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WorksheetsENTR401 - FINAL REVISION
Total questions: 33
Worksheet time: 17mins
Which form of intellectual property is protected only while it remains secret?
Patent
Copyright
Trademark
Trade secret
Which patent protects the functional aspects of an invention?
Design patent
Plant patent
Utility patent
Business method patent
The protection period of a utility patent is:
20 years
Lifetime of inventor
14 years
10 years
Which organization administers the Patent Cooperation Treaty (PCT)?
IMF
WTO
PTO
WIPO
The provisional patent application mainly provides:
Full patent protection
Automatic international rights
Evidence of first-to-file
Design protection
If a final patent application is not filed within 12 months after a provisional application, the entrepreneur:
Keeps full protection
Automatically gets an extension
Loses patent rights
Converts to trademark protection
Which section of a patent application defines legal boundaries of protection?
Description
Introduction
Declaration
Claims
Improving an existing patented product without permission is:
Always illegal
Sometimes legal depending on infringement
Always legal
Encouraged by law
A trademark can last indefinitely if:
It is renewed and actively used
It is registered internationally
It is copyrighted
It is descriptive
Which trademark type is the weakest legally?
Coined
Suggestive
Descriptive
Arbitrary
Which requirement is necessary when registering a trademark?
Patent approval
Copyright certificate
Licensing agreement
Five specimens showing use
Copyrights are registered with:
PTO
Library of Congress
WIPO
Supreme Court
Copyright duration equals:
20 years
Life of author + 70 years
14 years
50 years after publication
Which agreement allows others to use intellectual property in exchange for a fee?
Patent claim
Copyright notice
Trademark filing
Licensing agreement
Which licensing agreement is commonly used in franchising?
Trademark licensing
Copyright licensing
Trade secret licensing
Patent licensing
Debt financing requires:
Ownership dilution
Repayment with interest
No repayment
No collateral
Equity financing differs from debt financing because it:
Requires collateral
Requires interest payments
Must be repaid
Gives ownership to investors
Which financing source is internally generated?
Venture capital
Private investors
Profits
Bank loan
Which financing source is considered the least expensive?
Commercial loans
Venture capital
Private offerings
Personal funds
In the Five Cs of lending, Capacity refers to:
Ability to repay
Assets pledged
Economic environment
Borrower reputation
Which “C” reflects economic and market conditions?
Character
Capital
Collateral
Conditions
A character loan is primarily based on:
Inventory
Equipment
Borrower reputation
Real estate
R&D Limited Partnerships mainly provide:
Short-term profits
Guaranteed returns
Full ownership transfer
Tax advantages and funding
Which stage of R&D partnerships involves research execution?
Exit stage
Funding stage
Development stage
Formation stage
An IPO allows a firm to:
Sell shares to the public
Merge with another firm
Liquidate the business
Sell assets
Which exit strategy transfers ownership to employees?
Merger
Liquidation
ESOP
Succession
Which bankruptcy chapter focuses on reorganization?
Chapter 7
Chapter 9
Chapter 13
Chapter 11
Chapter 7 bankruptcy involves:
Installment payments
Reorganization
Liquidation
Debt extension
Chapter 13 bankruptcy is best described as:
Five-year repayment plan
Immediate debt forgiveness
Liquidation
Corporate restructuring
Bankruptcy protects entrepreneurs mainly from:
Employees
Competitors
Creditors
Regulators
Filing bankruptcy early is recommended to:
Prevent cash failure
Hide losses
Eliminate competitors
Avoid taxes
Leaving blank spaces in a contract is risky because:
It delays signing
Courts reject contracts
It voids the agreement
Terms can be added later
A successful business turnaround requires:
Reduced monitoring
Passive management
Market exit
Aggressive hands-on management
