The Term of a Utility Patent Is ________ Years from the Date

question 43

Multiple Choice

The term of a utility patent is ________ years from the date of the ________.

• A) 7; patent is granted
• B) 15; initial application
• C) 15; patent is granted
• D) 20; initial application
• E) 20; patent is granted

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Definitions:

Mineral Deposit

A concentration of naturally occurring material from the earth's crust that can be extracted and processed profitably.

Expense Account

An account where costs incurred by a business, like rent, utilities, and salaries, are recorded.

Intangible Asset

An asset that lacks physical substance but offers value to a business, such as trademarks, patents, and copyrights.

Mining Rights

Legal permissions granted to companies or individuals to extract minerals or other valuable materials from the earth.