492
Anyone who violates an author's exclusive rights under a copyright is liable for a) a prison term b) infringement c) a monetary payment equal to proven damages d) two times annual sales
b) infringement
Items that can qualify for patent protection include all of the following except: a) machines b) products c) processes d) ideas
d) ideas
(T/F) The registration of a trademark last for 40 years, with continuous renewal every 10 years
F (Current registrations are good for 10 years with the possibility for continuous renewal every 10 years)
(T/F) Sales forecasting is a process of projecting future sales through educated guesses
F (Projecting future sales through historical sales figures and the application of statistical techniques)
(T/F) It is usually more expensive to gather secondary data than primary data
F (primary data is more expensive - conduct research)
(T/F) Effective marketing is based on 3 key elements: marketing philosophy, market segmentation, and consumer behavior
T
(T/F) Entrepreneurs should be knowledgable about certain legal concepts that affect their business venture
T
(T/F) Geographic flexibility is greater for telephone interviews than for in-person interviews
T
(T/F) Three primary legal forms of organization are the sole proprietorship, the partnership, and the corporation
T
A typical symptom of impending bankruptcy failure is when a) new competition enters the market b) other firms seem to be selling products that are a generation ahead c) retailers always seem to understocked d) the entrepreneur seeks to exit the market
b) other firms seem to be selling products that are a generation ahead
All of the following are recognized as advantages of partnerships except a) ease of formation b) possible tax advantages c) direct rewards d) lack of continuity
b) possible tax advantages
To effectively pursue a patent violation, experts recommend that the entrepreneur a) handle all matters personally b) prepare a realistic budget for infringement c) fill out a preprinted form obtained at the patent office d) sue as quickly as possible
b) prepare a realistic budget for infringement
There are two parts to a patent application, claims and _____ a) percentage b) specification c) value d) integration
b) specification
In order to obtain a patent, an application should be filed with a) the Office of Government Publications b) the Patent and Trademark Office of the Department of Commerce c) Government Accounting Office d) the United States Small Business Association
b) the Patent and Trademark Office of the Department of Commerce
In the context of trademark invalidation, if a party seeks to prove that a trademark has not been within six years of registration, it is known as a) abandonment b) cancellation proceedings c) cleaning-out procedure d) generic meaning
c) cleaning-out procedure
Which of the following is an indicator that an entrepreneur's business is failing? a) other firms selling advanced products b) retailer overstocked c) liquidation d) R&D budget proportionally less than competition
c) liquidation
For the author of creative material to obtain a copyright, the material must be in _____ form a) non-tangible b) technical c) tangible d) commercial
c) tangible
Which of the following falls under Chapter 7 bankruptcy? a) the debtor surrenders most property to a court trustee b) a debtor fails to file income taxes c) the debtor is relieved of obligations d) the debtor is arrested
c) the debtor is relieved of obligations
The specification section of a patent application should include all of the following except a) an introduction b) examples and/or experimental results c) a summary of invention d) a budget for handling infringement
d) a budget for handling infringement
When a trademark becomes the name of a general group of products or services, the trademark protection may be lost because of a) abandonment b) cancellation proceedings c) cleaning-out procedure d) generic meaning
d) generic meaning
Which is not one of the major sections of the bankruptcy? a) straight bankruptcy b) reorganization c) adjustment of debts d) liquidation
d) liquidation
(T/F) A consumer driven marketing philosophy often relies on direct selling
F
(T/F) A firm's pricing structure dictates almost no knowledge to customers
F
(T/F) At present, it is illegal to attempt incorporation over the Internet
F
(T/F) Most firms generally gather primary data and then see if there is secondary data to supplement it
F
(T/F) Only major strategic decisions need to be supported through marketing research
F
(T/F) One of the principle advantages of a corporate form of ownership is that liability (the most money a person can lose) is limited to an individual's investment
T
Design patent protection lasts for_____ years a) 10 b) 12 c) 14 d) 20
c) 14
That part of a patent application which identifies the features that are protected are known as the a) specification b) illustration c) claim d) concept
c) claim
Legal protection is granted to computer programs in what form? a) patent b) trademark c) copyright d) service mark
c) copyright
(T/F) Mobile social media applications can be differentiated based on location-sensitivity as well as on time-sensitivity
T
(T/F) Once issued, the trademark is listed with the Patent and Trademark Office
T
(T/F) Patents eventually expire
T
(T/F) Shopping goods are products that consumers take time to examine carefully and compare for quality and price
T
(T/F) Social media marketing is the application of online collaborative media for marketing purposes
T
(T/F) Straight bankruptcy is often called liquidation
T
Works created after January 1, 1978, have a copyright for the life of the author plus a) 70 years b) 50 years c) 14 years d) 10 months
