Credit Business Fellowsm (CBFsm) Exam Study Guide

About this Guide:

This guide is a listing of suggested study topics for the Credit Business Fellow (CBF) designation exam. The study topics are based on textbooks recommended and used by NACM. The textbook listed may be purchased through the NACM Bookstore. This outline is intended to be used as a general guide for preparing for the examination. In-depth preparation (additional texts, study sessions, seminars, self-study courses, etc.) is recommended in conjunction with reviewing the material within this study outline.

About the Exam:

The CBF exam typically consists of approximately 100-125 multiple-choice and true/false questions having equal point values. Candidates may take up to three hours to complete the exam. The exam covers topics presented in the CBF required courses:

  • Business Law (the law of contracts and negotiable instruments)
  • Credit Law

Candidates may not use notes, reference materials, or books during the exam. Candidates must earn a final score of 70% to pass the exam. If you are uncertain about the references listed or the topics noted or have questions, please be sure to contact the National Education Department for clarification prior to the exam.

Suggested Reading:

While the following textbook is used by NACM, other college textbooks may be substituted. You should compare the topics listed in this guide with topics presented in any alternative texts used to prepare for this exam.

Business Law Today (11th edition) by Miller and Jentz

Chapter 1: The Legal Environment
Chapter 2: Constitutional Law
Chapter 3: Courts and Alternative Dispute Resolution
Chapter 4: Torts and Cyber Torts
Chapter 5: Intellectual Property and Internet Law
Chapter 6: Criminal Law
Chapter 7: Cyber Crime
Chapter 8: Ethics and Business Decision Making
Chapter 9: Nature and Classification
Chapter 10: Agreement in Traditional and E-Contracts
Chapter 11: Consideration
Chapter 12: Capacity and Legality
Chapter 13: Voluntary Consent
Chapter 14: The Statute of Frauds – Writing Requirement
Chapter 15: Performance and Discharge
Chapter 16: Breach and Remedies
Chapter 17: Third Party Rights
Chapter 18: The Formation of Sales and Lease Contracts
Chapter 19: Title and Risk of Loss
Chapter 20: Performance and Breach of Sales and Lease Contracts

Chapter 21: Warranties and Product Liability
Chapter 22: Negotiable Instruments:  Transferability and Liability
Chapter 23: Checks and Banking in the Digital Age
Chapter 24: Security Interests in Personal Property
Chapter 25: Other Creditors’ Remedies and Suretyship
Chapter 26: Bankruptcy
Chapter 27: International Law in a Global Economy
Chapter 28: Agency Relationships in Business
Chapter 31: Sole Proprietorships and Franchises
Chapter 32: All Forms of Partnerships
Chapter 33: Limited Liability Companies and Special Business Forms
Chapter 34: Corporate Formation and Financing
Chapter 35: Corporate Directors, Officers and Shareholders
Chapter 39: Promoting Competition
Chapter 40: Consumer Law
Chapter 42: Liability of Accountants and Other Professionals