Intellectual Property Rights

The term 'intellectual property rights' relates to:

• Copyrights

• Know-how

• Trade secret

• All of the above

Answer explanation

Copyrights : protect original work of authorship, such as literature, music and art, providing the creator exclusive rights to use, distribute, and reproduce the work. In a financial enterprise, copyrights can be crucial for protecting software, databases, and proprietary content.

Know-how: refers to the practical knowledge and expertise required to perform a specific task or process.

Trade dress involves the visual appearance of a product or its packaging, which signifies the source of the product to consumers.

What is the term of copyright for an author of a book?

• 100 years

• the life of the author

• the life of the author plus 60 years

• the life of the author plus 50 years

The use of information and ideas protected by IPR are of

• Cultural Value

• Social Value

• Commercial Value

• Moral value

What is the primary reason that intellectual capital is considered critical for the success of an organization?

A. It increases the financial capital of the organization

B. It provides the competitive advantage to the organization

C. reduces the operating cost of the organization

D. It increases the market share of the organization

• A and C only

• B only

• D only

• A,B and D only

What is the importance of "trade secrets"?

• Monopoly creators

• Intellectual Property right protection

• Employee motivation

• Competitive advantage

The first offence for infringement of copyright can be for a maximum of imprisonment of

• 6 month and a fine of Rs. 20,000

• 3 years and a fine of Rs. 50,000

• 3 years and a fine of Rs. 2,00,000

• 1 year and a fine of Rs. 3,00,000

Answer explanation

https://indiankanoon.org/doc/363642/

Under copyright agreement the amount of royalty is computed on the basis of

• Number of books published

• Number of books sold

• Total cost of books published

• Total sale price of the books sold

Answer explanation

Copyright - The legal right of the owner of intellectual property is referred to as copyright. The right to copy is the simplest definition of copyright. This indicates that the only people who have the sole right to reproduce a work are the original authors of that work and anyone to whom they grant permission.

Important Points

Royalty - A legally binding payment granted to an individual or business in exchange for continued use of their assets, such as copyrighted works, franchises, and natural resources, is known as a royalty.

Either production or sales are used as the foundation for calculating royalties. The manufacturing account is debited for royalties paid on production, whereas the P/L account is charged for royalties received on sales.

Thus, Under copyright agreement the amount of royalty is computed on the basis of Total sale price of the books sold.

Which among the following is not a correct statement regarding patents?

• A patent is a legal protection granted for an invention that is new, non-obvious and useful

• The patent grants the patent holder the exclusive right to make use or sell the patented products or processs

• The exclusive purpose of the patent system is to benefit the patent holder

• The indian Patent Act, 1970, was amended and made effective from January 1, 2005

Answer explanation

A patent is an exclusive right granted for the protection of an invention.

Which one of the following is not included in the term "work under copyright Act 1957"?

• A cinematographic Film

• Layout designs of integrated circuits

• A sound recording

• A dramatic work

Which of the following is an example of a non-patentable invention?

• A new machine

• A unique chemical composition

• A mathematical formula

• A method of manufacturing