CBA Business Law & Compliance 2

Question 1

What is 'intellectual property' in a business context?

Accepted Answer

Creations of the mind protected by legal rights such as patents, copyrights, and trademarks

Answer

Physical assets owned by a company

Answer

Trade secrets shared only among executives

Answer

Any property purchased using business funds

Question 2

A 'non-disclosure agreement' (NDA) in business is primarily used to:

Accepted Answer

Protect confidential business information shared between parties

Answer

Prevent employees from working for competitors after leaving

Answer

Establish payment terms between a business and its vendors

Answer

Define ownership rights to work created by employees

Question 3

Under the Fair Labor Standards Act (FLSA), which employees are classified as 'exempt' from overtime pay requirements?

Accepted Answer

Employees in executive, administrative, or professional roles meeting salary and duties tests

Answer

All full-time employees earning a salary

Answer

Part-time employees working fewer than 30 hours per week

Answer

Any employee who voluntarily waives overtime pay in writing

Question 4

What is 'tort law' as it applies to business operations?

Accepted Answer

A body of law that allows individuals to seek compensation for civil wrongs or injuries

Answer

Laws governing corporate tax obligations

Answer

Regulations for business contracts and agreements

Answer

Laws that govern the formation of business entities

Question 5

Which of the following best describes 'antitrust law' in the United States?

Accepted Answer

Legislation designed to promote competition and prevent monopolistic business practices

Answer

Laws that regulate employee benefit plans

Answer

Rules governing the use of trademarks and trade names

Answer

Regulations requiring businesses to disclose financial risks to investors

Question 6

In employment law, what is 'at-will employment'?

Accepted Answer

Employment that can be ended by either the employer or employee at any time for any lawful reason

Answer

An arrangement where employees can only be terminated with cause

Answer

A contract guaranteeing employment for a fixed period of time

Answer

A federal program providing job security to long-term employees

Question 7

What does GDPR primarily regulate, and why is it relevant to US businesses?

Accepted Answer

Data privacy rights for individuals in the European Union, affecting any business that handles EU residents' data

Answer

General corporate disclosure requirements for US public companies

Answer

Global trade tariff regulations affecting US exporters

Answer

Financial reporting standards for multinational corporations