Which of the Following Is a CORRECT Statement Regarding Intangible

question 72

Multiple Choice

Which of the following is a CORRECT statement regarding intangible assets?

• A)The useful life of a patent can be longer than its legal life.
• B)Patents protect computer software programs.
• C)Trademarks are rights to reproduce and sell a work of art.
• D)Intangible assets with indefinite lives must be checked annually for any loss in value.

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Definitions:

Public Good

A provision of goods or services to everyone in society for free, by either governmental bodies or private entities, with no profit motive.

Private Goods

Goods that are excludable and rivalrous in consumption, meaning their use by one person diminishes availability for others and access can be restricted.

Rival Consumption

A situation in which one person's consumption of a good or service diminishes others' ability to consume the same good or service.

Excludable

A characteristic of a good or service that allows its owner to prevent others from using it without permission.