LGS 200 Test 3 Questions with Correct Answers (Grade A+)
Question 1: intangible property, property that is neither tangible, nor movable; includes patents,
copyrights, trademarks and trade secrets
Answer: Intellectual Property
Question 2: any trade name, symbol, word, logo, design or device used to identify and distinguish
services of a provider from those of any other providers
Answer: Trademark
Question 3: an exclusive grant by the U.S. federal government upon the inventor of an invention or a
design for the exclusive right to use, sell or license the invention for a limited period of time
Answer: Patent
Question 4: upon the expiration of the appropriate patent term, the patent will enter thisallowing
anyone to use the patent without being obligated to pay royalties to the original patent owner
Answer: Public Domain
Question 5: an automatic legal right giving the author of qualifying subject matter the exclusive right to
publish, produce, sell, license and distribute the tangible, written work
Answer: Copyright
Question 6: literary works, musical works and compositions, dramatic works, pantomimes and
choreographic works, pictorial, graphical and sculptural works, films and audiovisual work, sound
recordings, architectural works
Answer: Copyright Examples
Question 7: When does a copyright expire?
Answer: 70 years after death of last surviving author
Question 8: a person who forms and operates a business
Answer: Entrepreneur
Question 9: individual business owner is the business; simplest and easiest business entity to form
Answer: Sole Partnership
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Question 1: intangible property, property that is neither tangible, nor movable; includes patents,
copyrights, trademarks and trade secrets
Answer: Intellectual Property
Question 2: any trade name, symbol, word, logo, design or device used to identify and distinguish
services of a provider from those of any other providers
Answer: Trademark
Question 3: an exclusive grant by the U.S. federal government upon the inventor of an invention or a
design for the exclusive right to use, sell or license the invention for a limited period of time
Answer: Patent
Question 4: upon the expiration of the appropriate patent term, the patent will enter thisallowing
anyone to use the patent without being obligated to pay royalties to the original patent owner
Answer: Public Domain
Question 5: an automatic legal right giving the author of qualifying subject matter the exclusive right to
publish, produce, sell, license and distribute the tangible, written work
Answer: Copyright
Question 6: literary works, musical works and compositions, dramatic works, pantomimes and
choreographic works, pictorial, graphical and sculptural works, films and audiovisual work, sound
recordings, architectural works
Answer: Copyright Examples
Question 7: When does a copyright expire?
Answer: 70 years after death of last surviving author
Question 8: a person who forms and operates a business
Answer: Entrepreneur
Question 9: individual business owner is the business; simplest and easiest business entity to form
Answer: Sole Partnership
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