Question 1

Since the first patent was granted in 1790, the USPTO has granted 8.7 million patents.

Accepted Answer

A) True 
 B)False  True

Question 2

________ patents are the most common type of patent and cover what we generally think of as new inventions.

Accepted Answer

A)   Value
B)   Product
C)   Method
D)   Utility
E)   DesignF) A) and D)
G) A) and C)

Question 3

There are two primary reasons to conduct an intellectual property audit. First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected. The second reason for a company to conduct an intellectual property audit is to ________.

Accepted Answer

A)   remain prepared for a Security & Exchange Commission spot inspection
B)   remain prepared to justify its value in the event of a merger or acquisition
C)   remain prepared for an initial public offering
D)   update the value of its intellectual property on its balance sheet
E)   make sure no intellectual property has been stolenF) A) and B)
G) None of the above

Question 4

Copyright law is governed by the ________.

Accepted Answer

A)   U.S. Constitution
B)   1946 Intellectual Property Act
C)   1966 Trademark and Copyright Act
D)   1955 Inventors and Writer's Protection Act
E)   Copyright Revision Act of 1976F) C) and E)
G) A) and D)

Question 5

Identify and briefly describe the three types of patents.

Accepted Answer

The three types of patents are utility p...

Question 6

Which form of intellectual property protection is the only one expressly mentioned in the original articles of the U.S. Constitution?

Accepted Answer

A)   Assurances
B)   Patents
C)   Copyrights
D)   Trade secrets
E)   TrademarksF) A) and C)
G) B) and E) B

Question 7

The Partnering for Success feature in Chapter 12 starts by talking about Gary Schwartzberg, who, along with a partner, developed a new type of bagel dubbed the "Begeler," which was eventually licensed to Kraft. According to the feature, entrepreneurs and inventors like Gary Schwartzberg are finding that large consumer products companies are ________.

Accepted Answer

A)   ambivalent about what they have to offer
B)   increasingly interested in what they have to offer for new products, but are ambivalent about services
C)   increasingly interested in what they have to offer
D)   increasingly interested in what they have to offer for new services, but are ambivalent about products
E)   increasingly disinterested in what they have to offerF) D) and E)
G) A) and B)

Question 8

Pictorial, graphic, and sculptural works can be protected via copyrights.

Accepted Answer

A) True 
 B)False  True

Question 9

Patent ________ takes place when one party engages in the unauthorized use of another party's patent.

Accepted Answer

A)   breach
B)   encroachment
C)   violation
D)   infraction
E)   infringementF) B) and E)
G) A) and B)

Question 10

A patent is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the trademark.

Accepted Answer

A) True 
 B)False

Question 11

The ________, which was drafted in 1979 by a special commission, attempted to set nationwide standards for trade secret legislation.

Accepted Answer

A)   Intangible Assets Protection Act
B)   Fairness in Intellectual Property Act
C)   Uniform Trade Secrets Act
D)   Trademark & Copyright Act
E)   Economic Espionage ActF) B) and D)
G) B) and C)

Question 12

What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

Accepted Answer

Intellectual property is any product of ...

Question 13

Intellectual property is any product of human intellect that is intangible but has value in the marketplace.

Accepted Answer

A) True 
 B)False

Question 14

An ________ is conducted to determine the intellectual property a company owns.

Accepted Answer

A)   intellectual property audit
B)   intangible materials audit
C)   academic property inventory
D)   intellectual materials inventory
E)   intangible property inventoryF) All of the above
G) C) and D)

Question 15

A company's customer list is most commonly protected under ________ regulations.

Accepted Answer

A)   patent
B)   copyright
C)   trade secret
D)   trademark
E)   collective markF) All of the above
G) B) and C)

Question 16

Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.

Accepted Answer

A) True 
 B)False

Question 17

While stealing trade secrets is widely considered to be unethical, it is not a criminal offense.

Accepted Answer

A) True 
 B)False

Question 18

Amazon.com's one-click ordering system and Priceline.com's "name-your-price" business model are examples of ________ patents.

Accepted Answer

A)   copyright extension
B)   utility
C)   business technique
D)   trademark extension
E)   business methodF) D) and E)
G) A) and B)

Question 19

The sole entity responsible for granting patents in the United States is the ________.

Accepted Answer

A)   U.S. Patent and Trademark Office
B)   Federal Patent, Copyright and Trademark Office
C)   Securities and Exchange Commission
D)   U.S. Department of Patents
E)   U.S. Treasury DepartmentF) D) and E)
G) A) and B)

Question 20

Dell for computers, Modcloth for vintage and vintage-inspired women's clothing, and Proactiv for acne medication are examples of ________.

