Question 1

The most significant factor in determining whether a worker is a contractor or an employee is ______.

Accepted Answer

A) the amount of control the employer has over the work being carried out 
B) the number of hours worked 
C) whether the worker or employer pays expenses 
D) whether the worker gets vacation time 
A) the amount of control the employer has over the work being carried out 
B) the number of hours worked 
C) whether the worker or employer pays expenses 
D) whether the worker gets vacation time

Question 2

What number of employees must a company have before they are required to provide family and medical leave and,in some states,sick leave?

Accepted Answer

A) any size company 
B) a company with over 10 employees 
C) a company with 15 employees or more 
D) a company with over 50 employees 
A) any size company 
B) a company with over 10 employees 
C) a company with 15 employees or more 
D) a company with over 50 employees

Question 3

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.

Accepted Answer

A) True 
 B)False

Question 4

A sole proprietorship is rarely the correct choice of legal structure for startups.

Accepted Answer

A) True 
 B)False

Question 5

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?

Accepted Answer

A) the company's patent 
B) trade secrets 
C) copyrights 
D) No principles were violated since he contributed to the call list in the first place. 
A) the company's patent 
B) trade secrets 
C) copyrights 
D) No principles were violated since he contributed to the call list in the first place.

Question 6

A C corporation's disadvantage is double taxation.This means that ______.

Accepted Answer

A) the corporation is taxed on the profit it makes and the shareholders are taxed on the dividends 
B) the corporation pays taxes in April and October 
C) corporations are taxed more heavily than other corporate structures 
D) corporations pay taxes on the goods they purchase to create the product rather than on the profits from the sale of the goods 
A) the corporation is taxed on the profit it makes and the shareholders are taxed on the dividends 
B) the corporation pays taxes in April and October 
C) corporations are taxed more heavily than other corporate structures 
D) corporations pay taxes on the goods they purchase to create the product rather than on the profits from the sale of the goods

Question 7

In order to entice the best employees,it is advisable to include language in your policies that hints at promises of future employment or benefits.

Accepted Answer

A) True 
 B)False

Question 8

After filing for a provisional patent,how long do you have before developing the idea into a working prototype?

Accepted Answer

A) 1 year 
B) 2 years 
C) 3 years 
D) 4 years 
A) 1 year 
B) 2 years 
C) 3 years 
D) 4 years

Question 9

In an LLC,how are profits and losses reported?

Accepted Answer

A) on individual tax returns 
B) on the corporation's tax return 
C) on both the corporate and individual tax return 
D) on either the corporate or individual tax return 
A) on individual tax returns 
B) on the corporation's tax return 
C) on both the corporate and individual tax return 
D) on either the corporate or individual tax return

Question 10

Which of the following would most likely be considered fair use of copyrighted material?

Accepted Answer

A) A T-shirt company uses a famous clause from a song and places it on their T-shirts. 
B) A high school teacher copies a portion of a song sheet to explain the use of timing and syncopation. 
C) A nonprofit organization sells copies of a copyrighted cookbook at a fundraiser. 
D) A movie producer uses a popular song as background to one of his/her movie scenes. 
A) A T-shirt company uses a famous clause from a song and places it on their T-shirts. 
B) A high school teacher copies a portion of a song sheet to explain the use of timing and syncopation. 
C) A nonprofit organization sells copies of a copyrighted cookbook at a fundraiser. 
D) A movie producer uses a popular song as background to one of his/her movie scenes.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Which of the following would most likely be considered fair use of copyrighted material?

Accepted Answer

A) A writer references a portion of a comedian's script in a book in order to demonstrate a key point. 
B) A writer copies a portion of a new book on chess in which he reveals the secrets in the competitor's book.He credits the original author. 
C) A songwriter puts the words of a poem to a musical score. 
D) A writer and biologist copy 30 diagrams from another textbook,citing the original author. 
A) A writer references a portion of a comedian's script in a book in order to demonstrate a key point. 
B) A writer copies a portion of a new book on chess in which he reveals the secrets in the competitor's book.He credits the original author. 
C) A songwriter puts the words of a poem to a musical score. 
D) A writer and biologist copy 30 diagrams from another textbook,citing the original author.

