List the Four Fields That Comprise Intellectual Property

question 3

Essay

List the four fields that comprise intellectual property.

Distinguish between employees and independent contractors based on legal definitions and criteria.

Recognize fair use exceptions in the context of copyrighted materials.

Understand the legal time frames associated with provisional patents and their development into working prototypes.

Recognize the pros and cons of hiring independent contractors versus employees.

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Definitions:

Administrative Expenses

Overheads and general expenses related to the day-to-day management and operation of a business, excluding production and direct costs.

Operating Income

The profit realized from a business's core operations, excluding revenue from investments and costs such as interest expenses and taxes.

Cost Of Goods Sold

The specific costs tied to the production of goods sold by a company, which include the cost of materials and labor.

Merchandising Company Income Statement

An income statement format used by companies that buy and sell goods, highlighting the cost of goods sold and gross profit.