a) 70 years
Which of the following is not a trademark? a) a sales price b) a logo c) a symbol d) a name
a) a sales price
What percentage of issued patents is considered commercially valuable? a) a very small percentage b) a very large percentage c) about a third d) about half
a) a very small percentage
The registration of a trademark has a lifetime of a) 20 years plus 5 year renewable periods b) 25 years c) 10 years plus 10 year renewable periods d) the lifetime of the owner
c) 10 years plus 10 year renewable periods
A patent gives the holder a temporary a) profit b) oligopoly c) monopoly d) specification
c) monopoly
Which of the following is a useful rule used to avoid pitfalls in selecting a trademark? a) trust a lawyer's judgment b) copy a competitor's trademark c) avoid abbreviations and acronyms d) never choose a trademark without first conducting a trademark search
d) never choose a trademark without first conducting a trademark search
(T/F) Chapter 13 of bankruptcy involves a reorganization of the enterprise
F (Chapter 11 involves a reorganization of the enterprise)
(T/F) Chapter 7, Chapter 9, and Chapter 11 are the most common forms of bankruptcy
F (Chapter 7, 11, and 13)
(T/F) A marketing information system compiles and organizes data according to a customer's sex, age, and geographic location
F (Compiles and organizes data relating to cost, revenue, and profit from the customer base for monitoring the strategies, decisions, and programs concerned with marketing)
(T/F) Copyrights have to be registered with the Copyright Office
F (Copyright Office of the Library of Congress)
(T/F) Because corporate law makes it difficult for businesses to consider employee, community, and environmental interests in their decision making, the B corporation has been introduced
T
(T/F) The patent process is not complex; neither does it require careful planning
F (12 steps, must go through specification and claims)
(T/F) Business owners normally prefer Chapter 7 bankruptcy over any other form of bankruptcy
F (Chapter 11 - most common)
(T/F) Design patents last for 20 years
F (Design patents last for 14 years and all others last for 20 years)
(T/F) It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership
F (Disadvantages of sole proprietorship: less available capital, relatively limited view point and experience)
(T/F) Control vs communication is an important distinction between social media marketing and traditional marketing
F (control vs contribution)
(T/F) If infringement can be proven in court, an award may be given to the trademark holder
T
(T/F) In the marketing shift from the 4 P's to the 4 C's, price shifts to choice and promotion shifts to communites
T
(T/F) Marketing information that has already been complied is known as secondary data
T
(T/F) Marketing planning is the process of determining a clear, comprehensive approach to the creation of customers
T
(T/F) Marketing research involves the gathering of information about a particular market, followed by analysis of the information
T
(T/F) The Bankruptcy Act was set up in order to provide assistance to both debtors and creditors
T
(T/F) The object of a patent is to provide the holder with a temporary monopoly on his or her innovation
T
(T/F) The two parts of a patent application are specifications and claims
T
Copyrights may be expressed in a) books b) periodicals c) motion pictures d) all of the above
d) all of the above
Which of the following are not a trademarks? a) symbols b) mottos c) names d) generic words
d) generic words
According to the U.S Patent Office, the process of obtaining a patent takes how many months? a) about 24 months b) about 36 months c) about 48 months d) about 60 months
a) about 24 months
(T/F) An example of a trademark is a logo
T
(T/F) Anyone who violates an author's exclusive rights under a copyright is liable for infringement
T
(T/F) Babies and career are indicative of the priorities that shape the buying decisions of persons in the nest building stage of the family life cycle
T
(T/F) The first step in marketing research is to gather primary data
F
(T/F) The role of the customer in social media marketing is as an external source of intelligence and feedback
F
(T/F) A copyright provides exclusive rights to creative individuals for the protection of their artistic productions
T
(T/F) A patent is an intellectual property right
T
(T/F) A trademark is a distinctive name, mark, or symbol that is identified in with a company's product
T
Patents that are not design patents have _____ years of protection a) 15 b) 20 c) 22 d) 25
b) 20
When considering bankruptcy, entrepreneurs as sole proprietors normally prefer a) chapter 5 b) chapter 7 c) chapter 11 d) chapter 13
d) chapter 13
(T/F) Trademark registration and search is not costly
F
How does death affect the duration of a corporation? a) a corporation usually terminates on the death of a founding shareholder b) a corporation is unaffected by the death of a shareholder c) a corporation is usually unaffected by the death of a shareholder d) a corporation is usually unaffected by the death of a shareholder unless a general partner dies
b) a corporation is unaffected by the death of a shareholder
That part of a patent application which identifies the features that are protected are known as the a) particular b) claim c) identification d) essence
b) claim
All of the following are ways of invalidating a trademark except a) cleaning-out proceedings b) clearing-out proceedings c) abandonment d) generic meaning
b) clearing-out proceedings
(T/F) Works created and copyrighted after January 1, 1978, are protected for the life of the author plus 70 years.
