compensation

Question 9

The entire trademark registration process takes approximately:

Accepted Answer

A) 7 months 
B) 13 months 
C) 18 months 
D) 2 years 
A) 7 months 
B) 13 months 
C) 18 months 
D) 2 years

Question 10

Trade secrets can be protected for:

Accepted Answer

A) an unlimited period of time. 
B) 20 years according to federal law. 
C) 14 years according to state law. 
D) 50 years if renewed to the maximum allowed,five 10 year renewable terms. 
A) an unlimited period of time. 
B) 20 years according to federal law. 
C) 14 years according to state law. 
D) 50 years if renewed to the maximum allowed,five 10 year renewable terms.

Question 11

To file for trademark protection only intent to use is necessary.

Accepted Answer

A) True 
 B)False

Question 12

A copyright can be used to protect sculptures or blueprints.

Accepted Answer

A) True 
 B)False

Question 13

The Patent Cooperation Treaty,which has over 100 participants,was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

Accepted Answer

A) True 
 B)False

Question 14

The reason that many noncompete agreements,which help protect trade secrets,are thrown out of court is that they are poorly structured and written.

Accepted Answer

A) True 
 B)False

Question 15

The most commonly issued type of patent is the plant patent.

Accepted Answer

A) True 
 B)False

Question 16

Copying a product and improving it is not patent infringement.

Accepted Answer

A) True 
 B)False

Question 17

Licensing can be used by the entrepreneur to:

Accepted Answer

A) protect the Board of Directors from liability. 
B) insulate management from liability. 
C) protect confidentiality of a trade secret. 
D) copy a competitor's patent. 
A) protect the Board of Directors from liability. 
B) insulate management from liability. 
C) protect confidentiality of a trade secret. 
D) copy a competitor's patent.

Question 18

Copyrights are registered with:

Accepted Answer

A) the U.S.Justice Department. 
B) the Internet Commission. 
C) the GATT. 
D) the Library of Congress. 
A) the U.S.Justice Department. 
B) the Internet Commission. 
C) the GATT. 
D) the Library of Congress.

Question 19

Explain what makes a contract legally enforceable

Accepted Answer

•An offer is made.It can be oral or writ

Question 20

The section of the patent application that includes engineering specifications,materials and components is the:

Accepted Answer

A) background and advantage section. 
B) description of invention. 
C) claims section. 
D) executive summary. 
A) background and advantage section. 
B) description of invention. 
C) claims section. 
D) executive summary.

The _______ created the commission that prescribes safety standards for products.

Under the Sarbanes-Oxley Act CEOs are not required to vouch for the firm's financial statements because they don't get involved with the day to day operations of the firm.

Which of the following is not a condition that makes a contract legally enforceable?

Once accepted,the trademark is published in the Trademark Official Gazette for ____ days to allow any party to oppose or request an extension to oppose the use of the mark.

While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.

Entrepreneurs,because of their lack of understanding of intellectual property,ignore important steps that they should have taken to protect these assets.

A patent is a contract between the government and an inventor.

What type of insurance is mandatory in some states?

The entire trademark registration process takes approximately:

Trade secrets can be protected for:

To file for trademark protection only intent to use is necessary.

A copyright can be used to protect sculptures or blueprints.

The Patent Cooperation Treaty,which has over 100 participants,was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

The reason that many noncompete agreements,which help protect trade secrets,are thrown out of court is that they are poorly structured and written.

The most commonly issued type of patent is the plant patent.

Copying a product and improving it is not patent infringement.

Licensing can be used by the entrepreneur to:

Copyrights are registered with:

Explain what makes a contract legally enforceable

The section of the patent application that includes engineering specifications,materials and components is the:

Entrepreneurship and the Entrepreneurial Mind-Set

Entrepreneurial Intentions and Corporate Entrepreneurship

Entrepreneurial Strategy: Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters

Exam 6: Intellectual Property and Other Legal Issues for the Entrepreneur

The _______ created the commission that prescribes safety standards for products.

Under the Sarbanes-Oxley Act CEOs are not required to vouch for the firm's financial statements because they don't get involved with the day to day operations of the firm.

Which of the following is not a condition that makes a contract legally enforceable?

Once accepted,the trademark is published in the Trademark Official Gazette for ____ days to allow any party to oppose or request an extension to oppose the use of the mark.

While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.

Entrepreneurs,because of their lack of understanding of intellectual property,ignore important steps that they should have taken to protect these assets.

A patent is a contract between the government and an inventor.

What type of insurance is mandatory in some states?

The entire trademark registration process takes approximately:

Trade secrets can be protected for:

To file for trademark protection only intent to use is necessary.

A copyright can be used to protect sculptures or blueprints.

The Patent Cooperation Treaty,which has over 100 participants,was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

The reason that many noncompete agreements,which help protect trade secrets,are thrown out of court is that they are poorly structured and written.

The most commonly issued type of patent is the plant patent.

Copying a product and improving it is not patent infringement.

Licensing can be used by the entrepreneur to:

Copyrights are registered with:

Explain what makes a contract legally enforceable

The section of the patent application that includes engineering specifications,materials and components is the:

Entrepreneurship and the Entrepreneurial Mind-Set

Entrepreneurial Intentions and Corporate Entrepreneurship

Entrepreneurial Strategy: Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters