EEE exam 3
Lofty Ambitions has patented its method for matching loft owners with loft renters. This is an example of a _______ patent.
business method
A business can literally have $1 million in accounts receivable but not be able to meet a $25,000 payroll. This is called the ____ problem.
cash flow management
A firm's administrative framework consists of two kinds of services that are important to a firm's growth, ________ and managerial services.
entrepreneurial
As a book reviewer, Charlie Smuckers often quotes short passages from the book he is reviewing. He is protected because ____ allows the limited use of copyrighted material for purposes such as criticism, comment, news reporting, teaching, or scholarship.
fair use
Angie's Bakery pays a rent of $2,000 per month whether it sells something or not. For Angie's Bakery, rental costs are ________.
fixed
The __________ stage of the organizational life cycle is a very "hands-on" phase for the founder(s), who are normally involved in every aspect of the day-to-day life of the business.
introduction
Market leadership occurs when a firm holds the number one or two position in an industry or niche market in terms of ____.
sales volume
Acme Corp., a producer of safety blades, produces the highest volume of products annually in the industry that results in it having the lowest average cost. Acme Corp benefits from economies of ___________.
scale
When Starbucks uses the same feature to advertise Starbucks coffee along with Starbucks music and Starbucks apparel, it is benefitting from economies of ________.
scope
There are four types of trademarks: trademarks, ____, collective marks, and certification marks.
service marks
Which of the following CAN be trademarked?
sounds
The name "McDonald's" is an example of a ____.
trademark
Which of the following is NOT a physical measure to protect trade secrets?
Maintaining low-cost overall security measures
____ means that as a firm grows and adds personnel, the new hires typically do not have the same ownership incentives as the original founders, so the new hires may not be as motivated as the founders to put in long hours or may even try to avoid hard work.
Moral hazard
Judy's Home Care Products engaged in the unauthorized use of The CaseyCorporation's patent. This is an example of_______
Patent infringement
__________, trademarks, copyrights, and trade secrets are the four forms of intellectual property
Patents
The faster a firm grows, the less time managers have to evaluate the suitability of job candidates and the higher the chances are that unsuitable candidates will be chosen. This problem is called ____.
adverse selection
In 2016, the United States Patent & Trademark Office (USPTO) received more than ___ patent applications.
600,000
A firm's core strategy is largely determined by its _______.
core competencies
While a utility patent protects the way an invention is used and works, a ___ patent protects the way it looks.
design