T
(T/F) Laws governing intellectual property rights include copyrights, trademarks, and leases
F (Copyrights, trademarks, and patents)
(T/F) Every business at some point needs the services of an attorney
T
The text of a patent application is known as the a) specification b) particulars c) concept d) value
a) specification
From where does an S corporation take its name? Corporation takes its name from a) subchapter S of the Internal Revenue Code b) state law c) S lab d) Uniform Commercial Code
a) subchapter S of the Internal Revenue Code
Copyrights can be placed on all of the following except a) ideas b) lectures c) books d) music
a) ideas
(T/F) Because of the fair use doctrine, it is sometimes difficult to establish infringements
T
Of the following statements, which is true of sole proprietorships? a) a sole proprietorship is a business that is owned and operated by one person b) proprietors have limited liability for the operation c) proprietors are taxed as businesses d) ordinarily, propreitorships have amounts of capital available to them equal to that available to other types of business organizations
a) a sole proprietorship is a business that is owned and operated by one person
Which of the following is a way in which a trademark may be invalidated? a) cancellation proceeding b) a competitor's lawsuit c) consumer loss of interest d) once a trademark is established, no legal action can validate it
a) cancellation proceeding
The two parts to a patent application are specification, and _____ a) claims b) percentage c) value d) perception
a) claims
The process of trademark registration is a) expensive b) impossible c) one that must be handled by a lawyer d) inexpensive
a) expensive
A person who loses an infringement battle in court may have to pay a) extra legal fees b) damages of up to five times the actual amount c) higher profits due to the infringement d) the taxpayers back
a) extra legal fees
Because of the _____ doctrine, it is sometimes difficult to establish infringement a) fair use b) acquisition c) freedom of information d) right to publish
a) fair use
An infringement budget deals with a) legal battles b) government bribes c) the outside molding of a building d) advertising expenditures
a) legal battles
A trademark is a distinctive _____ that is identified with a company's product a) name b) billboard c) TV ad d) storefront sign
a) name
The determination of fair use of copyrighted material is based on a) the effect of use on potential market b) the time period involved c) specific legal guidelines set forth by the OSHA d) the GAD doctrine
a) the effect of use on potential market
Which of the following are suggestions to minimize legal costs? a) visit the lawyer during normal hours of operation b) have the lawyer custom design forms specifically for you c) always handle matters personally d) try to avoid hiring a lawyer if and until an emergency requires it
a) visit the lawyer during normal hours of operation
Who defined the corporation as "an artificial being, invisible, intangible, and existing only in contemplation of the law" a) Karl Marx b) Justice John Marshall c) Henry Ford d) Thomas Jefferson
b) Justice John Marshall
B corporations' legal structure expands corporate accountability to encompass all of the following except a) lower legal accountability standards b) comprehensive and transparent environmental standards c) comprehensive and transparent social performance standards d) good for society
b) comprehensive and transparent environmental standards
The emerging body of law governing cyberspace is often referred to as a) netlaw b) cyberlaw c) interlaw d) legal web
b) cyberlaw
The owner of a copyright may do all of the following except a) reproduce the work b) deduct the intrinsic value of the rights from one's taxes c) perform the work publicly d) display the work publicly
b) deduct the intrinsic value of the rights from one's taxes
Specific forms of partnership include which of the following? a) limited partnerships b) limited partnerships and limited liability partnerships c) limited partnerships and S partnerships d) S partnerships and limited liability companies
b) limited partnerships and limited liability partnerships
If an entrepreneur concludes that an innovation will withstand any legal challenge, a patent should be a) dropped b) pursued c) integrated d) obfuscated
b) pursued
