A Utility or Business Method Patent Will Last For

question 32

Multiple Choice

A utility or business method patent will last for:

• A) 14 years from the date of the filing of the application with the United States Patent and Trademark Office.
• B) 14 years from the date of the approval of the application granted by the United States Patent and Trademark Office.
• C) 20 years from the date of the filing of the application with the United States Patent and Trademark Office.
• D) 20 years from the date of the approval of the application granted by the United States Patent and Trademark Office

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Definitions:

Bonds Payable

A long-term liability account that records the face value of the bonds a company is obligated to repay at a specified future date.

Contract Interest Rate

The rate of interest stated in a loan or credit agreement that must be paid on the principal by the borrower.

Bond Discount

The variance in price between the face value of a bond and the amount it fetches on the market, specifically when sold at a price less than the face value.

Straight-Line Method

A method of calculating depreciation by evenly spreading the cost of an asset over its useful life.