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Business of Music > Midterm > Flashcards

Midterm Flashcards

1
Q

What is an entrepreneur?

A

A person looking to start a business from the ground up with careful planning and acquiring resources.

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2
Q

What does DBA stand for?

A

Doing Business As. A form that gives way to announce publicly a new and establishing enterprise usually said in a local newspaper.

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3
Q

Name 4 forms of business ownership?

A
  • Sole Proprietorship
  • Partnership
  • Corporation
  • Limited Liability Companies
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4
Q

EIN stand for?

A

Employer Identification Number

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5
Q
  1. What is a project done within the company?
A

In house

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6
Q
  1. What are the 4 P’s of Marketing?
A

Product, Price, Place, Promotion

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7
Q
  1. What is E Commerce?
A

Business done over the web

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8
Q
  1. What is a company’s cash flow?
A

? It is what comes in cash wise and what comes out of a business.

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9
Q
  1. What is an equation to get a snapshot of a company’s worth?
A

Assets+Liability=Equity

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10
Q
  1. What is a license?
A

A right to distribute, play, copyright material.

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11
Q
  1. What is a Royalty?
A

A fee one has to pay to use copyrighted material.

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12
Q
  1. What is a distributer?
A

Middleman between manufacturer and merchant.

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13
Q
  1. What is a song doctor?
A

These writers rearrange and fix songs that the publisher owns an interest in to make the work more palatable to a certain audience.

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14
Q
  1. What are the major recording centers in the USA?
A

Nashville, New York, and Los Angeles

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15
Q
  1. What is a role of a Publisher?
A

Exploit catalogue of song writer

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16
Q
  1. What is a copyright?
A

A right of an author his exclusive rights within the copyright act.

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17
Q
  1. What is a 360 deal?
A

? A business relationship between the record label and artist, which allows the label a percentage of all of the artist earnings.

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18
Q
  1. What are synchronization rights?
A

The rights of major studios to play music in film.

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19
Q
  1. When is work created?
A

When it is put in a fixed form

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20
Q
  1. What does the acronym PRO stands for?
A

Performing Rights Organizations.

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21
Q
  1. What is the difference between compulsory license or negotiated license?
A

Negotiated license, is a right to record worked out between a music publisher and a record producer. A compulsory license, a right determined by statute rather than negotiation between licensor and licensee.

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22
Q
  1. What is a subsisting copyright?
A

? Duration of a copyright that is extended beyond its term.

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23
Q
  1. What is the bundle of rights?
A

In section 106 of the copyright act that gives an author six exclusive rights.

24
Q
  1. Name 3 streams of revenue of an artist?
A

Jukeboxes, sheet music sales, and special permission, licenses (merchandising deals).

25
Q
  1. Difference between Trade Mark and Patent?
A

A patent has to do with inventions and mechanisms that have never been produced before. A trademark is a logo, image, text, or even sound that has the power to remind people about the products and services of the company.

26
Q
  1. What kinds of rights are needed to combine music with an audiovisual work?
A

Synchronization rights

27
Q
  1. Difference between performance royalties or mechanical royalties?
A

Performance royalties are income an artists receives based on a played version of his song through different mediums. Mechanical royalties are income an artist receives based on the sales of an artist physical copies of recorded music.

28
Q
  1. What are the 3 copyrightable works of authorships?
A
  • Literary works
  • Musical works
  • Dramatic works
  • Pantomimes and choreographic works
  • Pictorial, graphic, and sculptural works
  • Motion pictures and other audiovisual works
  • Sound recordings
  • Architectural works
29
Q
  1. What is a master recording?
A

Version used for distribution, the final mix down.

30
Q
  1. What is the compulsory, mechanical, royalty rate for a composition?
A

9.1

31
Q
  1. What is a cover song? And Rate?
A

A cover song is basically a copy but another artists rendition of the original song. The rate is 2.75 cents

32
Q
  1. What is a sound recording?
A

A fixed series of sounds

33
Q
  1. What is the Harry Fox Agency?
A

Publisher’s agent clearing house for musical copyright.

34
Q
  1. What is a Self Contained Act?
A

When the individual performer or group uses only its own material. Rarely do self contained acts accept outside songs.

35
Q
  1. What is sampling and what type of license is needed to sample?
A

A sample is when an artist takes a part of a song and not its whole and uses it in his creative works. You need a master use license.

36
Q
  1. What is a derivative work?
A

A work based on one or more preexisting works.

37
Q
  1. What is a sub-publisher?
A

Foreign publishing

38
Q

What is a work made for higher?

A

A work prepared by an employee within the scope of his or her employment.

39
Q
  1. What criteria are required for the fair use doctrine?
A
  • Purpose or character of the use,
  • Nature of the copyrighted work
  • The amount and substantiality of the portion used in relation to the copyrighted work as a whole
  • Effect of the use on the potential market
40
Q
  1. When does a work enter public domain?
A

70 years after the artist’s death.

41
Q
  1. What is a multilateral copyright convention?
A

A treaty governing international copyright between multiple countries.

42
Q
  1. What is a reciprocal agreement?
A

When an author is held to the laws of the country.

43
Q
  1. What is the main function of the personal manager?
A

Guiding the vision of the career.

44
Q
  1. What is the main function of a business manager?
A

Handles the money knows stuff in accounting.

45
Q
  1. What is a deal memo?
A

A summary document that covers major points of the contract, often prepared before the full contract is drawn up.

46
Q
  1. What is a key man clause?
A

Artist’ contracts: Contractual provision that if an artist’s manager, agent, or producer leaves a particular company, the artist may follow that individual with-out legal or financial reprisals.

47
Q
  1. What does the assignment in a management contract explain?
A

When a contract is assigned, the new label owns all the recordings and artist services signed to the previous label.

48
Q
  1. What does the term in a management contract explain?
A

The time interval embraced by a legal agreement between artist and manager. The duration

49
Q
  1. What is recoupment?
A

Process by which a musician or band repays an advance. Record companies typically withhold a musicians royalties until the entirety of their investment (advance) is earned back.

50
Q
  1. What is a chargeback?
A

An expense assessment, e.g., a charge by a recording company against an artist’s royalties.

51
Q
  1. What are Points?
A

Percentage based on sales.

52
Q
  1. What is a labor union?
A

Group of workers within a trade working on quality of issues.

53
Q
  1. What is a scale?
A

Minimum wage dictated by a CBA. Specified minimum union wage.

54
Q
  1. What is a collective Bargaining agreement?
A

Permit unions to enter into CBA with employers that require employees, as a condition of employment, either to join the union, thereby enjoy the full rights and benefits of membership, or pay fees to the union and thereby satisfy a financial obligation to the union without enjoying the full rights and benefits of membership.

55
Q
  1. What are right to work laws?
A

It makes closed shops illegal

56
Q
  1. What does the Acronym AFM stand for?
A

American Federation of Musicians

Business of Music (4 decks)

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