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ARM 402: Multiple Choice Section 2 – Questions & Answers
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ARM 402: Multiple Choice Section 2 – Questions & Answers
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ARM 402: Multiple Choice Section 2 – Questions &Answers
The duration of a patent right varies depending on the type of patent. Which
one of the following patents last for 14 years from the date of issuance?
Right Ans - Design patent
A patent issued for an invention or process that has some usefulness, does not
have to be marketable, but must work is a Right Ans - Utility patent
Which one of the following types of intellectual property protection
automatically applies to any work of expression when it becomes fixed in a
tangible medium? Right Ans - Copyright
Agri-Lab is a small agricultural products company. Last year, the company
patented a new method for extracting ethanol from grain. The Agri-Lab
method reduces the cost of this process by over 40%. GrainCom is an
agricultural conglomerate that owns huge supplies of grain. GrainCom offered
to purchase Agri-Lab (the company) for $40 million, based on the money it
would make by applying Agri-Lab's process to the grain it owns and grain it
may purchase in the future. The value of GrainCom's bid to purchase Agri-Lab
is based on which rationale for assigning a value to intellectual property.?
Right Ans - For merger and acquisition purposes
Copyrights are generally owned by the person (author) who created the work,
except when the work Right Ans - Was created in the course of the author's
employment
Margo is a technology company analyst for a large investment company. To
determine a market value for the companies she analyzes, Margo calculates
the present value of the future cash flows that will be derived from the
intellectual property these companies own. This valuation method is called
the Right Ans - Income approach
Which one of the following statements is true regarding trademark creation?
Right Ans - To be valid, a trademark must be distinctive or memorable
because of being unique or unusual.
, Which one of the following is true regarding patents? Right Ans - Plant
patents are granted on biologically asexually reproducing plants.
Which one of the following trademark categories provides the least protection
against infringement by competitors? Right Ans - Descriptive mark
One reason that an organization might choose to protect an invention with a
trade secret status rather than with a patent is that Right Ans - A patent
requires disclosure of the details of the invention.
Which one of the following criteria must a creative work meet to be eligible
for copyright protection? Right Ans - The work must be original
A patent used for the invention of a machine is a Right Ans - Utility patent
Brooks Irrigation Services has designed plans for a new lawn sprinkler
system. In order to safeguard their document and control infringement
exposures, they have placed the notation (C) 2012 Brooks Irrigation Services
on their published plans. This is known as a copyright Right Ans - Notice
Chemical Company relies on trade secrets to maintain its competitive
advantage. How might Chemical Company's risk management professional
ensure information confidentiality? Right Ans - Requiring employees to
sign a restrictive covenant in the form of a nondisclosure or a confidentiality
agreement
Which one of the following statements is true regarding valuing intellectual
property? Right Ans - The value of a piece of intellectual property may be
used to determine the proportion of risk management resources that should
be devoted to it.
Since there is no formal process for creating a trade secret, the risk control
measures associated with trade secret loss control focus on maintaining
Right Ans - Secrecy
Not all trademarks are covered by the U.S. federal laws. One type of mark not
receiving the protection of trademark law is Right Ans - A generic mark
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