Business Services Business Services Law & Compliance 2

Question 1

Which US federal agency enforces anti-discrimination laws in the workplace?

Accepted Answer

Equal Employment Opportunity Commission (EEOC)

Answer

The EEOC enforces federal laws prohibiting workplace discrimination based on race, color, religion, sex, national origin, age, disability, or genetic information.

Question 2

What is the purpose of anti-money laundering (AML) compliance in business services?

Accepted Answer

To detect and report suspicious financial activity that may involve proceeds from illegal activities

Answer

AML compliance programs identify and report suspicious financial transactions to prevent criminals from disguising illegally obtained funds as legitimate income.

Question 3

What is a 'master service agreement' (MSA) in business services?

Accepted Answer

A long-term framework agreement governing the overall relationship between a service provider and client

Answer

An MSA establishes the general terms and conditions governing an ongoing business relationship, with specific engagements covered by separate statements of work.

Question 4

Under HIPAA, what type of business service providers must sign a Business Associate Agreement (BAA)?

Accepted Answer

Third-party vendors that handle protected health information (PHI) on behalf of covered entities

Answer

HIPAA requires covered entities to obtain a BAA from any business associate that creates, receives, maintains, or transmits PHI on their behalf.

Question 5

What is intellectual property (IP) licensing in a business services context?

Accepted Answer

Granting permission to use IP under specified terms while retaining ownership

Answer

IP licensing grants another party the right to use intellectual property (patents, copyrights, trademarks) under defined conditions while the licensor retains ownership.

Business Services Practice Test

Business Services Practice Test

Business Services Business Services Law & Compliance 2