INTRO TO ETR TEST 4

The law always provides a definitive answer to ethical questions

False

Lack of continuity as a disadvantage of a sole proprietorship refers to

The termination of an enterprise due to death or illness of the owner

Formal registration of a copyright with the U.S. Copyright Office is required before and author can begin a lawsuit for infringement

True

Generally, anything that makes an individual company unique and has value to a competitor could be a trade secret

True

The determination of trade secret is based on if

All of the above

Amazon.com's one-click ordering system, Priceline.com's "name-your-price" business model and Netflix's method for allowing customers to set up a rental list of movies they want mailed to them are examples of

Business method patents

The use by Converse of the colors and founding year of the historically black Greek-letter organizations in its Greekpack shoe line was a violation is this form Trademark

Collective mark

One disadvantage of a corporation is the income tax that is levied both on corporate profits and on individual dividends. This is known as

Double taxation

Anyone who violates an author's exclusive rights under a copyright is liable for infringement. However, because of this doctrine, it is sometimes difficult to establish infringement

Fair use

A sole proprietorship is an artificial being, invisible, intangible, and existing only in contemplation of the law

False

A trademark provides the owner with the exclusive rights to hold, transfer, and license the production and sale of a product or process

False

Corporations are the most common type of business organizations because they are the simplest form

False

The categorical imperative ethical test evaluates ethical behavior based on choosing the option that offers the greatest good for the greatest number of people

False

When a business owner has limited liability, the business owner can be forced to sell the family car, house, and whatever assets that would satisfy the creditors, if the business owner cannot meet its financial obligations

False

Works created and copyrighted after January 1, 1978 are protected for an unlimited duration

False

A form of partnership that includes at least one general partner who is liable for all its liabilities and at least one partner who is liable for the capital invested in the partnership is

Limited Partnership

A form of partnership mostly for professionals that allow them to have the tax benefits of a partnership while avoiding personal liability for the malpractice of other partners

Limited liability partnership

Which of the following is not an advantage of a Limited Liability Company

No limits on transferring ownership

Which of the following is the most common form of legal structure for businesses

Sole proprietorship

Globalization of business has intertwined what once were distinct cultures; companies have discovered that there is no single standard of ethical behavior applying to all business decisions in the international arena

True

The close corporation, or closely held corporation, is typically one in which all shares of stock are held either by a single shareholder or a small number of shareholders

True

The only legal requirements needed to establish a sole proprietorship may merely be to obtain a business license if required and registering an assumed name if the entrepreneur uses a fictitious name

True

The symbol "tm" stands for an unregistered trademark while "r" represents a registered trademark

True

The term opportunity pressure describes an ethical lapse that occurs when competition is so intense that a company's survival is threatened and a manager begins to view what once was an unacceptable option as acceptable

True

When a "bad barrel" ethical lapse occurs, the company culture has been poisoned with an unethical overtone and unethical behavior is rewarded

True