The best definition of a patent is

a.the exclusive right to produce and sell goods with one or more unique features.

b.a name, term, or symbol used to identify a business or its product.

c.an asset created from favorable factors such as location, product quality, reputation, and managerial skills.

d.the exclusive right to publish and sell literary, artistic, or musical compositions.

If the asset is long-lived but not used in the normal operations of the business, it will be classified as a(n)

a.expense.

b.intangible asset.

c.investment.

d.fixed asset.

The more efficiently a company is using its assets

a.the higher the book value of fixed assets.

b.efficiency does not affect the fixed asset turnover.

c.the higher the fixed asset turnover.

d.the lower the fixed asset turnover.

All of the following will be found under the caption of "property, plant, and equipment" in the balance sheet except

a.land improvements.

b.trademark.

c.parking lot costs.

d.computer equipment.