Ch. 09
Three primary legal forms of organization are the sole proprietorship, the partnership, and the corporation. a. True b. False
a
To effectively pursue a patent violation, experts recommend that the entrepreneur a. prepare a realistic budget for infringement. b. handle all matters personally. c. sue as quickly as possible. d. fill out a preprinted form obtained from a patent office.
a
Chapter 7, Chapter 9, and Chapter 11 are the most common forms of bankruptcy. a. True b. False
b
From where does an S corporation take its name? a. Uniform Commercial Code b. Subchapter S of the Internal Revenue Code c. state law d. S Lab
b
It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership. a. True b. False
b
All of the following are recognized as advantages of partnerships except: a. direct rewards b. possible tax advantages c. lack of continuity d. ease of formation
c
That part of a patent application which identifies the features that are protected is known as the a. particular. b. essence. c. claim. d. identification.
c
The registration of a trademark has a lifetime of a. 25 years. b. the lifetime of the owner. c. 10 years plus 10-year renewable periods. d. 20 years plus 5-year renewable periods.
c
Specific forms of partnership include which of the following? a. limited partnerships b. S partnerships and limited liability companies c. limited partnerships and S partnerships d. limited partnerships and limited liability partnerships
d
Laws governing intellectual property rights include copyrights, trademarks, and leases. a. True b. False
b
The registration of a trademark lasts for 40 years, with continuous renewal every 10 years. a. True b. False
b
Which of the following are not trademarks? a. mottos b. generic words c. symbols d. names
b
The two parts of a patent application are specification and claims. a. True b. False
a
There are two parts to a patent application, claims and a. specification. b. percentage. c. integration. d. value.
a
Because of the _____ doctrine, it is sometimes difficult to establish infringement. a. fair use b. freedom of information c. right to publish d. acquisition
a
One of the principal advantages of a corporate form of ownership is that liability (the most money a person can lose) is limited to an individual's investment. a. True b. False
a
When considering bankruptcy, entrepreneurs as sole proprietors normally prefer a. Chapter 13. b. Chapter 5. c. Chapter 7. d. Chapter 11
a
Works created and copyrighted after January 1, 1978, are protected for the life of the author plus 70 years. a. True b. False
a
A copyright provides exclusive rights to creative individuals for the protection of their artistic productions. a. True b. False
a
A trademark is a distinctive name, mark, or symbol that is identified with a company's product. a. True b. False
a
All of the following are ways of invalidating a trademark except a. clearing-out proceedings. b. abandonment. c. cleaning-out proceedings. d. generic meaning.
a
Which of the following falls under Chapter 7 bankruptcy? a. The debtor surrenders most property to a court trustee. b. The debtor is relieved of obligations. c. The debtor fails to file income taxes. d. The debtor is arrested.
b
Works created after January 1, 1978, have a copyright for the life of the author plus a. 14 years. b. 70 years. c. 10 months. d. 50 years.
b
The owner of a copyright may do all of the following except a. perform the work publicly. b. reproduce the work. c. deduct the intrinsic value of the rights from one's taxes. d. display the work publicly.
c
When a trademark becomes the name of a general group of products or services, the trademark protection may be lost because of a. cleaning-out procedure. b. abandonment. c. generic meaning. d. cancellation proceedings.
c