True - False Question

1. The difference between a limited partnership and a general partnership is that the limited partnership has partners who actively manage the day-to-day operations but also has passive investors.

2. An employment contract is an agreement between an employer and employee about the terms and conditions of employment including the employee’s agreement to keep confidential information secret and to assign ideas and inventions to the employer.

3. The marginal tax rate for the first dollar of taxable income is higher for corporations than for individuals.

4. Patents, trade secrets, trademarks, and copyrights are intangible assets.

5. A “color mark” is considered to be one four types of “marks” used to try to protect intellectual property.

6. A copyright must be registered with the U.S. Copyright Office in order for a work to be protected.

7. The difference between a limited partnership and a general partnership is that the limited partnership has partners who actively manage the day-to-day operations but also has passive investors.

8. The marginal tax rate for the first dollar of taxable income is higher for corporations than for individuals.

9. Patents, trade secrets, trademarks, and copyrights are intangible assets.

10. A copyright must be registered with the U.S. Copyright Office in order for a work to be protected.

11. An idea is enough to be patented.

12. Nondisclosure agreements prohibit the creator of an idea or other form of intellectual property from sharing it with others once it has been presented the first time.

13. Assets are financial and physical items controlled or owned by the business.

14. GAAP stands for “General American Accounting Principles.”

15. On the balance sheet, Total Liabilities = Total Assets – Owners Equity.