Exam 14: Navigating Legal and Ip Issues

Once a product is protected by a patent in the United States,the product will be protected from counterfeit by other countries due to international trade agreements.

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(True/False)

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Question 1

Correct Answer:

Verified

False

A new business owner is setting up a business and will be opening in 3 months.While she is recruiting for full-time employees,she hires a temporary worker.The worker is only helping out a few days a week and doing odd jobs such as being on the premises when the owner is away,stocking office supplies,and helping arrange office furniture.At the end of the week,the business owner pays the worker the agreed-upon fee of $200.What issues might affect the business?

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(Essay)

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Question 2

Correct Answer:

Verified

The answer should indicate that the business owner needs to have an EIN.The worker should have the protections of an employee.Other considerations might include workers' compensation,and the fact that in order to comply with IRS regulations,the employer should withhold part of the employee's income for employment taxes.Other withholdings may include state taxes,depending on the state.The employee should complete a W-4 form and an I-9 form,verifying the employee's eligibility to work in the United States.

Which of the following countries is most likely to violate IP rights?

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

Both the C-corp and the S-corp have to deal with double taxation,as there are two levels of tax to pay for both types of legal structures.

(True/False)

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Question 4

One way that a company can protect its product is by licensing its innovation to a large organization with protection already in place.This inventor then receives royalties.

(True/False)

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Question 5

According to the International Trade Union Confederation (ITUC),which of the following countries scores among the highest for equality at work?

(Multiple Choice)

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Question 6

IP protection doesn't always work.What is the primary contributing factor in this failure?

(Multiple Choice)

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Question 7

Choosing the wrong business structure can lead to incurring higher taxes than necessary.

(True/False)

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Question 8

If you want to seek immediate external funding from experienced investors,what type of organization would be the best to form?

(Multiple Choice)

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Question 9

What pitfall might affect the ability to attain a patent?

(Multiple Choice)

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Question 10

Tom has been a lead salesman for a brokerage house but recently got a better position at a competing house.Prior to leaving,Tom copied the customer list and contact information from his company.What may be infringed by this action?

(Multiple Choice)

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Question 11

What support service for entrepreneurs is offered by the U.S.Patent and Trademark Office?

(Multiple Choice)

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Question 12

In a general partnership,if one partner is responsible for running the company into the ground,the other partner is not considered liable.

(True/False)

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Question 13

All employers have a responsibility to their employees to maintain a safe and healthy workplace environment.

(True/False)

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Question 14

Which of the following is a key disadvantage of hiring an independent contractor?

(Multiple Choice)

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Question 15

Typically,LLPs are only popular among what type of business?

(Multiple Choice)

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Question 16

What is a major risk in following legal advice found on the Internet?

(Multiple Choice)

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Question 17

______ is the simplest and most inexpensive form of legal structure for startups.

(Multiple Choice)

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Question 18

Entrepreneurs may receive legal support from clinics operated at law schools.

(True/False)

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Question 19

In a C corporation,the shareholders-not the corporation-are legally liable for a company's actions.

(True/False)

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Question 20

Showing 1 - 20 of 91

Once a product is protected by a patent in the United States,the product will be protected from counterfeit by other countries due to international trade agreements.

Which of the following countries is most likely to violate IP rights?

Both the C-corp and the S-corp have to deal with double taxation,as there are two levels of tax to pay for both types of legal structures.

One way that a company can protect its product is by licensing its innovation to a large organization with protection already in place.This inventor then receives royalties.

According to the International Trade Union Confederation (ITUC),which of the following countries scores among the highest for equality at work?

IP protection doesn't always work.What is the primary contributing factor in this failure?

Choosing the wrong business structure can lead to incurring higher taxes than necessary.

If you want to seek immediate external funding from experienced investors,what type of organization would be the best to form?

What pitfall might affect the ability to attain a patent?

Tom has been a lead salesman for a brokerage house but recently got a better position at a competing house.Prior to leaving,Tom copied the customer list and contact information from his company.What may be infringed by this action?

What support service for entrepreneurs is offered by the U.S.Patent and Trademark Office?

In a general partnership,if one partner is responsible for running the company into the ground,the other partner is not considered liable.

All employers have a responsibility to their employees to maintain a safe and healthy workplace environment.

Which of the following is a key disadvantage of hiring an independent contractor?

Typically,LLPs are only popular among what type of business?

What is a major risk in following legal advice found on the Internet?

______ is the simplest and most inexpensive form of legal structure for startups.

Entrepreneurs may receive legal support from clinics operated at law schools.

In a C corporation,the shareholders-not the corporation-are legally liable for a company's actions.

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