Navigating Legal and IP Issues in the Entrepreneurship MCQ
In a corporation, all profits go to ________.
Answer
Correct Answer:
The owners and the shareholders
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A ______ is a business structure, which combines the pass-through taxation aspects of a partnership along with the limited liability benefits of a corporation without being subject to ownership eligibility requirements.
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Correct Answer:
limited liability company
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Which of the following is true when it comes to legal requirements with respect to employees?
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Correct Answer:
Before you hire your first employee, you must get an employer identification number.
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______ describe(s) intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes.
Answer
Correct Answer:
Intellectual property
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For businesses with over ______ employees, you must also provide family and medical leave and health insurance. In a few states, employers must provide a certain number of paid sick days.
Answer
Correct Answer:
50
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It generally saves money to hire ______ because they don’t require contributions toward health care, compensation insurance, or any other benefits. In addition, there can be cost-saving benefits when it comes to office space and equipment, as they will usually provide their own.
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Correct Answer:
contractors
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Which of the following is a reason you may lose your ability to patent an innovation (or in some cases have a patent invalidated)?
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Correct Answer:
You disclosed the intellectual property publicly prior to applying for a patent.
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A(n) ______ is a corporation whose stockholders elect special treatment for income tax purposes.
Answer
Correct Answer:
S corporation
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Approximately how much does intellectual property theft cost the U.S. economy?
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Correct Answer:
US$400 billion
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______ is/are a form of protection provided to the creators of original works in the areas of literature, music, drama, choreography, art, motion pictures, sound recordings, and architecture.
Answer
Correct Answer:
Copyright
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The best lawyers for an entrepreneurial venture will not only be able to provide legal counsel but will also ______, not just in the startup phase, but potentially for many years as your business grows.
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Correct Answer:
add value
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Which of the following is true when it comes to legal considerations for entrepreneurial ventures?
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Correct Answer:
To get early startup ventures off the ground, priority should be given to the legal side of starting a company.
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______ is/are the concept of imposing equity forfeitures on cofounders over a certain period of time on a piecemeal basis should they not stay with the company.
Answer
Correct Answer:
Vesting
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A(n) ______ is a grant of property rights on inventions through the US government. It excludes others from making, using, selling, or importing the invention without the owner’s consent.
Answer
Correct Answer:
patent
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A(n) ______ provides a useful overview of how relationships will work, how the business will be structured, and how you and your co-entrepreneurs intend to tackle problems in the future.
Answer
Correct Answer:
founders’ agreement
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A ______ is a separate legal and taxable entity created by the state government and owned by an unlimited number of shareholders.
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Correct Answer:
C corporation
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The concept of imposing equity forfeitures on cofounders over a certain period of time on a piecemeal basis should not stay with the company is known as
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Correct Answer:
Vesting
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Any word, name, symbol, or device used in business to identify and promote a product
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Correct Answer:
Trademark
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In Trade secret confidential information that provides companies with a competitive edge and is not in the public domain, such as formulas, patterns, compilations, programs, devices, methods, techniques, or processes
Answer
Correct Answer:
True
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Sole Proprietorship is a business owned by
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Correct Answer:
one person who has full exposure to its liabilities.
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A type of corporation that is eligible for, and elects, special taxation status is known as
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Correct Answer:
S-corp
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Patent is a grant of exclusive property rights on inventions through _______ the and other governments
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Correct Answer:
U.S.
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A tax status granted to companies performing functions deemed by Congress to be socially desirable that exempts them from income tax and, in some cases, allows them to receive tax-deductible donations Statement true for
Answer
Correct Answer:
S Corporation
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A legal contract that outlines confidential information shared by two or more parties is known as
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Correct Answer:
NDA
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LLC is Stands for Limited Liability Company
Answer
Correct Answer:
True
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IP Stands for (in Entrepreneurship )
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Correct Answer:
Intellectual Property
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A business owned by two or more people who have made a decision to comanage and share in the profits and losses is known as
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Correct Answer:
General Partnership
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In Founders’ Agreement a clear agreement between founders on a number of key issues that their business might face.
Answer
Correct Answer:
True
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Copyright is ______________.
Answer
Correct Answer:
Both a and c
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C Corporation is also known as(Nick name)
Answer
Correct Answer:
C-corp
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