Q&A Hero

Q: Identify the most common reasons why business plans fail.

Q: Business plan progress can and should be measured throughout the year. Discuss three controls that help track progress. (Students can discuss any 3 of the following six)

Q: Identify and explain, give examples when appropriate, of key areas that should be investigated when conducting an environmental analysis.

Q: Explain the purpose and content of the executive summary of the business plan.

Q: What types of information might an entrepreneur needs in regards to manufacturing operations?

Q: Explain what makes a contract legally enforceable

Q: What are the main benefits of a registered trademark?

Q: List the four requirements of filing for a trademark.

Q: Identify and describe the three different types of patents.

Q: Identify and describe the major parts of a patent application.

Q: The courts consider oral agreements under $500 binding if: A.the agreement is for less than one year. B.the parties have previously done business together. C.the transaction is for services rendered. D.the new venture is incorporated.

Q: What type of agreement must always be in writing in order to be a legally binding contract? A.Client B.Distributor C.Supplier D.Real estate

Q: Which of the following is not a condition that makes a contract legally enforceable? A.Consideration is given by both parties B.All parties involved are competent C.Money is exchanged for products/services D.Acceptance of the offer must be voluntary

Q: Which of the following is true regarding the Sarbanes-Oxley Act? A.It only applies to companies that make over $10 million in gross revenue. B.Private companies are not included in this act. C.The act does not cover fraud via TV or radio. D.The act only covers a narrow range of corporate governance activity.

Q: What type of insurance would cover fire or burglary damage? A.Property B.Bonding C.Life D.Workers' Compensation

Q: What type of insurance is mandatory in some states? A.Property B.Bonding C.Life D.Workers' Compensation

Q: The _______ created the commission that prescribes safety standards for products. A.Consumer Product Safety Act B.Patent Cooperation Treaty C.Sarbanes-Oxley Act D.U.S. Labor Department

Q: Licensing represents opportunities for: A.expanding into new markets. B.reach more customers in existing target markets. C.an entrepreneur to profit with less risk and costly start-up investment. D.an entrepreneur to gain access to others' copyrights, trademarks and patents.

Q: Licensing can be used by the entrepreneur to: A.protect the Board of Directors from liability. B.insulate management from liability. C.protect confidentiality of a trade secret. D.copy a competitor's patent.

Q: Trade secrets can be protected for: A.an unlimited period of time. B.20 years according to federal law. C.14 years according to state law. D.50 years if renewed to the maximum allowed, five 10 year renewable terms.

Q: Trade secrets are protected: A.by the General Agreement on Tariffs and Trade. B.by federal law. C.by state law. D.by the Library of Congress.

Q: The term of a copyright is the author's life plus: A.20 years. B.30 years. C.50 years. D.70 years.

Q: Copyrights can protect all of the following except: A.music. B.molded plastic parts. C.sculptures. D.models.

Q: Copyrights are registered with: A.the U.S. Justice Department. B.the Internet Commission. C.the GATT. D.the Library of Congress.

Q: Authors or publishers of software are protected under: A.copyrights. B.trademarks. C.utility patents. D.trade secrets.

Q: Once accepted, the trademark is published in the Trademark Official Gazette for ____ days to allow any party to oppose or request an extension to oppose the use of the mark. A.10 B.30 C.90 D.180

Q: The entire trademark registration process takes approximately: A.7 months B.13 months C.18 months D.2 years

Q: Which government office is responsible for the federal registration of trademarks? A.U.S. Trademark Services B.Local Chambers of Commerce C.Patent and Trademark Office D.Internal Revenue Service

Q: It takes approximately ______ to obtain a trademark. A.12 months B.13 months C.14 months D.18 months

Q: To apply for a trademark: A.intent to use the mark is required. B.the mark must actually have been used on goods. C.the mark must be copyrighted. D.the mark must have been used on goods that are already traded.

Q: Which of the following statements is(are) not true? A.A trademark may be a word, slogan, symbol, design or particular sound. B.Unlike a patent, trademark does not last indefinitely. C.It is possible to file for a trademark if you intend to use this mark in the future. D.There are four categories of trademarks.

Q: The initial registration for a trademark lasts: A.10 years. B.14 years. C.17 years. D.20 years.

Q: Priceline.com's service where a buyer can submit a price bid for a particular service is an example of a: A.utility patent. B.design patent. C.business method patent. D.license.