Accepted Answer

A)   certifications
B)   copyrights
C)   patents
D)   trade secrets
E)   trademarksF) A) and B)
G) A) and C)

Exam 12: The Importance of Intellectual Property

Since the first patent was granted in 1790, the USPTO has granted 8.7 million patents.

Correct Answer
verified
True

________ patents are the most common type of patent and cover what we generally think of as new inventions.

Correct Answer
verified

There are two primary reasons to conduct an intellectual property audit. First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected. The second reason for a company to conduct an intellectual property audit is to ________.

Correct Answer
verified

Copyright law is governed by the ________.

Correct Answer
verified

Identify and briefly describe the three types of patents.

Correct Answer
verified
The three types of patents are utility p...
View Answer

Which form of intellectual property protection is the only one expressly mentioned in the original articles of the U.S. Constitution?

Correct Answer
verified
B

Correct Answer
verified

Pictorial, graphic, and sculptural works can be protected via copyrights.

Correct Answer
verified
True

Patent ________ takes place when one party engages in the unauthorized use of another party's patent.

Correct Answer
verified

A patent is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the trademark.

Correct Answer
verified

The ________, which was drafted in 1979 by a special commission, attempted to set nationwide standards for trade secret legislation.

Correct Answer
verified

What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

Correct Answer
verified
Intellectual property is any product of ...
View Answer

Intellectual property is any product of human intellect that is intangible but has value in the marketplace.

Correct Answer
verified

An ________ is conducted to determine the intellectual property a company owns.

Correct Answer
verified

A company's customer list is most commonly protected under ________ regulations.

Correct Answer
verified

Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.

Correct Answer
verified

While stealing trade secrets is widely considered to be unethical, it is not a criminal offense.

Correct Answer
verified

Amazon.com's one-click ordering system and Priceline.com's "name-your-price" business model are examples of ________ patents.

Correct Answer
verified

The sole entity responsible for granting patents in the United States is the ________.

Correct Answer
verified

Dell for computers, Modcloth for vintage and vintage-inspired women's clothing, and Proactiv for acne medication are examples of ________.

Correct Answer
verified

Exam 12: The Importance of Intellectual Property

Since the first patent was granted in 1790, the USPTO has granted 8.7 million patents.

Correct AnswerverifiedTrue

________ patents are the most common type of patent and cover what we generally think of as new inventions.

Correct AnswerverifiedShow Answer

There are two primary reasons to conduct an intellectual property audit. First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected. The second reason for a company to conduct an intellectual property audit is to ________.

Correct AnswerverifiedShow Answer

Copyright law is governed by the ________.

Correct AnswerverifiedShow Answer

Identify and briefly describe the three types of patents.

Correct AnswerverifiedThe three types of patents are utility p...View AnswerShow Answer

Which form of intellectual property protection is the only one expressly mentioned in the original articles of the U.S. Constitution?

Correct AnswerverifiedB

Correct AnswerverifiedShow Answer

Pictorial, graphic, and sculptural works can be protected via copyrights.

Correct AnswerverifiedTrue

Patent ________ takes place when one party engages in the unauthorized use of another party's patent.

Correct AnswerverifiedShow Answer

A patent is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the trademark.

Correct AnswerverifiedShow Answer

The ________, which was drafted in 1979 by a special commission, attempted to set nationwide standards for trade secret legislation.

Correct AnswerverifiedShow Answer

What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

Correct AnswerverifiedIntellectual property is any product of ...View AnswerShow Answer

Intellectual property is any product of human intellect that is intangible but has value in the marketplace.

Correct AnswerverifiedShow Answer

An ________ is conducted to determine the intellectual property a company owns.

Correct AnswerverifiedShow Answer

A company's customer list is most commonly protected under ________ regulations.

Correct AnswerverifiedShow Answer

Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.

Correct AnswerverifiedShow Answer

While stealing trade secrets is widely considered to be unethical, it is not a criminal offense.

Correct AnswerverifiedShow Answer

Amazon.com's one-click ordering system and Priceline.com's "name-your-price" business model are examples of ________ patents.

Correct AnswerverifiedShow Answer

The sole entity responsible for granting patents in the United States is the ________.

Correct AnswerverifiedShow Answer

Dell for computers, Modcloth for vintage and vintage-inspired women's clothing, and Proactiv for acne medication are examples of ________.

Correct AnswerverifiedShow Answer

Correct Answer
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True

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The three types of patents are utility p...
View Answer

Correct Answer
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B

Correct Answer
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Correct Answer
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True

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Correct Answer
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Correct Answer
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Intellectual property is any product of ...
View Answer

Correct Answer
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