OMGT 4313 ACTUAL EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A+
◍ The Digital Millennium Copyright Act makes it illegal to
___________________..
Answer: circumvent encryption or other antipiracy technology
◍ Members of the World Trade Organization must grant normal trade relations
(NTR) status to all other member nations. What is the significance of NTR
status?.
Answer: Member countries must give all NTR nations the most beneficial
export and import treatments given to any other nation.
◍ The principal owes the agent which duties?
I. compensation ( unless gratuitous agency)I
I. indemnification for losses incurred on behalf of the principalII
I. accounting to explain how the principal uses fundsI
V. cooperation.
Answer: I, II, and IV.I. Compensation (unless gratuitous agency)II.
Indemnification for losses incurred on behalf of the principal.IV.
cooperation
◍ Section 18 of the Securities Exchange Act of 1934 provides that an
accountant may be liable for fraud. Which of the following is a defense an
accountant may assert in this type of case?.
Answer: The accountant acted in good faith (did not know of the falsity and
had no intent to deceive, manipulate, defraud, or seek unfair advantage over
another party).
◍ Which of the following forms of intellectual property protects original
artistic and literary works?.
Answer: Copyright
,◍ Flower Co. is famous for its beautiful and distinctive catalogues, which
always use a distinctive pink and red color scheme with a very swirly font.
Vine Co. has launched a competing catalogue selling the same type of
products and using the same pink and red color scheme and swirly font.
May Flower Co. protect the distinctive appearance of its catalogue?.
Answer: Yes, this is trade dress, which is protectable
◍ Often a breach of contract lawsuit results in an award of money damages.
However, sale of land contracts are usually treated differently. How do most
states resolve law suits where the seller of land has breached and not
delivered the parcel of land ?.
Answer: courts order the seller to specifically perform the contract,
awarding ownership of the land to the non-breaching buyer.
◍ Jeb believes his employer terminated him because of his religion. Jeb wants
to file a lawsuit for wrongful discharge under Title VII of the Civil Rights
Act. What must Jeb do before he is allowed to file the lawsuit?.
Answer: file a charge with the Equal Employment Opportunity Commission
◍ If a defendant loses in a criminal case, the defendant is found __________..
Answer: Guilty
◍ How is a claim of strict liability different from a claim of negligence ?.
Answer: Plaintiff does not have to prove defendant breached duty of care
◍ The Electronic Communications Privacy Act forbids the intentional
interception of electronic communications. Which of the following is an
exception to the ECPA?.
Answer: Employers may intercept employee's business communications on
employer issued electronic devices.
◍ Which of the following may be protected by copyright law?
I. a song by Beyonce, I
I. a poem by Maya Angelou, II
I. an article in the New York Times, IV product packaging..
Answer: All of these
, ◍ Which type of discrimination is prohibited under Title VII of the Civil
Rights Act?.
Answer: intentional discrimination and unintentional discrimination
◍ "Disney" is a famous and distinctive trademark related to family
entertainment and related products. A liquor manufacturer wants to use the
name "Disney" for a new line of fruit flavored alcoholic drinks. The liquor
manufacturer will not compete against the original Disney in any product
category. What will be the likely outcome if the original Disney sues to stop
the liquor manufacturer from using the name "Disney"?.
Answer: The liquor manufacturer will not be allowed to use the "Disney"
name because of the Federal Trademark Dilution Act.
◍ Arthur wrote a poem in 2015. It was published in 2016. He died in 2017.
When will Arthur's poem enter the public domain?.
Answer: 2087
◍ John just started his first job and received his first paycheck. He was
shocked to see a deduction on his paystub for "FIC
A. " Why was there a FICA deduction from his salary?.
Answer: employees must 'contribute' to the Social Security retirement
system
◍ May a 14-year-old entrepreneur be a principal, contracting with another
person to be his agent ?.
Answer: No, a person must have contractual capacity to be a principal
◍ May a state have a law requiring that a business disclose a breach of
personal information data?.
Answer: Yes, for example, Arkansas has a law titled the Personal
Information Protection Act.
◍ Some states recognize a privilege of confidentiality of communication
between an accountant and client. What is the federal law of
accountant-client communication?.
