Chapter 9: assignment (entrepreneurship)

The registration of a trademark has a lifetime of a. 25 years. b. 20 years plus 5-year renewable periods. c. the lifetime of the owner. d. 10 years plus 10-year renewable periods

d. 10 years plus 10 year renewable periods

When considering bankruptcy, entrepreneurs as sole proprietors normally prefer a. Chapter 5. b. Chapter 11. c. Chapter 7. d. Chapter 13

d. chapter 13

Chapter 7, Chapter 9, and Chapter 11 are the most common forms of bankruptcy. a. True b. False

b. False

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. False

Works created after January 1, 1978, have a copyright for the life of the author plus a. 14 years. b. 70 years. c. 50 years. d. 10 months

b. plus 70 years

To effectively pursue a patent violation, experts recommend that the entrepreneur a. fill out a preprinted form obtained from a patent office. b. prepare a realistic budget for infringement. c. sue as quickly as possible. d. handle all matters personally

b. prepare a realistic budget for infringement

Which of the following falls under Chapter 7 bankruptcy? a. The debtor fails to file income taxes. b. The debtor is arrested. c. The debtor surrenders most property to a court trustee. d. The debtor is relieved of obligations

d. the debtor is relieved of obligations

A copyright provides exclusive rights to creative individuals for the protection of their artistic productions. a. True b. False

a. True

A trademark is a distinctive name, mark, or symbol that is identified with a company's product. a. True b. False

a. True

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. True

That part of a patent application which identifies the features that are protected is known as the a. claim. b. essence. c. particular. d. identification.

a. claim

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. fair use

All of the following are recognized as advantages of partnerships except: a. lack of continuity b. ease of formation c. direct rewards d. possible tax advantages

a. lack of continuity

There are two parts to a patent application, claims and a. specification. b. percentage. c. value. d. integration

a. specification

ll of the following are ways of invalidating a trademark except a. abandonment. b. cleaning-out proceedings. c. generic meaning. d. clearing-out proceedings

d. clearing out proceedings

The owner of a copyright may do all of the following except a. reproduce the work. b. display the work publicly. c. perform the work publicly. d. deduct the intrinsic value of the rights from one's taxes

d. deduct the intrinsic value of the rights from one's taxes

Specific forms of partnership include which of the following? a. S partnerships and limited liability companies b. limited partnerships and S partnerships c. limited partnerships d. limited partnerships and limited liability partnerships

d. limited partnerships and limited liability partnerships

The two parts of a patent application are specification and claims. a. True b. False

a. True

Three primary legal forms of organization are the sole proprietorship, the partnership, and the corporation. a. True b. False

a. True

Works created and copyrighted after January 1, 1978, are protected for the life of the author plus 70 years. a. True b. False

a. True

Laws governing intellectual property rights include copyrights, trademarks, and leases. a. True b. False

b. False

The registration of a trademark lasts for 40 years, with continuous renewal every 10 years. a. True b. False

b. False

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. generic meaning. c. cancellation proceedings. d. cleaning-out procedure

b. generic meaning

Which of the following are not trademarks? a. mottos b. symbols c. generic words d. names

c. generic words

From where does an S corporation take its name? a. state law b. S Lab c. Subchapter S of the Internal Revenue Code d. Uniform Commercial Code

c. subchapter S of the Internal Revenue Code