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Questions
Q:
Which of the following is a key function of the U.S. Court of Appeals for the Federal Circuit regarding patents?
A) It hears appeals rejected by the state courts regarding patent issues.
B) It accepts applications for new patents.
C) It helps promote uniformity in patent laws.
D) It helps enact new patent laws.
Q:
How do patent laws help an inventor?
A) by helping the inventor guard his patented invention from the public
B) by providing protection for patented inventions from infringement
C) by helping the inventor meet potential buyers for his patented inventions
D) by letting the inventor keep his patents indefinitely
Q:
A ________ is a grant by the federal government to the inventor of an invention for the exclusive right to use, sell, or license the invention for a limited amount of time.
A) copyright
B) trade secret
C) patent
D) trademark
Q:
Give an account of the Economic Espionage Act (EEA) and its importance in combating cyber piracy.
Q:
Using indifference curve analysis, an optimum is characterized byA) the marginal rate of substitution of one good divided by its price equal to the marginal rate of substitution of the other good divided by its price.B) the marginal rate of substitution being equal to one. C) the marginal rate of substitution being equal to zero.D) the marginal rate of substitution being equal to the ratio of the prices of the two goods.
Q:
Congress enacted the federal ________, which makes it a federal crime to steal another's trade secrets.
Q:
You are serving as the executor for the estate of Scott Michaels, who passed away on June 28, 2011. The following transactions occur during the balance of June and July, 2011. 1. On July 11, you issued a check to pay Scott's final medical expenses of $28,000. 2. In Scott's will, he wanted $90,000 given to the American Society for the Prevention of Cruelty to Animals (ASPCA). After examining the assets, you determined that the estate's assets will adequately cover all expenses and specific devises, so on July 13, you issued a check to the ASPCA for $90,000. 3. On July 15, you received a check in the amount of $27,900 from First State Bank of Greenville. It is the maturity value and interest from a certificate of deposit in the amount of $25,000 that was not included in the estate's initial inventory. The CD matured on June 30, 2011. 4. On July 26, you received interest of $2,000 on Greenville City bonds. Interest of $180 was earned after the date of death. The balance was earned prior to death, and had been accrued. The bonds were included in the initial inventory. 5. On July 28, you issued a check to pay Scott's funeral expenses of $7,600. Required:Prepare the necessary journal entries for the above transactions. You may ignore any estate or income taxes.
Q:
A competitor can lawfully discover a trade secret by performing reverse engineering.
Q:
According to the Economic Espionage Act, ________.
A) persons who have reverse-engineered a trade secret can use that trade secret and the related trademark
B) it is a federal crime to steal another's trade secret
C) the rights to a trade secret must be renewed after a specified period of time
D) trade secrets can be shared for a limited amount of time
Q:
What federal statute was enacted by the U.S. Congress to protect trade secrets?
A) the Sarbanes-Oxley Act
B) the Lanham Act
C) the Telecommunication Act
D) the Economic Espionage Act
Q:
In addition to recovering profits made by the offender and damages, a successful plaintiff in a misappropriation of a trade secret case can also ________.
A) obtain an injunction prohibiting the offender from divulging the trade secret
B) ask for transfer of any of the offender's patents to the plaintiff
C) obtain the offender's trademarks or brand name as payoff
D) ask to acquire the offender's trade secrets as payoff
Q:
Suppose Isaacʹs marginal utility from attending his 5th White Sox game was 40 and the marginal utility from attending his 1st U2 concert was 200. Assume that the price of a Sox ticket is $20 and the price of a U2 ticket is $120. Which of the following would be true?A) Isaac would attend more U2 concerts and less Sox games. B) Isaac would attend more Sox games and less U2 concerts. C) Isaac would not alter his behavior.D) Isaac would attend less of both Sox games and U2 concerts.
Q:
A competitor can lawfully use a rival's trade secret if the competitor discovers the trade secret by means of ________.
A) copyrighting
B) cross-licensing
C) patenting
D) reverse engineering
Q:
Philiam Benedict dies on October 1, 2011, leaving his entire estate to his sole surviving niece, Muriel Finster. After all devise distributions and payments for estate expenses and liabilities, the fair value of Philiam's estate is $6,350,000.Required:Calculate the federal estate tax on Philiam's estate, assuming that federal estate taxes are paid at the 45% rate.
Q:
If a competitor reverse-engineers a trade secret, then the competitor is ________.
A) allowed co-ownership of the trade secret and its original trademark
B) allowed to use the trade secret but not its original trademark
C) not allowed to gain commercially from the trade secret
D) obliged to inform the original owner of the trade secret
Q:
A closely guarded formula for a recipe protected by a soft drink manufacturer is a ________.