Question 13

Bob is a massage therapist working for a company with three employees.After a year,he asks to take a vacation only to find out that vacations are not offered by the company.Bob argues that he is due 2 weeks of vacation based on customary vacations received elsewhere.Discuss the legal,practical,and ethical issues.

Accepted Answer

Answers should address the employment ag

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

How long does a federally registered trademark last before it must be renewed?

Accepted Answer

A) It is a lifelong registration. 
B) 100 years 
C) 10 years 
D) 25 years 
A) It is a lifelong registration. 
B) 100 years 
C) 10 years 
D) 25 years

Question 16

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

Accepted Answer

A) The advice may be given by a lawyer who does not have a physical office. 
B) The advice may not be strictly accurate or relevant to your type of business. 
C) The service is free and there is no paperwork to document the advice. 
D) Sample documents and forms will not be available. 
A) The advice may be given by a lawyer who does not have a physical office. 
B) The advice may not be strictly accurate or relevant to your type of business. 
C) The service is free and there is no paperwork to document the advice. 
D) Sample documents and forms will not be available.

Question 17

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

Accepted Answer

A) England 
B) Germany 
C) China 
D) Australia 
A) England 
B) Germany 
C) China 
D) Australia

Question 18

A delivery service hires independent contractors as drivers to deliver products that are ordered online.The company requires that the delivery service be available from 8 am to 5 pm Monday through Friday and displays the company logo on their shirt and automobile (in the form of a magnetic sign).Procedures for logging the package and the number of attempts for delivery are defined by the company.What issues may be of concern in this situation?

Accepted Answer

A) The employer has not outlined provisions for overtime. 
B) The employer may not be paying vacation time to the contractors. 
C) The employer may have misclassified these workers as contractors because the employers are controlling their work hours,operations,and appearance. 
D) None,as the employer and delivery service have signed an independent contractor agreement. 
A) The employer has not outlined provisions for overtime. 
B) The employer may not be paying vacation time to the contractors. 
C) The employer may have misclassified these workers as contractors because the employers are controlling their work hours,operations,and appearance. 
D) None,as the employer and delivery service have signed an independent contractor agreement.

Question 19

IRS regulations require that an employer keeps records of employment taxes for at least the most recent year.

Accepted Answer

A) True 
 B)False

Question 20

What business entity term refers to a business owner who has not formed a separate entity to run the business?

Accepted Answer

A) sole practitioner 
B) self-employed 
C) sole proprietorship 
D) nonentity small business 
A) sole practitioner 
B) self-employed 
C) sole proprietorship 
D) nonentity small business

The most significant factor in determining whether a worker is a contractor or an employee is ______.

What number of employees must a company have before they are required to provide family and medical leave and,in some states,sick leave?

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.

A sole proprietorship is rarely the correct choice of legal structure for startups.

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?

A C corporation's disadvantage is double taxation.This means that ______.

In order to entice the best employees,it is advisable to include language in your policies that hints at promises of future employment or benefits.

After filing for a provisional patent,how long do you have before developing the idea into a working prototype?

In an LLC,how are profits and losses reported?

Which of the following would most likely be considered fair use of copyrighted material?

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

Which of the following would most likely be considered fair use of copyrighted material?

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

How long does a federally registered trademark last before it must be renewed?

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

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

IRS regulations require that an employer keeps records of employment taxes for at least the most recent year.

What business entity term refers to a business owner who has not formed a separate entity to run the business?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Building Business Models

Developing Your Customers

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Filters

Exam 14: Navigating Legal and Ip Issues

The most significant factor in determining whether a worker is a contractor or an employee is ______.

What number of employees must a company have before they are required to provide family and medical leave and,in some states,sick leave?

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.

A sole proprietorship is rarely the correct choice of legal structure for startups.

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?

A C corporation's disadvantage is double taxation.This means that ______.

In order to entice the best employees,it is advisable to include language in your policies that hints at promises of future employment or benefits.

After filing for a provisional patent,how long do you have before developing the idea into a working prototype?

In an LLC,how are profits and losses reported?

Which of the following would most likely be considered fair use of copyrighted material?

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

Which of the following would most likely be considered fair use of copyrighted material?

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

How long does a federally registered trademark last before it must be renewed?

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

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

IRS regulations require that an employer keeps records of employment taxes for at least the most recent year.

What business entity term refers to a business owner who has not formed a separate entity to run the business?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Building Business Models

Developing Your Customers

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Filters