Question 1

A copyright is a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work.

Accepted Answer

This is the definition of a copyright.

Question 2

A trade secret is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace.

Accepted Answer

This is the definition of a trade secret as recognized under trade secret law.

Question 3

What is a copyright? What is protected by a copyright?

Accepted Answer

The answer of What is a copyright? What is protected...

Question 4

Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.

Accepted Answer

Trade secret disputes usually arise when one firm alleges that another firm has misappropriated its trade secret or disclosed it to a third party without permission. The dispute may also arise when there is a question of whether the information claimed as a trade secret is actually a trade secret, rather than common knowledge or information that can be readily discovered through proper means.

Question 5

An intellectual property audit is conducted to determine the intellectual property a company owns.

Accepted Answer

An intellectual property audit is a process of identifying and evaluating the intellectual property assets of a company. The audit helps the company to understand its intellectual property portfolio, identify potential risks and opportunities, and develop strategies to protect and leverage its intellectual property rights.

Question 6

Computer software is not covered by copyright law.

Accepted Answer

Computer software is covered by copyright law as it is considered a form of intellectual property.

Question 7

Trademark law falls under the Lanham Act, which passed in 1946.

Accepted Answer

The statement is true. Trademark law is governed by the Lanham Act, which was passed by the U.S. Congress in 1946 and has undergone various amendments since then.

Question 8

The 1976 Copyright Revision Act governs copyright law in the U.S.

Accepted Answer

The 1976 Copyright Revision Act is the current governing law for copyright in the United States.

Question 9

The federal Economic Espionage Act, passed in 1996, criminalizes the theft of trade secrets.

Accepted Answer

The federal Economic Espionage Act, passed in 1996, criminalizes the theft of trade secrets.

Question 10

Identify and briefly describe the three types of patents.

Accepted Answer

The answer of Identify and briefly describe the three types...

Question 11

What is a trademark? Why are trademarks important?

Accepted Answer

The answer of What is a trademark? Why are trademarks...

Question 12

A trademark consisting primarily of a surname, such as Jones or Smith, is typically not protectable.

Accepted Answer

A trademark consisting primarily of a surname is considered descriptive and is typically not protectable unless it has acquired a secondary meaning through extensive use and recognition by the public.

Question 13

What are the two primary rules of thumb for determining whether intellectual property protection should be pursued for a particular intellectual asset?

Accepted Answer

The answer of What are the two primary rules of...

Question 14

Copyright infringement occurs when one work derives from another or is an exact copy.

Accepted Answer

Copyright infringement refers to the act of using someone else's work without permission or proper attribution. This can include creating a new work that is based on or derived from an existing work, or making an exact copy of the original work.

Question 15

What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

Accepted Answer

The answer of What is intellectual property? Why is it...

Quiz 12: The Importance of Intellectual Property

A copyright is a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work.

A trade secret is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace.

What is a copyright? What is protected by a copyright?

Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.

An intellectual property audit is conducted to determine the intellectual property a company owns.

Computer software is not covered by copyright law.

Trademark law falls under the Lanham Act, which passed in 1946.

The 1976 Copyright Revision Act governs copyright law in the U.S.

The federal Economic Espionage Act, passed in 1996, criminalizes the theft of trade secrets.

Identify and briefly describe the three types of patents.

What is a trademark? Why are trademarks important?

A trademark consisting primarily of a surname, such as Jones or Smith, is typically not protectable.

What are the two primary rules of thumb for determining whether intellectual property protection should be pursued for a particular intellectual asset?

Copyright infringement occurs when one work derives from another or is an exact copy.

What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?