A) trade secret
B) copyright
C) patent
D) trademark
Q:
A ________ is a product formula, pattern, design, compilation of data, customer list, or other covert business information.
A) copyright
B) trade secret
C) trademark
D) patent
Q:
Intellectual property falls into a category of property known as a(n) ________.
A) tangible property
B) moveable property
C) real property
D) intangible property
Q:
Which of the following is an example of intellectual property?
A) a patent
B) a vehicle
C) a business contract
D) a building
Q:
John Doe's will states that all assets he had should be transferred to a trust to cover living expenses for his spouse, who he feels will not be able to handle her own financial affairs without advice and supervision. Upon his spouse's passing, the trust will be converted to cash and distributed to their only daughter, Jane. The probate court already ruled on which assets could be excluded from the estate, and all tax issues were addressed, leaving the following inventory of assets from the estate: AssetCostFair ValueCash206,000206,000Certificates of Deposit250,000250,000Investments/Mutual Funds354,1162,780,500Residence34,000190,000Ocean front cottage78,000560,000Pepper mill collection2,0703,900 Required:Prepare the journal entry for the creation of the trust.
Q:
How does the cross elasticity of demand differ from the price elasticity of demand? How are they related?
Q:
Give an account of trademark dilution.
Q:
Explain what a generic name is with reference to trademarks.
Q:
A(n) ________ mark confirms that a seller of a product or service has met certain geographical location requirements, quality standards, material standards, or mode of manufacturing standards established by the owner of the mark.
Q:
A mark that indicates that a person has met the standards set by an organization and is a member of that organization is known as a(n) ________ mark.
Q:
________ is a type of trademark dilution where a party uses another party's famous mark to designate a product or service in another market so that the unique significance of the famous mark is weakened.
Q:
The price elasticity of demand isA) always negative. B) sometimes positive.C) always positive. D) constant along the demand curve.
Q:
Once a trademark becomes a ________, the term loses its protection under federal trademark law.
Q:
Cindy Lou's parents passed away while she was still dependent on them, and their will designated that a trust should be established with their estate proceeds to care for her. The following transactions occurred in the first two months following their deaths. 1. The trust account was opened with the $2,000,000 in funds received from the estate. The funds were deposited into a non-interest bearing checking account to be used for expenses. 2. $1,500,000 was put into a multi-year certificate of deposit which earned 3% annually, with interest paid monthly back to the checking account. 3. One month's interest from the certificates of deposit was received. 4. The bank's trust administration fee was paid for $65. 5. Tuition was paid for the boarding school where Cindy Lou was living for $6,500. Required:Prepare the journal entries for the listed transactions. Disregard the impact of estate and income taxes.
Q:
A(n) ________ is a distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business.
Q:
In 1946, Congress enacted the ________ Act to provide federal protection to trademarks, service marks, and other marks.
Q:
In a dilution lawsuit, the plaintiff must show proof of actual harm in order to win the lawsuit.
Q:
Trademarks that have become generic names are protected under federal trademark law.
Q:
Distinctive marks are ordinary words or symbols that have an established meaning but have acquired a secondary meaning attached to a product or service.
Q:
Ordinary words or symbols that have taken on a secondary meaning can qualify as marks.
Q:
When no one owns a particular resource, A) property rights are clearly defined.B) individuals have legal recourse for any damages caused to their resource.C) no one has any incentive to consider externality spillovers associated with that resource.D) positive externalities will arise.
Q:
Buddy, a dog, is cared for by a trust set up by his owner's will. The following transactions occurred for the trust. 1. The trust was established with $100,000 from his owner's estate, by deposit to a savings account. 2. A check is written to Paws and Claws Puppy Farm to cover the first month of Buddy's room and board, for $680. 3. A check is received for interest earned on the savings account amounting to $417. 4. Buddy dies. Paws and Claws sends a final room and board bill for $430, with additional charges for Buddy's burial of $270. The invoice is paid. 5. The balance of the trust is turned over to the Humane Society, as prescribed by Buddy's owner's will, and the trust is closed. Required:Prepare the journal entries for the listed transactions. Disregard the impact of estate and income taxes.
Q:
A certification mark is usually owned by a for-profit corporation.
Q:
A service mark is used to distinguish the product of the holder from those of its competitors.
Q:
The trademark symbols TM and SM can be used with marks that have not been registered.
Q:
A party that does not register its brand name has no legal right over it.
Q:
Approximately how much of aggregate national income in the United States is spent on health care every year since 2000?A) 5 percent B) 10 percent C) 15 percent D) 30 percent
Q:
The trademark symbol SM is used to indicate a mark associated with a product.
