Which of the Following Is an Implicit Cost of Owning

question 156

Multiple Choice

Which of the following is an implicit cost of owning a business?
(i) forgone savings account interest when personal money is invested in the business
(ii) interest expense on existing business loans
(iii) foregone rental income when using an owner-occupied office

• A)(i) only
• B)(ii) only
• C)(ii) and (iii)
• D)(i) and (iii)

---

Definitions:

Exclusive Federal Jurisdiction

Jurisdiction granted solely to federal courts in certain types of cases, meaning state courts do not have jurisdiction over these matters.

First-To-File

A principle in patent law where the first person to file a patent application for an invention is granted the patent, regardless of who first invented the item.

Patent Law

The area of law that deals with the protection of inventions, allowing the patent holder exclusive rights to the patented process, design, or invention for a certain period.

Copyright Laws

Legislations that protect the rights of creators over their original works, preventing unauthorized reproduction or distribution.