Deck 9: Legal Challenges of Entrepreneurial Ventures

Question 1

The owner of a copyright may do all of the following except

A)reproduce the work.
B)deduct the intrinsic value of the rights from one's taxes
C)perform the work publicly.
D)display the work publicly.

Answer 1

B

Question 2

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.

Answer 2

True

Question 3

Laws governing intellectual property rights include copyrights,trademarks,and leases.

Answer 3

False

Question 4

All of the following are ways of invalidating a trademark except

A)cleaning-out proceedings.
B)clearing-out proceedings.
C)abandonment.
D)generic meaning.

Question 5

Works created after January 1,1978,have a copyright for the life of the author plus

A)70 years.
B)50 years.
C)14 years.
D)10 months.

Question 6

The registration of a trademark last for 40 years,with continuous renewal every 10 years.

Question 7

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

Question 8

Three primary legal forms of organization are the sole proprietorship,the partnership,and the corporation.

Question 9

There are two parts to a patent application,claims and .

A)percentage
B)specification
C)value
D)integration

Question 10

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

Question 11

. The registration of a trademark has a lifetime of

A)20 years plus 5-year renewable periods.
B)25 years.
C)10 years plus 10-year renewable periods.
D)the lifetime of the owner.

Question 12

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)cancellation proceedings.
C)cleaning-out procedure.
D)generic meaning.

Question 13

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

Question 14

Because of the _____ doctrine,it is sometimes difficult to establish infringement.

A)fair use
B)acquisition
C)freedom of information
D)right to publish

Question 15

Which of the following are not trademarks?

A)symbols
B)mottos
C)names
D)generic words

Question 16

It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership.

Question 17

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

Question 18

Chapter 7,Chapter 9,and Chapter 11 are the most common forms of bankruptcy.

Question 19

That part of a patent application which identifies the features that are protected are known as the

A)particular.
B)claim.
C)identification.
D)essence.

Question 20

To effectively pursue a patent violation,experts recommend that the entrepreneur

A)handle all matters personally.
B)prepare a realistic budget for infringement.
C)fill out a preprinted form obtained from a patent office.
D)sue as quickly as possible.

Question 21

What does a copyright protect?

Question 22

Define a patent and describe its limitations.

Question 23

What are the rules for avoiding pitfalls in selecting trademarks?

Question 24

When considering bankruptcy,entrepreneurs as sole proprietors normally prefer

A)Chapter 5.
B)Chapter 7.
C)Chapter 11.
D)Chapter 13.

Question 25

Specific forms of partnership include which of the following?

A)limited partnerships
B)limited partnerships and limited liability partnerships
C)limited partnerships and S partnerships
D)S partnerships and limited liability companies

Question 26

Which of the following falls under Chapter 7 bankruptcy?

A)The debtor surrenders most property to a court trustee.
B)The debtor fails to file income taxes.
C)The debtor is relieved of obligations.
D)The debtor is arrested.

Question 27

All of the following are recognized as advantages of partnerships except:

A)ease of formation
B)possible tax advantages
C)direct rewards
D)lack of continuity

Question 28

From where does an S corporation take its name? corporation takes its name from

A)Subchapter S of the Internal Revenue Code
B)state law
C)S Lab
D)Uniform Commercial Code

Question 29

What are the uses of trademarks and how can they be invalidated?

Question 30

Identify the three major sections of the Bankruptcy Act.