Q:
Suzanne Quincy passed away on October 25, 2011. Suzanne left behind a limited estate, so there are no tax issues to address, however, she owned a dog, Buddy, and Suzanne provided for Buddy in the will. Suzanne left $100,000 for Buddy's care, and the remainder of her estate was left to her neighbor, Agnes. Suzanne's estate had the following events and transactions in the month following her death. 1. Her assets were converted to cash at their fair value as inventoried: Mutual funds, $270,000; and Residence, $209,000. There were no other reportable assets. 2. Transferred $100,000 to a trust account at Second National Bank to provide care for Buddy, and delivered Buddy to Paws and Claws Pet Farm, his new home. 3. Wrote check to pay for funeral expenses for $9,600. 4. Wrote check to pay for executor fees as designated in the will of $1,000. 5. Wrote check to pay balance of estate to Agnes. Required:Prepare the journal entries for the listed transactions. Disregard the impact of estate and income taxes.
Q:
A trademark is issued if the registrant proves he has used the mark in commerce.
Q:
A company slogan is an example of a trademark.
Q:
________ is a type of trademark dilution where a famous mark is linked to products of inferior quality or is portrayed in an unflattering, immoral, or reprehensible context likely to evoke negative beliefs about the mark's owner.
A) Tarnishment
B) Blurring
C) Astroturfing
D) Trolling
Q:
A(n) ________ is a term for a mark that has become a common term for a product line or type of service and therefore has lost its trademark protection.
A) private brand
B) service mark
C) obsequious work
D) generic name
Q:
When is a mark said to have acquired a secondary meaning?
A) when a mark that resembles a mark already registered with the U.S. Patent and Trademark Office is used for a new product or service
B) when ordinary words establish a new meaning due to its attachment to a product or service
C) when a distinctive mark or design is created for a new product or service
D) when descriptive words are used that have no direct relevance to a product or service
Q:
Suppose 10 percent of the families receive 10 percent of the income, 20 percent of the families receive 20 percent of the income, and so forth. The Lorenz curve would beA) a straight line at a 45-degree angle from the origin. B) a straight line at a 30-degree angle from the origin. C) the most bowed curve possible.D) the horizontal axis.
Q:
"Just Do It" is a famous tagline used by the Nike Corporation. Which of the following types of intellectual property would this tagline come under?
A) trademark
B) patent
C) trade secret
D) copyright
Q:
Richard Stands passed away at on September 2, 2011. The probate court ruled that most assets could be excluded from estate inventory. Ty Republic has been appointed to serve as executor for the estate. The estate assets consisted of the following at that date:AssetCostFair ValueCash160,750160,750Certificates of Deposit100,000100,000Investments/Mutual Funds487,1603,506,490Residence185,000368,000Lake cottage12,000123,000Cookie Jar collection8,78574,0001966 Alpha Romeo42,00079,750 Required:Prepare an inventory of estate assets as of September 2, 2011.
Q:
John Crichton applied for a trademark logo at the U.S. Patent and Trademark Office for his new startup company, stating that he would use the logo in commerce within the next six months. After six months, he had not yet used the logo. Which of the following options does trademark law allow John Crichton so that he can retain his logo until he uses it in commerce?
A) Pay a fine so that the trademark gets registered immediately.
B) Change the logo slightly and reapply for the modified logo.
C) Cancel the current application and re-apply for the same logo.
D) Apply for a six-month extension to use the logo in commerce.
Q:
Which of the following types of intellectual property is protected by the Lanham Act?
A) a trade secret
B) a trademark
C) a copyright
D) a patent
Q:
A ________ is any trade name, symbol, word, logo, design, or device used to identify and distinguish goods of a manufacturer or seller or services of a provider from those of other manufacturers, sellers, or providers.
A) trade secret
B) patent
C) trademark
D) copyright
Q:
How is a copyright different from a patent?
A) Federal law applies to a copyright, while individual state law applies to a patent.
B) A copyright, not a patent, must be novel and useful.
C) A copyright protects an invention, while a patent protects a tangible writing.
D) The period of protection for a copyright is longer than the period of protection for a patent.
Q:
Recently, two construction industry unions also left the AFL -CIO and joined with ironworkers and bricklayers unions to formA) the National Brotherhood of Teamsters.B) the National Construction Alliance. C) the American Federation of Workers. D) Change to Win.
Q:
Explain the process of copyright registration.
