Chapter 6 and 7 Entrepreneurship

Transfers responsibility to employees for performance of a job

Bonding

A written document prepared by an entrepreneur that describes all the relevant external and internal elements involved in starting a new venture is known as a(n)

Business Plan

Identify the requirements for filing of a trademark registration. (Check all that apply.)

Completion of a written form Five specimens that demonstrate the actual use of the mark A drawing of the mark the fee

Identify a true statement about the preparation of a business plan for a new venture.

It should be created by an entrepreneur

A contractual agreement giving rights to others to use intellectual property in return for a royalty or fee is known as

Licensing

ensures protection of the continuity of a business, esp a partnership

Life

A contract between the government and an inventor is known as a(n)

Patent

Intellectual property represents significant assets to an entrepreneur and should be understood before seeking the services of an attorney.

True

True or false: All businesses should create an operations plan as part of their business plan.

True

True or false: The significance of a feasibility study of the manufacturing operations by an entrepreneur of a new venture depends on the nature of the business.

True

Provides benefits to employees in case of work-related injury

Workers compensation

It is mandatory that a patent application must include

a thorough history and description of an invention and claims for its usefulness

Before preparing the financial section of a business plan for a new venture, an entrepreneur should

create a budget including lists of possible expenditures in the first year and revenue sources

Assessment of external uncontrollable variables that may impact a business plan of a new venture is known as a(n)

environmental analysis

It is advisable for an entrepreneur to first file a provisional patent application to

establish a date of the formation of an invention

True or false: The protection in a copyright protects an idea itself.

false

a feature of a trademark is that it

is able to last indefinitely as long as it continues to perform its indicated function

In the context of trade secrets, documents that are prepared by an employer and signed by an employee in order for the company to protect valuable assets ranging from product information to clients, marketing ideas, and unique strategies are known as ______.

noncompete agreements

Before conducting a quick feasibility study of the business concept of a new venture, an entrepreneur should

precisely state the goals and objectives of the business

Jonathan, an entrepreneur of a startup software company, seeks to patent new software developed. How can he minimize patent risks?

seek a patent attorney who has expertise in the product line

A requirement for the executive summary of a business plan for a new venture is that it should

stimulate a potential investor' s interest

What is the role of the Office of International Patent Cooperation established by the U.S. Patent and Trademark Office (USPTO)?

to advance toward a more harmonized patent system

When selecting a lawyer, an entrepreneur should ensure that the lawyer

understands all possible circumstances and results related to any legal action

Liam plans to open a bakery in his town. He decides to use an upside-down pyramid approach to gathering market information. Arrange the steps that should be taken by Liam when using this approach in the correct order of occurrence. (Place the first step at the top).

1. He should evaluate the general environmental and demographic trends 2. He should analyze the trends in the baking industry in his country 3. He should assess the environmental and demographic trends in the town 4. He should analyze the strengths and weaknesses of other bakeries in the town

Arrange the contents that should be included in the introductory page of a business plan for a new venture starting from the information that should appear at the beginning to the information that should appear at the end.

1. The company's name and address 2. The name of the entrepreneurs, telephone number, fax number, e-mail address, and Web site address if available 3. A paragraph explaining the company and the nature of the business 4. The amount of financing needed 5. A statement of the confidentially of the report

Which of the following sections of a business plan for a new venture contains backup material that is not necessary in the text of the document?

The appendix

Which of the following acts states that an entrepreneur should assess whether any product that is to be marketed in the new venture is subject to any regulations?

The consumer product safety act

Which of the following sections of a business plan for a new venture provides complete overview of its product(s), service(s), and operations?

The description of the venture