Q: The section of the patent application that includes engineering specifications, materials and components is the: A.background and advantage section. B.description of invention. C.claims section. D.executive summary.

Q: The section of the patent application which provides the criteria by which any infringement will be determined is the: A.background and advantages section. B.description of the invention. C.claims section. D.executive summary.

Q: The ________ is filed to establish a date of conception of an invention and replaces what used to be known as a disclosure document. A.provisional patent B.defensive document C.trademark D.copyright

Q: The _______ was established to facilitate patent filings in multiple countries. A.General Agreement on Trades and Tariffs B.Patent and Trademark Office C.Sarbanes-Oxley Act D.Patent Cooperation Treaty

Q: The _____ patent is granted for a 14-year term. A.utility B.design C.plant D.procedure

Q: Which of the following is a contract that grants the owner protection, based on the appearance of an object? A.Utility patent B.Design patent C.Plant patent D.Disclosure document

Q: A _________ is a contract between the government and an inventor. A.patent B.franchise C.trademark D.trade secret

Q: A patent attorney hired as a specialist to help the entrepreneur obtain a patent would most likely be hire on a: A.retainer fee B.success fee C.out-of-pocket reimbursement D.one-time fee

Q: Contracts for the sale of real estate must be in writing to be valid.

Q: An oral agreement is enforceable indefinitely.

Q: Under the Sarbanes-Oxley Act CEOs are not required to vouch for the firm's financial statements because they don't get involved with the day to day operations of the firm.

Q: Health insurance premiums are less expensive if there is a large group of insured participants.

Q: Skyrocketing medical costs have resulted in lowering workers' compensation insurance premiums.

Q: Health Insurance is now required in any company for employees who work more than 20 hours per week.

Q: Licensing can be a way to start a new venture when the idea may infringe on someone else's patent, trademark, or copyright.

Q: Licensing agreements generate revenue while minimizing risk and start-up investment costs.

Q: Licensing a trademark generally involves a franchising agreement.

Q: Licensing requires the licensee to pay a royalty to the licensor.

Q: While dealing with leaking of trade secrets, legal action can be taken only after the secret has been revealed.

Q: The reason that many noncompete agreements, which help protect trade secrets, are thrown out of court is that they are poorly structured and written.

Q: A trade secret is protected by state law.

Q: Copyright law does not apply to music, especially when downloaded from the Internet.

Q: A copyright can be used to protect sculptures or blueprints.

Q: A copyright protects original works of authorship.

Q: One benefit of having a registered trademark is that it establishes the right to deposit registration with customs to prevent importation of goods with a similar mark.

Q: Getting a trademark typically takes 2 years.

Q: Once accepted, the trademark is published in the Trademark Official Gazette to allow any party 90 days to oppose or request an extension to oppose.

Q: To file for trademark protection only intent to use is necessary.

Q: A trademark is given a 50-year registration with no renewal.

Q: A trademark is a distinguishing word, name, or symbol used to identify a product.

Q: An entrepreneur should seek a patent attorney who has experience in their product line.

Q: An example of a business method patent is Amazon.com's single clicking feature used by a buyer to order products.

Q: Copying a product and improving it is not patent infringement.

Q: The claims section of a patent application is probably the most difficult section of the application to prepare since this area sets the criteria by which any infringements will be determined.

Q: The three major parts of a patent application are the introduction, description and warranty sections.

Q: To prevent others from copying his or her ideas, the entrepreneur should not send drawings with the patent application.

Q: A provisional patent application can be used to establish the date of conception of the invention.

Q: The Patent Cooperation Treaty, which has over 100 participants, was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

Q: The three main categories of patents are design, utility and provisional patents.

Q: A utility patent grants the owner protection from anyone else making, using, and/or selling the identified invention and generally reflects protection of new, useful, and unobvious processes.

Q: The most commonly issued type of patent is the plant patent.

Q: Any invention requiring FDA approval has the term of its patent extended by the amount of time it takes the FDA to review the invention.

Q: A design patent has a term of 14-years, beginning on the date of filing with the Patent and Trademark Office (PTO).

Q: A patent is a contract between the government and an inventor.

Q: When resources are limited, the entrepreneur can offer a lawyer stock in exchange for legal services.

Q: A lawyer may work on a retainer basis by which he or she provides office and consulting time, which includes court time and other legal fees related to the action.

Q: Entrepreneurs, because of their lack of understanding of intellectual property, ignore important steps that they should have taken to protect these assets.