Chapter 14

What is intellectual property (IP)?

• Physical assets

• Unique and un-obvious product of human intellect

• Tangible goods

Why is it important to protect IP?

• To prevent theft and encourage fair competition

• To monopolize the market permanently

• To avoid paying taxes

Which of the following is not a type of intellectual property right?

• Copyright

• Patent

• License Agreement

Copyright gives the owner the exclusive right to:

• Produce and sell a physical product

• Protect inventions for 20 years

• Control the use and exploitation of their original works

How long does copyright last for literary and musical works?

• 100 years

• Lifetime of the author plus 50 years after death

• 50 years after the first publication

A patent grants the right to prevent others from using an invention for how many years?

• 10 years

• 50 years

• 20 years

Which of the following is a non-patentable invention?

• A new machine

• A mathematical formula

• A software algorithm

What is required for an invention to be patentable?

• It must be common knowledge

• It must be kept secret

• It must be new, involve an inventive step, and be industrially applicable

A trademark is best defined as:

• A sign that distinguishes goods or services of one trader from another

• A symbol used for copyright protection

• A government-issued license

How long does a registered trademark last before renewal?

• 5 years

• 10 years

• 20 years