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Business of Music > Midterm > Flashcards

Midterm Flashcards

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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?
Study These Flashcards
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?
Study These Flashcards
A

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

25
25. Difference between Trade Mark and Patent?
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
26. What kinds of rights are needed to combine music with an audiovisual work?
Synchronization rights
27
27. Difference between performance royalties or mechanical royalties?
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
28. What are the 3 copyrightable works of authorships?
* 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
29. What is a master recording?
Version used for distribution, the final mix down.
30
30. What is the compulsory, mechanical, royalty rate for a composition?
9.1
31
31. What is a cover song? And Rate?
A cover song is basically a copy but another artists rendition of the original song. The rate is 2.75 cents
32
32. What is a sound recording?
A fixed series of sounds
33
33. What is the Harry Fox Agency?
Publisher’s agent clearing house for musical copyright.
34
34. What is a Self Contained Act?
When the individual performer or group uses only its own material. Rarely do self contained acts accept outside songs.
35
35. What is sampling and what type of license is needed to sample?
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
36. What is a derivative work?
A work based on one or more preexisting works.
37
37. What is a sub-publisher?
Foreign publishing
38
What is a work made for higher?
A work prepared by an employee within the scope of his or her employment.
39
39. What criteria are required for the fair use doctrine?
* 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
40. When does a work enter public domain?
70 years after the artist’s death.
41
41. What is a multilateral copyright convention?
A treaty governing international copyright between multiple countries.
42
42. What is a reciprocal agreement?
When an author is held to the laws of the country.
43
43. What is the main function of the personal manager?
Guiding the vision of the career.
44
44. What is the main function of a business manager?
Handles the money knows stuff in accounting.
45
45. What is a deal memo?
A summary document that covers major points of the contract, often prepared before the full contract is drawn up.
46
46. What is a key man clause?
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
47. What does the assignment in a management contract explain?
When a contract is assigned, the new label owns all the recordings and artist services signed to the previous label.
48
48. What does the term in a management contract explain?
The time interval embraced by a legal agreement between artist and manager. The duration
49
49. What is recoupment?
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
50. What is a chargeback?
An expense assessment, e.g., a charge by a recording company against an artist’s royalties.
51
51. What are Points?
Percentage based on sales.
52
52. What is a labor union?
Group of workers within a trade working on quality of issues.
53
53. What is a scale?
Minimum wage dictated by a CBA. Specified minimum union wage.
54
54. What is a collective Bargaining agreement?
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
55. What are right to work laws?
It makes closed shops illegal
56
56. What does the Acronym AFM stand for?
American Federation of Musicians

Business of Music (4 decks)

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