Answer: Accountants must disclose accountant-client information in federal
QUESTIONS WITH ANSWERS GRADED A+
◍ The Digital Millennium Copyright Act makes it illegal to
___________________..
Answer: circumvent encryption or other antipiracy technology
◍ Members of the World Trade Organization must grant normal trade relations
(NTR) status to all other member nations. What is the significance of NTR
status?.
Answer: Member countries must give all NTR nations the most beneficial
export and import treatments given to any other nation.
◍ The principal owes the agent which duties?
I. compensation ( unless gratuitous agency)I
I. indemnification for losses incurred on behalf of the principalII
I. accounting to explain how the principal uses fundsI
V. cooperation.
Answer: I, II, and IV.I. Compensation (unless gratuitous agency)II.
Indemnification for losses incurred on behalf of the principal.IV.
cooperation
◍ Section 18 of the Securities Exchange Act of 1934 provides that an
accountant may be liable for fraud. Which of the following is a defense an
accountant may assert in this type of case?.
Answer: The accountant acted in good faith (did not know of the falsity and
had no intent to deceive, manipulate, defraud, or seek unfair advantage over
another party).
◍ Which of the following forms of intellectual property protects original
artistic and literary works?.
Answer: Copyright
,◍ Flower Co. is famous for its beautiful and distinctive catalogues, which
always use a distinctive pink and red color scheme with a very swirly font.
Vine Co. has launched a competing catalogue selling the same type of
products and using the same pink and red color scheme and swirly font.
May Flower Co. protect the distinctive appearance of its catalogue?.
Answer: Yes, this is trade dress, which is protectable
◍ Often a breach of contract lawsuit results in an award of money damages.
However, sale of land contracts are usually treated differently. How do most
states resolve law suits where the seller of land has breached and not
delivered the parcel of land ?.
Answer: courts order the seller to specifically perform the contract,
awarding ownership of the land to the non-breaching buyer.
◍ Jeb believes his employer terminated him because of his religion. Jeb wants
to file a lawsuit for wrongful discharge under Title VII of the Civil Rights
Act. What must Jeb do before he is allowed to file the lawsuit?.
Answer: file a charge with the Equal Employment Opportunity Commission
◍ If a defendant loses in a criminal case, the defendant is found __________..
Answer: Guilty
◍ How is a claim of strict liability different from a claim of negligence ?.
Answer: Plaintiff does not have to prove defendant breached duty of care
◍ The Electronic Communications Privacy Act forbids the intentional
interception of electronic communications. Which of the following is an
exception to the ECPA?.
Answer: Employers may intercept employee's business communications on
employer issued electronic devices.
◍ Which of the following may be protected by copyright law?
I. a song by Beyonce, I
I. a poem by Maya Angelou, II
I. an article in the New York Times, IV product packaging..
Answer: All of these
, ◍ Which type of discrimination is prohibited under Title VII of the Civil
Rights Act?.
Answer: intentional discrimination and unintentional discrimination
◍ "Disney" is a famous and distinctive trademark related to family
entertainment and related products. A liquor manufacturer wants to use the
name "Disney" for a new line of fruit flavored alcoholic drinks. The liquor
manufacturer will not compete against the original Disney in any product
category. What will be the likely outcome if the original Disney sues to stop
the liquor manufacturer from using the name "Disney"?.
Answer: The liquor manufacturer will not be allowed to use the "Disney"
name because of the Federal Trademark Dilution Act.
◍ Arthur wrote a poem in 2015. It was published in 2016. He died in 2017.
When will Arthur's poem enter the public domain?.
Answer: 2087
◍ John just started his first job and received his first paycheck. He was
shocked to see a deduction on his paystub for "FIC
A. " Why was there a FICA deduction from his salary?.
Answer: employees must 'contribute' to the Social Security retirement
system
◍ May a 14-year-old entrepreneur be a principal, contracting with another
person to be his agent ?.
Answer: No, a person must have contractual capacity to be a principal
◍ May a state have a law requiring that a business disclose a breach of
personal information data?.
Answer: Yes, for example, Arkansas has a law titled the Personal
Information Protection Act.
◍ Some states recognize a privilege of confidentiality of communication
between an accountant and client. What is the federal law of
accountant-client communication?.
Answer: Accountants must disclose accountant-client information in federal
