1. Which of the following characteristics is not common to both tangible and intangible assets?

a. Have an expected life of more than one year

b. May have value only to a particular company

c. Derive value from the ability to generate revenue

d. Held for use and not for investment

2. Goodwill is tested for impairment only within the context of its reporting unit.

True

False

3.A copyright is granted by the federal government giving the owner exclusive rights to sell, publish, and control the artistic product for the life of the creator.

True

False

4. The nominal rate is greater than the yield rate when bonds are issued at a premium.

True

False