Which of the Following Statements Is True of Intellectual Property

question 92

Multiple Choice

Which of the following statements is true of intellectual property?

• A) Intellectual property requires that certain types of information are not disclosed to the public.
• B) The type of information is irrelevant in determining the time, effort, and money required to convert intellectual property to intangible assets.
• C) The basic economic system of intellectual property is grounded in the idea of incentives.
• D) There is little correlation between research and development (R&D) and intellectual property in determining the competitive advantage of a firm.
• E) An economic system based on intellectual property presumes that the long-term benefits of increased information and investment are lower than the short-term costs.

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Definitions:

Sales Tax

A consumption tax imposed by the government on sales of goods and services, collected by retailers at the point of sale and passed on to the government.

Cash Register

An electronic or mechanical device for registering and calculating transactions at a point of sale, often equipped with a cash drawer.

Cashier's Accuracy

The measure of a cashier's performance in handling transactions correctly, minimizing discrepancies between the recorded amount and the actual amount of cash received.

Internal Control

Initiatives and practices instituted by an enterprise to confirm the trustworthiness of its financial and accounting statements, uphold responsibility, and eliminate fraud.