Question 1

Which of the following would be a disadvantage of hiring a contractor?

Accepted Answer

A) you would not be able to have the contractor arrive at a certain time or perform the job in a certain way 
B) the contractor would not be required to perform the job to the same level as an employee 
C) the contractor could be terminated if he or she did not fulfill their contracts 
D) the contractor generally would have less of a personal commitment to doing the job well 
A) you would not be able to have the contractor arrive at a certain time or perform the job in a certain way 
B) the contractor would not be required to perform the job to the same level as an employee 
C) the contractor could be terminated if he or she did not fulfill their contracts 
D) the contractor generally would have less of a personal commitment to doing the job well A

Question 2

Which of the following must be paid for by the employer?

Accepted Answer

A) Medicare 
B) medical leave 
C) paid sick days 
D) life insurance 
A) Medicare 
B) medical leave 
C) paid sick days 
D) life insurance A

Question 3

In a C corporation, who is liable for its actions?

Accepted Answer

A) the corporation 
B) the shareholders 
C) the owner of the company 
D) the board of directors 
A) the corporation 
B) the shareholders 
C) the owner of the company 
D) the board of directors A

Question 4

How does the author suggest that the Internet's legal resources be used?

Accepted Answer

A) to access low-cost legal forms and advice 
B) to identify the type of legal counsel you will need 
C) to seek advice from free legal services 
D) to find sample documents that match your industry, products, and services 
A) to access low-cost legal forms and advice 
B) to identify the type of legal counsel you will need 
C) to seek advice from free legal services 
D) to find sample documents that match your industry, products, and services

Question 5

How long does a company have to register a newly hired employee with your state directory?

Accepted Answer

A) within 2 months of the hire date 
B) within 5 days of the hire date 
C) within 20 days of the hire date 
D) at any time before filing state taxes 
A) within 2 months of the hire date 
B) within 5 days of the hire date 
C) within 20 days of the hire date 
D) at any time before filing state taxes

Question 6

The term vesting can best be described as which of the following?

Accepted Answer

A) shares paid out to employees on a regular, usually annual basis 
B) a concept that determines how much of the company value a cofounder earns based on certain time periods 
C) the time and duties the cofounders must contribute to the business. 
D) the investment that each cofounder must contribute to the start and growth of the business 
A) shares paid out to employees on a regular, usually annual basis 
B) a concept that determines how much of the company value a cofounder earns based on certain time periods 
C) the time and duties the cofounders must contribute to the business. 
D) the investment that each cofounder must contribute to the start and growth of the business

Question 7

Which of these nonlegal methods can be used to protect your patent?

Accepted Answer

A) promoting your trademark brand 
B) getting the patent renewed every 3 years 
C) hiring a patent protection officer 
D) making sure that your product is not sold outside of the country 
A) promoting your trademark brand 
B) getting the patent renewed every 3 years 
C) hiring a patent protection officer 
D) making sure that your product is not sold outside of the country

Question 8

In the case of FedEx where contractor/drivers sued for overtime pay and benefits, what was the primary reason why the courts ruled that they had been misclassified and were, in fact, employees?

Accepted Answer

A) the contractors paid for their own uniforms 
B) the company controlled the activities of the drivers 
C) the contractors owned their own trucks 
D) the contractors worked for FedEx for a long period of time 
A) the contractors paid for their own uniforms 
B) the company controlled the activities of the drivers 
C) the contractors owned their own trucks 
D) the contractors worked for FedEx for a long period of time

Question 9

What action will most likely be required of someone who starts his company as a sole proprietorship?

Accepted Answer

A) obtain a license or business permit in your jurisdiction 
B) file for status as a C corporation 
C) file for status as an S corporation 
D) file as an LLC 
A) obtain a license or business permit in your jurisdiction 
B) file for status as a C corporation 
C) file for status as an S corporation 
D) file as an LLC

Question 10

What number of employees must a company have before they are required to provide family and medical leave and 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 11

Even if an inventor makes significant improvements to an existing product, changing the way that product is used and solving a problem incurred by the original product, that product is still the property of the base, original product.

Accepted Answer

A) True 
 B)False

Question 12

Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.

Accepted Answer

The answer should acknowledge some of th

Question 13

Which of the following online resources provide legal forms?

Accepted Answer

A) http://www.sec.gov 
B) http://www.irs.gov/business 
C) http://entrepreneurship.org 
D) http://www.dol.gov 
A) http://www.sec.gov 
B) http://www.irs.gov/business 
C) http://entrepreneurship.org 
D) http://www.dol.gov

Question 14

What step might be taken if some disclosure of your product is necessary in order to obtain funding, obtain raw materials, or other disclosures necessary in the development of the product?

