What is the term for intangible property used commercially?

• A. Copyright
• B. Intellectual Property (IP)
• C. Patent
• D. Trademark

Answer: (B)

Intangible property used commercially is referred to as Intellectual Property (IP). This umbrella term covers creations of the mind that have value in business and can be legally protected and licensed or sold. Think of IP as the rights that let a creator control how their non-physical assets are used, so they can monetize them.

Different forms of IP protect different kinds of intangible assets: copyrights guard original literary and artistic works, patents protect new inventions and their technical details, and trademarks safeguard brands, logos, and names that identify goods or services. Trade secrets cover confidential information that gives a business a competitive edge. Because IP is the broad category encompassing these different protections, it is the best fit for the idea of intangible property used commercially.