Q:
Warren Peace passed away, with his will leaving the bulk of all his worldly possessions to his friend Leo. The following transactions occurred with respect to Warren's estate. 1. Warren's estate inventory included 10,000 shares of Newberry Industries, selling at the time of Warren's death at $56 per share. There were no outstanding dividends at the time Warren died, but two weeks later, a $1.00 per share dividend was declared. 2. Warren only designated one item that was not to be left to Leo. Warren's family had a signed, first-edition copy of a classic novel that was valued and included in the estate inventory at $67,000, which Warren left to the local library. The book is located and delivered. 3. Funeral expenses are paid in the amount of $7,880. 4. A statement comes from the insurance company indicating there are multiple charges from Warren's final hospital stay that will not be covered and are the responsibility of the estate. These fees amount to $39,000 and were not known at the time the estate inventory was prepared. The charges are confirmed and will be paid when the separate bills arrive from the hospital and professionals who billed them to the insurance company. 5. A check is received from Newberry Industries for the dividends declared in the first transaction, above. Required:Prepare the journal entries for the listed transactions. Disregard the impact of estate and income taxes.
Q:
In 1997, Congress enacted the ________ Act, a federal statute that criminalizes certain copyright infringement.
Q:
The ________ Amendment to the U.S. Constitution protects criminal defendants from cruel and unusual punishment.
Q:
The ________ Amendment to the U.S. Constitution guarantees that a criminal defendant has the right to a public jury trial.
Q:
The Fifth Amendment to the U.S. Constitution provides that no person "shall be compelled in any criminal case to be a witness against himself." This right is referred to as the ________.
Q:
A defendant is protected by the Double Jeopardy Clause of the Fifth Amendment if his or her case results in a hung jury.
Q:
A 20 percent increase in the wage rate induces firms in an industry to reduce quantity demanded for labor by 5 percent in the first year. Five years later we would expect, other things constant,A) the reduction in the quantity demanded of labor to be much greater than 5 percent.B) the reduction in the quantity demanded of labor to be less than 5 percent. C) the reduction in the quantity demanded of labor to be about 5 percent.D) the quantity demanded of labor to be back to its original level.
Q:
Rusty Nail died in the summer of 2011. The following transactions occurred relating to Rusty's estate.1. Rusty's estate included a $50,000 Certificate of Deposit. When Rusty died, there was $250 accrued but unpaid interest. When the check was received for the normal semiannual interest payment, it was in the amount of $1,250.2. Rusty's will requested a specific transfer to the local playhouse in the amount of $20,000. Avery's estate should be adequate to cover all obligations and devises, and the amount is paid.3. A fee for probate court is paid amounting to $1,400.4. Funeral expenses are paid amounting to $13,000.5. A bill is received from the anesthesiologist relating to Rusty's last hospital stay for $22,000. The bill is not covered by insurance, and was not included in the estate inventory. The bill is verified and paid.Required:Prepare the journal entries for the listed transactions. Disregard the impact of estate and income taxes
Q:
The Fourth Amendment to the U.S. Constitution protects people from being tried twice for the same crime.
Q:
The U.S. Supreme Court recognizes an accountant-client privilege under federal law.
Q:
The attorney-client privilege can only be raised by the defendant.
Q:
The Miranda rights must be read to a suspect before he or she is detained by the police or other government officials.
Q:
Any statements or confessions obtained from a suspect before he or she has been read the Miranda rights can be excluded from evidence at trial.
Q:
The FTC isA) the act that prevents producers from driving out smaller competitors by means of selected discriminatory price cuts.B) the commission that investigates unfair competitive practices such as misleading advertising.C) an agency which has been set up to regulate the federal government. D) the agency set up to regulate hospitals.
Q:
Avery died testate early in 2011. The following transactions occurred relating to Avery's estate.Avery's estate included bonds with a fair (market) value of $120,000. On the date of Avery's death, there was $2,000 of accrued but unpaid interest. Two months after Avery's death, a check arrived in the amount of $3,000, representing the normal semiannual interest payment.Avery's will stated a specific transfer to the Bird Sanctuary in the amount of $10,000. Avery's estate should be adequate to cover all obligations and devises, and the amount is paid.Funeral expenses amounted to $12,500.A bank statement is received from the First National Bank indicating a cash balance of $8,600. This bank account was not known or included on the estate inventory.Probate fees are paid to the court amounting to $900.Required:Prepare the journal entries for the listed transactions. Disregard the impact of estate and income taxes.
Q:
Obtaining nontestimonial evidence like fingerprints and body fluids violates the Fifth Amendment privilege against self-incrimination.
Q:
Corporations can seek protection under the Fifth Amendment privilege against self-incrimination.
Q:
The Fifth Amendment to the U.S. Constitution provides that no person shall be compelled in any criminal case to be a witness against himself.
Q:
The exclusionary rule allows for evidence obtained from an unreasonable search and seizure to be introduced at trial.
Q:
Warrantless searches are permitted when it is likely that evidence will be destroyed.
Q:
The Fifth Amendment to the U.S. Constitution protects people from unreasonable search and seizure by the government.
Q:
Which is FALSE about perfect competition?A) There are numerous sellers.B) Market entry and exit is unrestricted. C) There is no ability to set price.D) There is considerable product differentiation.