Answer the following statements true (T) or false (F)
1. A patent is an exclusive right to reproduce and sell a book, musical composition, film, other work of art, or intellectual property.
2. Goodwill is the excess cost of an acquired company over the market value of its net assets.
3. A trademark represents the exclusive right to reproduce and sell a book, musical composition, film, other work of art, or intellectual property.
4. Franchises are privileges granted by a business to sell goods and services under specified conditions.
5. All intangible assets must be amortized each year.
1. FALSE
2. TRUE
3. FALSE
Explanation: A trademark represents distinctive identifications of products or services.
4. TRUE
5. FALSE
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