Navigating Legal and IP Issues in the Entrepreneurship MCQ
Navigating Legal and IP Issues in the Entrepreneurship MCQ
1. In a corporation, all profits go to ________.
Answer
Correct Answer:
The owners and the shareholders
Note: This Question is unanswered, help us to find answer for this one
2. 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.
Answer
Correct Answer:
limited liability company
Note: This Question is unanswered, help us to find answer for this one
3. Which of the following is true when it comes to legal requirements with respect to employees?
Answer
Correct Answer:
Before you hire your first employee, you must get an employer identification number.
Note: This Question is unanswered, help us to find answer for this one
4. ______ describe(s) intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes.
Answer
Correct Answer:
Intellectual property
Note: This Question is unanswered, help us to find answer for this one
5. 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
Note: This Question is unanswered, help us to find answer for this one
6. 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.
Answer
Correct Answer:
contractors
Note: This Question is unanswered, help us to find answer for this one
7. Which of the following is a reason you may lose your ability to patent an innovation (or in some cases have a patent invalidated)?
Answer
Correct Answer:
You disclosed the intellectual property publicly prior to applying for a patent.
Note: This Question is unanswered, help us to find answer for this one
8. A(n) ______ is a corporation whose stockholders elect special treatment for income tax purposes.
Answer
Correct Answer:
S corporation
Note: This Question is unanswered, help us to find answer for this one
9. Approximately how much does intellectual property theft cost the U.S. economy?
Answer
Correct Answer:
US$400 billion
Note: This Question is unanswered, help us to find answer for this one
10. ______ 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
Note: This Question is unanswered, help us to find answer for this one
11. 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.
Answer
Correct Answer:
add value
Note: This Question is unanswered, help us to find answer for this one
12. Which of the following is true when it comes to legal considerations for entrepreneurial ventures?
Answer
Correct Answer:
To get early startup ventures off the ground, priority should be given to the legal side of starting a company.
Note: This Question is unanswered, help us to find answer for this one
13. ______ 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
Note: This Question is unanswered, help us to find answer for this one
14. 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
Note: This Question is unanswered, help us to find answer for this one
15. 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
Note: This Question is unanswered, help us to find answer for this one
16. A ______ is a separate legal and taxable entity created by the state government and owned by an unlimited number of shareholders.
Answer
Correct Answer:
C corporation
Note: This Question is unanswered, help us to find answer for this one
17. 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
Answer
Correct Answer:
Vesting
Note: This Question is unanswered, help us to find answer for this one
18. Any word, name, symbol, or device used in business to identify and promote a product
Answer
Correct Answer:
Trademark
Note: This Question is unanswered, help us to find answer for this one
19. 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
Note: This Question is unanswered, help us to find answer for this one
20. Sole Proprietorship is a business owned by
Answer
Correct Answer:
one person who has full exposure to its liabilities.
Note: This Question is unanswered, help us to find answer for this one
21. A type of corporation that is eligible for, and elects, special taxation status is known as
Answer
Correct Answer:
S-corp
Note: This Question is unanswered, help us to find answer for this one
22. Patent is a grant of exclusive property rights on inventions through _______ the and other governments
Answer
Correct Answer:
U.S.
Note: This Question is unanswered, help us to find answer for this one
23. 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
Note: This Question is unanswered, help us to find answer for this one
24. A legal contract that outlines confidential information shared by two or more parties is known as
Answer
Correct Answer:
NDA
Note: This Question is unanswered, help us to find answer for this one
25. LLC is Stands for Limited Liability Company
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
26. IP Stands for (in Entrepreneurship )
Answer
Correct Answer:
Intellectual Property
Note: This Question is unanswered, help us to find answer for this one
27. 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
Answer
Correct Answer:
General Partnership
Note: This Question is unanswered, help us to find answer for this one
28. In Founders’ Agreement a clear agreement between founders on a number of key issues that their business might face.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
29. Copyright is ______________.
Answer
Correct Answer:
Both a and c
Note: This Question is unanswered, help us to find answer for this one
30. C Corporation is also known as(Nick name)
Answer
Correct Answer:
C-corp
Note: This Question is unanswered, help us to find answer for this one
