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

Intellectual property refers to creations of the mind — inventions, literary works, logos, and trade secrets — protected by patents, copyrights, and trademarks.

Question 2

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

Accepted Answer

Protect confidential business information shared between parties

Answer

An NDA is a legally binding contract that protects confidential information from being disclosed to third parties without authorization.

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

FLSA exempts executive, administrative, and professional employees who meet specific salary thresholds and duties tests from overtime pay requirements.

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

Tort law covers civil wrongs — such as negligence or defamation — that cause harm to others, allowing injured parties to seek financial compensation.

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

Antitrust laws such as the Sherman Act are designed to prevent monopolies, price-fixing, and anti-competitive practices that harm consumers and the marketplace.

(CBA) Certified Business Administrator Practice Test

(CBA) Certified Business Administrator Practice Test

CBA Business Law & Compliance 2