Accepted Answer

A) mark all prototypes and designs with the company name 
B) file for a patent under your personal name instead of the company 
C) file for a provisional patent 
D) change the nature of the product after you have disclosed it 
A) mark all prototypes and designs with the company name 
B) file for a patent under your personal name instead of the company 
C) file for a provisional patent 
D) change the nature of the product after you have disclosed it

Question 15

What is indicated by China's announcement that they will be using a "designed in China" rather than "made in China" label on innovations?

Accepted Answer

A) They are protecting their brands with the label. 
B) China is rebranding its image of lower quality products. 
C) China is investing in their own ideas, which may mean less IP theft. 
D) They understand the value of a good tagline and are implementing it. 
A) They are protecting their brands with the label. 
B) China is rebranding its image of lower quality products. 
C) China is investing in their own ideas, which may mean less IP theft. 
D) They understand the value of a good tagline and are implementing it.

Question 16

Regardless of the type of entity, a business partner can always maintain his or her own shares in the company, even when they leave the company, provided they were one of the company's founders.

Accepted Answer

A) True 
 B)False

Question 17

A construction company is rapidly hiring employees to work on the construction site.The job will require people to occasionally lift up to 50 lbs.The job provides training to use equipment such as forklifts and tractors.The job also mentions that duties include putting up safety signs, directing traffic, taking measurements, and filling out paperwork.The company has placed an advertisement in the local paper that reads, "Looking for young men between 21 and 33 years of age to work for AJK Construction.Training will be provided.Ex-military and college students encouraged to apply.Start your career now and earn a salary of $26 an hour!" Discuss the ethics and legal issues raised in this job posting.

Accepted Answer

The answer should discuss both age and g

Question 18

How long does a patent generally last?

Accepted Answer

A) 2 years 
B) 10 years 
C) 20 years 
D) 50 years 
A) 2 years 
B) 10 years 
C) 20 years 
D) 50 years

Question 19

In a sole proprietorship, you are personally responsible for problems such as injuries on the job or loans taken out on behalf of the business.

Accepted Answer

A) True 
 B)False

Question 20

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

Which of the following would be a disadvantage of hiring a contractor?

Which of the following must be paid for by the employer?

In a C corporation, who is liable for its actions?

How does the author suggest that the Internet's legal resources be used?

How long does a company have to register a newly hired employee with your state directory?

The term vesting can best be described as which of the following?

Which of these nonlegal methods can be used to protect your patent?

In the case of FedEx where contractor/drivers sued for overtime pay and benefits, what was the primary reason why the courts ruled that they had been misclassified and were, in fact, employees?

What action will most likely be required of someone who starts his company as a sole proprietorship?

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

Even if an inventor makes significant improvements to an existing product, changing the way that product is used and solving a problem incurred by the original product, that product is still the property of the base, original product.

Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.

Which of the following online resources provide legal forms?

What step might be taken if some disclosure of your product is necessary in order to obtain funding, obtain raw materials, or other disclosures necessary in the development of the product?

What is indicated by China's announcement that they will be using a "designed in China" rather than "made in China" label on innovations?

Regardless of the type of entity, a business partner can always maintain his or her own shares in the company, even when they leave the company, provided they were one of the company's founders.

How long does a patent generally last?

In a sole proprietorship, you are personally responsible for problems such as injuries on the job or loans taken out on behalf of the business.

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

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Exam 15: Navigating Legal and Ip Issues

Which of the following would be a disadvantage of hiring a contractor?

Which of the following must be paid for by the employer?

In a C corporation, who is liable for its actions?

How does the author suggest that the Internet's legal resources be used?

How long does a company have to register a newly hired employee with your state directory?

The term vesting can best be described as which of the following?

Which of these nonlegal methods can be used to protect your patent?

In the case of FedEx where contractor/drivers sued for overtime pay and benefits, what was the primary reason why the courts ruled that they had been misclassified and were, in fact, employees?

What action will most likely be required of someone who starts his company as a sole proprietorship?

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

Even if an inventor makes significant improvements to an existing product, changing the way that product is used and solving a problem incurred by the original product, that product is still the property of the base, original product.

Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.

Which of the following online resources provide legal forms?

What step might be taken if some disclosure of your product is necessary in order to obtain funding, obtain raw materials, or other disclosures necessary in the development of the product?

What is indicated by China's announcement that they will be using a "designed in China" rather than "made in China" label on innovations?

Regardless of the type of entity, a business partner can always maintain his or her own shares in the company, even when they leave the company, provided they were one of the company's founders.

How long does a patent generally last?

In a sole proprietorship, you are personally responsible for problems such as injuries on the job or loans taken out on behalf of the business.

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters