CBA CBA Business Law & Regulatory Compliance

Question 1

Which federal agency is primarily responsible for enforcing securities laws that affect small businesses seeking outside investors?

Accepted Answer

Securities and Exchange Commission (SEC)

Answer

Federal Trade Commission (FTC)

Answer

Small Business Administration (SBA)

Answer

Consumer Financial Protection Bureau (CFPB)

Question 2

A sole proprietorship differs from an LLC primarily because the sole proprietor:

Accepted Answer

Has unlimited personal liability for business debts

Answer

Pays lower federal income tax rates

Answer

Cannot hire employees

Answer

Must register with the SEC

Question 3

Under the Americans with Disabilities Act (ADA), which of the following businesses is generally required to provide reasonable accommodations?

Accepted Answer

Any business with at least 15 employees

Answer

Only businesses with annual revenue over $1 million

Answer

Only federal contractors

Answer

Businesses with more than 500 employees only

Question 4

Which document establishes the internal governance rules for a corporation, including how meetings are conducted and officer roles?

Accepted Answer

Bylaws

Answer

Articles of Incorporation

Answer

Operating Agreement

Answer

Certificate of Authority

Question 5

An employer who misclassifies a worker as an independent contractor instead of an employee may face liability for unpaid:

Accepted Answer

Payroll taxes, benefits, and overtime wages

Answer

Sales taxes and import duties

Answer

Licensing fees and permits

Answer

Corporate income taxes only

Question 6

Which intellectual property protection is most appropriate for a new invention that provides a unique technical solution to a problem?

Accepted Answer

Utility patent

Answer

Trademark

Answer

Copyright

Answer

Trade secret