Consider the Following Questions: Are Products Under Development That Require

question 74

Multiple Choice

Consider the following questions: Are products under development that require patent protection? Are we in compliance with the copyright license agreements into which we have entered? Is anyone infringing on our trademarks? Are company trade secrets leaking out to competitors? These are the types of questions that would be asked when conducting a(n) ________.

• A) intangible material examination
• B) intellectual property inventory
• C) intangible material inspection
• D) patent, trademark, copyright, and trade secret review
• E) intellectual property audit

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Definitions:

Current Assets

Items that are projected to be turned into cash, disposed of, or used up within twelve months or the usual business operational cycle.

Fiscal Year

The one-year period a company or government uses for accounting purposes and preparing financial statements.

Operating Cycle

The process by which a company spends cash, generates revenues, and receives cash either at the time the revenues are generated or later by collecting an accounts receivable.

Federal Government

The national government of a country, which holds the primary authority over the nation and implements laws, policies, and regulations across the entire country.