Navigating Legal and IP Issues in the Entrepreneurship MCQs
Navigating Legal and IP Issues in the Entrepreneurship MCQs
Our experts have gathered these Navigating Legal and IP Issues in the Entrepreneurship MCQs through research, and we hope that you will be able to see how much knowledge base you have for the subject of Navigating Legal and IP Issues in the Entrepreneurship by answering these 30 multiple-choice questions.
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1: C Corporation is also known as(Nick name)
A. C-cor
B. C-cort
C. C-core
D. C-corp
2: Copyright is ______________.
A. Positive right
B. Negative right
C. Exclusive right
D. Both a and c
3: In Founders’ Agreement a clear agreement between founders on a number of key issues that their business might face.
A. True
B. False
4: 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
A. General Partnership
B. Specific Partnership
C. Simple Partnership
D. None of these
5: IP Stands for (in Entrepreneurship )
A. Internet protocol
B. Intellectual people
C. Intellectual Property
D. Both a & b
6: LLC is Stands for Limited Liability Company
A. True
B. False
7: A legal contract that outlines confidential information shared by two or more parties is known as
A. NDA
B. NDM
C. NTD
D. NCO
8: 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
A. Patent
B. S Corporation
C. C Corporation
D. Patent
9: Patent is a grant of exclusive property rights on inventions through _______ the and other governments
A. U.S.
B. PAK
C. IND
D. IR
10: A type of corporation that is eligible for, and elects, special taxation status is known as
A. C-cor
B. C-cort
C. C-corP
D. S-corp
11: Sole Proprietorship is a business owned by
A. one person who has full exposure to its liabilities.
B. People who have full exposure to its liabilities.
C. A group of people who have full exposure to its liabilities.
D. None of these
12: 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
A. True
B. False
13: Any word, name, symbol, or device used in business to identify and promote a product
A. Vesting
B. Brand Strategy
C. Trademark
D. None of these
14: 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
A. Vesting
B. Brand Strategy
C. Trademark
D. None of these
15: A ______ is a separate legal and taxable entity created by the state government and owned by an unlimited number of shareholders.
A. S corporation
B. C corporation
C. limited liability company (LLC)
D. limited liability partnership (LLP)
16: 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.
A. investors’ agreement
B. founders’ agreement
C. pre-contract
D. opening business plan
17: 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.
A. patent
B. copyright
C. trademarks
D. intellectual property
18: ______ 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.
A. Vesting
B. Operating agreements
C. Limited liability
D. Debt equity
19: Which of the following is true when it comes to legal considerations for entrepreneurial ventures?
A. The majority of required legal advice can be bootstrapped through websites such as LegalZoom.com.
B. Most entrepreneurs have a relatively good understanding of the legalities related to setting up a business.
C. To get early startup ventures off the ground, priority should be given to the legal side of starting a company.
D. Since all lawyers have broad training with respect to all types of legal issues, you don’t need to find a specialist to help with a startup.
20: 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.
A. add value
B. be cost efficient
C. be a valued employee
D. become a member of the founding team
21: ______ 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.
A. Patents
B. Copyright
C. Trademarks
D. Intellectual property
22: Approximately how much does intellectual property theft cost the U.S. economy?
A. US$500 million
B. US$10 billion
C. US$400 billion
D. US$1.5 trillion
23: A(n) ______ is a corporation whose stockholders elect special treatment for income tax purposes.
A. limited liability partnership
B. non-profit corporation
C. limited liability company
D. S corporation
24: Which of the following is a reason you may lose your ability to patent an innovation (or in some cases have a patent invalidated)?
A. You disclosed the intellectual property publicly prior to applying for a patent.
B. You didn’t formally assign ownership of the intellectual property.
C. You didn’t file a patent in every market in which you intend to compete.
D. You licensed your patented intellectual property to another organization.
25: 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.
A. contractors
B. employees
C. customers
D. other founders
26: 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.
A. 50
B. 15
C. 25
D. 100
27: ______ describe(s) intangible personal property created by human intelligence, such as ideas, inventions, slogans, logos, and processes.
A. Patents
B. Copyright
C. Trademarks
D. Intellectual property
28: Which of the following is true when it comes to legal requirements with respect to employees?
A. You must have an employee handbook outlining your expectations of your employees and what they can legally expect from you.
B. You must provide family and medical leave and health insurance if you have more than 15 employees.
C. Before you hire your first employee, you must get an employer identification number.
D. You must register with the IRS to pay unemployment compensation taxes.
29: 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.
A. S corporation
B. C corporation
C. limited liability company
D. limited liability partnership
30: In a corporation, all profits go to ________.
A. The owners and the shareholders
B. Reduce the surplus
C. The stockholders as salaries
D. The partners according to the terms of the agreement
E. Friends and family
Navigating Legal and IP Issues in the Entrepreneurship MCQs
