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 employees 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.