LENB Exam Study Guide 2| Questions and Answers
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fanciful mark - ✔✔has no logical relationship to the product. It comprises an entirely
invented sign. "Kodak"
arbitrary mark - ✔✔words that have some dictionary meaning before being adopted as
trademarks, but have no relationship to the product/service. "Apple"
suggestive mark - ✔✔indicate the nature, quality, or characteristic of the products or
services in relation to which it is used. "Blu-ray disc"
descriptive mark - ✔✔a term that is directly related to the product it is describing. "Salty
Saltine crackers"
non-traditional trademarks - ✔✔appearance, motion, shape, sound, scent, taste, touch
copyright law - ✔✔any artistic work, such as visual art or music
copyright term - ✔✔life of the author plus 70 years
Fair use - ✔✔permits limited use of copyrighted material without acquiring permission from
the rights holders
patent law - ✔✔the right to exclude others from using a new technology 1) process,
machine, article or manufacture, or composition of matter 2) that is new, useful, and non-
obvious
, Design patent - ✔✔a form of legal protection granted to the ornamental design of a
functional item (jewelry, furniture, etc.)
utility patent - ✔✔an invention is "useful" if it provides some identifiable benefit and is
capable of use
prior art - ✔✔all information that has been made available to the public in any form before a
given date that might be relevant to a patent's claims of originality
sole proprietorship - ✔✔owned by one person, there is no separation between the business
and the owner, no legal distinction between the two. Unlimited personal liability. Life is limited
to the life of the owner. The taxes paid on the business fall under the owner's personal taxes
partnership - ✔✔2 or more owners that share profits and losses. Limited life-if a partner
leaves, the partnership is over, unless explained in the partnership agreement. Taxes fall under
the partners' personal taxes
joint and several liability - ✔✔They can go after both of the partners, or pick and choose
which to go after more (whoever they can get the most money out of)
limited partnership - ✔✔can avoid full liability and double taxation, plus they design how the
partnership can be set up
corporation - ✔✔limited liability-to do this, you separate the ownership from control of the
company via shareholders. Unlimited life, they are seen as a legal person. Double taxation
shareholders - ✔✔______ fund the business, but aren't involved in the actual business of the
organization
CEO - ✔✔chief executive officer
Verified 100% Correct | Latest Update
fanciful mark - ✔✔has no logical relationship to the product. It comprises an entirely
invented sign. "Kodak"
arbitrary mark - ✔✔words that have some dictionary meaning before being adopted as
trademarks, but have no relationship to the product/service. "Apple"
suggestive mark - ✔✔indicate the nature, quality, or characteristic of the products or
services in relation to which it is used. "Blu-ray disc"
descriptive mark - ✔✔a term that is directly related to the product it is describing. "Salty
Saltine crackers"
non-traditional trademarks - ✔✔appearance, motion, shape, sound, scent, taste, touch
copyright law - ✔✔any artistic work, such as visual art or music
copyright term - ✔✔life of the author plus 70 years
Fair use - ✔✔permits limited use of copyrighted material without acquiring permission from
the rights holders
patent law - ✔✔the right to exclude others from using a new technology 1) process,
machine, article or manufacture, or composition of matter 2) that is new, useful, and non-
obvious
, Design patent - ✔✔a form of legal protection granted to the ornamental design of a
functional item (jewelry, furniture, etc.)
utility patent - ✔✔an invention is "useful" if it provides some identifiable benefit and is
capable of use
prior art - ✔✔all information that has been made available to the public in any form before a
given date that might be relevant to a patent's claims of originality
sole proprietorship - ✔✔owned by one person, there is no separation between the business
and the owner, no legal distinction between the two. Unlimited personal liability. Life is limited
to the life of the owner. The taxes paid on the business fall under the owner's personal taxes
partnership - ✔✔2 or more owners that share profits and losses. Limited life-if a partner
leaves, the partnership is over, unless explained in the partnership agreement. Taxes fall under
the partners' personal taxes
joint and several liability - ✔✔They can go after both of the partners, or pick and choose
which to go after more (whoever they can get the most money out of)
limited partnership - ✔✔can avoid full liability and double taxation, plus they design how the
partnership can be set up
corporation - ✔✔limited liability-to do this, you separate the ownership from control of the
company via shareholders. Unlimited life, they are seen as a legal person. Double taxation
shareholders - ✔✔______ fund the business, but aren't involved in the actual business of the
organization
CEO - ✔✔chief executive officer
