____ Software Has Restrictions on Its Use That Are Delineated

question 54

Multiple Choice

____ software has restrictions on its use that are delineated by copyright, patents, or license agreements.

• A) Public domain
• B) Protected
• C) Proprietary
• D) Shrink-wrap

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Definitions:

Limited Liability

A legal structure that limits the financial liability of the owners of a business to their investment in the company.

Indefinite Business Life

A term indicating that a company or asset is expected to operate or remain useful without a foreseeable limit or end date.

Corporation

A legal entity that is separate and distinct from its owners, who are shareholders. It can own assets, incur liabilities, and is subject to taxation.

International Financial Reporting Standards

A set of globally accepted accounting principles and standards that guide the preparation of financial statements.