Question

Match the following definitions to the correct term. A. Patent B. Research and development costs C. Trademark D. Intangible assets E. Copyright F. Plant assets G. Goodwill H. Franchise

Answer 1

Answer:

A. Patent: government license that provides title over an invention and right to use for a certain amount of time.

B. Research and development costs: costs incurred to develop new products or processes.

C. Trademark: a brand name or symbol that is registered under an individual or a business.

D. Intangible assets: non-physical assets, e.g. patents

E. Copyright: the legal right that the owner of a work (e.g. song, movie) possesses to decide who can use his work or not, and charge a fee for it.

F. Plant assets: asset that is used to generate revenue and whose useful life is more than one year.

G. Goodwill: when a business is sold, it represents an intangible asset associated with the reputation of the business.

H. Franchise: a business model where a franchisee starts a business by using someone else's (franchisor) business model and know how.