Business Law & Compliance Flashcards
7 cards from real CBA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Business Law & Compliance flashcards as text
What is 'intellectual property' in a business context?
Answer: Creations of the mind protected by legal rights such as patents, copyrights, and trademarks
Intellectual property refers to creations of the mind — inventions, literary works, logos, and trade secrets — protected by patents, copyrights, and trademarks.
A 'non-disclosure agreement' (NDA) in business is primarily used to:
Answer: Protect confidential business information shared between parties
An NDA is a legally binding contract that protects confidential information from being disclosed to third parties without authorization.
Under the Fair Labor Standards Act (FLSA), which employees are classified as 'exempt' from overtime pay requirements?
Answer: Employees in executive, administrative, or professional roles meeting salary and duties tests
FLSA exempts executive, administrative, and professional employees who meet specific salary thresholds and duties tests from overtime pay requirements.
What is 'tort law' as it applies to business operations?
Answer: A body of law that allows individuals to seek compensation for civil wrongs or injuries
Tort law covers civil wrongs — such as negligence or defamation — that cause harm to others, allowing injured parties to seek financial compensation.
Which of the following best describes 'antitrust law' in the United States?
Answer: Legislation designed to promote competition and prevent monopolistic business practices
Antitrust laws such as the Sherman Act are designed to prevent monopolies, price-fixing, and anti-competitive practices that harm consumers and the marketplace.
In employment law, what is 'at-will employment'?
Answer: Employment that can be ended by either the employer or employee at any time for any lawful reason
At-will employment means either party can terminate the relationship at any time for any reason that is not illegal, without advance notice or contractual obligation.
What does GDPR primarily regulate, and why is it relevant to US businesses?
Answer: Data privacy rights for individuals in the European Union, affecting any business that handles EU residents' data
GDPR (General Data Protection Regulation) governs how businesses collect and process personal data of EU residents, and it applies to any company worldwide that handles such data.