BUS 201 FINAL EXAM QUESTIONS AND ANSWERS
Intellectual Property correct answer: Property resulting from
intellectual, creative processes
Trademark correct answer: A word, symbol, sound or design
that has become sufficiently associated with a good or has been
registered with a government agency.
Patent correct answer: A government grant that gives an
inventor the exclusive right or privilege to make, use, or sell his
or her invention for 20 years.
Copyright correct answer: The right of an author or originator
of a literary or artistic work, or other production that falls within
a specified category, to have the exclusive use of that work for a
given period of time.
Directors correct answer: Responsible for all policy making
decisions of corporate affairs. Acts together aka board of
directors. Board elects officers
Officers correct answer: CEO, CFO responsible for day to day
operations of the company.
Perfect Tender Rule correct answer: Seller has duty to ship or
tender conforming goods.
Intellectual Property correct answer: Property resulting from
intellectual, creative processes
Trademark correct answer: A word, symbol, sound or design
that has become sufficiently associated with a good or has been
registered with a government agency.
Patent correct answer: A government grant that gives an
inventor the exclusive right or privilege to make, use, or sell his
or her invention for 20 years.
Copyright correct answer: The right of an author or originator
of a literary or artistic work, or other production that falls within
a specified category, to have the exclusive use of that work for a
given period of time.
Directors correct answer: Responsible for all policy making
decisions of corporate affairs. Acts together aka board of
directors. Board elects officers
Officers correct answer: CEO, CFO responsible for day to day
operations of the company.
Perfect Tender Rule correct answer: Seller has duty to ship or
tender conforming goods.
