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 130 multiple-choice and true/false questions having equal point values. Candidates may take up to three and a half 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 (12th edition) by Miller

Chapter 1: Law and Legal Reasoning
Chapter 2: Constitutional Law
Chapter 3: Ethics in Business
Chapter 4: Courts and Alternative Dispute Resolution
Chapter 5: Tort Law
Chapter 6: Product Liability
Chapter 7: Intellectual Property Rights
Chapter 8: Internet Law, Social Media, and Privacy
Chapter 9: Criminal Law and Cyber Crime
Chapter 10: Nature and Classification
Chapter 11: Agreement
Chapter 12: Consideration
Chapter 13: Capacity and Legality
Chapter 14: Voluntary Consent
Chapter 15: Statute of Frauds – Writing Requirement
Chapter 16: Performance and Discharge
Chapter 17: Breach and Remedies
Chapter 18: Third Party Rights

Chapter 19: The Formation of Sales and Lease Contracts
Chapter 20: Title and Risk of Loss
Chapter 21: Performance and Breach of Sale and Lease Contracts
Chapter 23: International and Space Law
Chapter 25: Security Interests and Creditors’ Rights
Chapter 26: Bankruptcy
Chapter 27: Agency Relationships in Business
Chapter 30: Sole Proprietorships and Franchises
Chapter 31: All Forms of Partnership
Chapter 32: Limited Liability Companies and Special Business Forms
Chapter 33: Corporate Formation and Financing
Chapter 34: Corporate Directors, Officers, and Shareholders
Chapter 35: Corporate Mergers, Takeovers, and Terminations
Chapter 36: Investor Protection, Insider Trading, and Corporate Governance
Chapter 37: Administrative Law
Chapter 38: Antitrust Law and Promoting Competition
Chapter 39: Consumer and Environmental Law