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ARM 402 Segment B: Questions And Complete Answers
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ARM 402 Segment B: Questions And Complete Answers
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ARM 402 Segment B: Questions And Complete AnswersWhat is an organizations most critical asset? Right Ans - intellectual
property
What does intellectual property include? Right Ans - books & music,
designs and graphic art, product and organization names, mechanical and
electronic inventions, processes, formulas, and software programs
Who is responsible for protecting intellectual property? Right Ans - a risk
management professional
infringement Right Ans - the unauthorized use of an individuals intellectual
property
What are the four types of intellectual property? Right Ans - copyright,
trademark, patents, and trade secrets
copyright Right Ans - most prevalent intellectual property protects the
literal form that the expressive work takes not the ideas and underlying
concepts
trademark Right Ans - distinguishes the products or services that an
organization provides in the mind of its customers (has some international
rights with Paris convention)
patent Right Ans - applies to inventions how long the inventor retains the
exclusive right depends on the kind of patent
trade secrets Right Ans - offers intellectual property protection if
confidential information is improperly disclosed to or acquired by a
competitor and if the owner takes the reasonable precautions to keep it secret
(can last indefinitely and receive international protection under the General
Agreement of Tariffs and Trade).
What are the most frequently used valuation methods Right Ans - fair
market value approach, income approach, and the cost approach
, fair market value approach Right Ans - most formal and standard approach
used by courts and tax authorities. Value is based on value it would have on
the open market if it were to change hands between a willing buyer and seller
income approach Right Ans - most prevalent valuation method assigns
value to intellectual property based on discounted cash flows the property
would generate over its useful life. This formula incorporates all risk factors
the cost approach Right Ans - assigns value based on the amount the
organization invested in its creation and development. Assumes an entity
wouldn't pay any more for the intellectual property than the cost to create it
When can someone decide to create a copyright? Right Ans - - work is
original and not copied from another source
- work fixed in tangible medium of expression that is permanently recorded in
form of paper, video tape, audiotape, or digital media
- work must have degree of creativity no set rule governs what constitutes
enough creativity
Generally a copyright is owned by whom? Right Ans - the person (author)
who created the work
What exceptions apply to copyright ownership? Right Ans - - when work
was created in the course of the author's employment. (in this case employer
owns copyright)
- when work was created on commission if author acted as an independent
contractor when creating the work under a written agreement w/
commissioning party. (in this case the commissioning party owns the
copyright
- when the author sales the copyright
What happens to the copyright created on or after January 1, 1978? Right
Ans - it is automatically protected from moment of creation w/ a term of the
author's life plus an additional 70 years after the author's death
How long does copyright last for joint work? Right Ans - last 70 years after
the last surviving author's death
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