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Intellectual property assets are:

		depreciated.
		depleted.
		amortized.
		expensed.

2An exclusive right to the owner to sell or produce his or her discovery or invention is known as a:

		franchise.
		trademark.
		patent.
		copyright.

3 The allocation of the cost of a intangible asset is known as:

		depreciation.
		depletion.
		amortization.
		accrual.

4Amortization of a patent was ignored. This error would cause:

		the period's net income to be overstated.
		the period's net income to be understated.
		the period end assets to be understated.
		None of these is correct.

5

The exclusive right to produce and sell musical work is called a:

		copyright.
		franchise.
		patent.
		goodwill.