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7. Which of the following is not an example of intangible asset? a. Licenses,franchises,memberships,and customer lists b. Special formulas,processes,technologies,and design c. Reputation, privilege and relationship

7. Which of the following is not an example of intangible asset?
a. Licenses,franchises,memberships,and customer lists
b. Special formulas,processes,technologies,and design
c. Reputation, privilege and relationship with government
d Exploration rights and natural resource development costs

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