CSLB LAW TEST EXAMPLES Questions and
Answers 100% Verified
Question:
fixed costs
Answer:
Cost that does not change; ex: rent, machinery repair,property taxes, and salary of the
workers
Question:
variable costs
Answer:
Costs that rise or fall depending on the quantity produced; EX: cost of labor, electricity,
heating bills, goods, part time salesman
Question:
Sole proprietorship
Answer:
Business owned and managed by a single individual
Question:
General partnership
Answer:
Partners in a general partnership share equally in both responsibility and liability
, Question:
Limited partnership
Answer:
Only one partner is required to be a general partner; only one partner has unlimited personal
liability for the firms actions, the other partner contributes only money
Question:
Limited Liability Partnership
Answer:
All partners are limited partners
Question:
Tax return
Answer:
A form used to file income taxes, you declare your income to the government and figure out
your taxable income
Question:
Taxable income
Answer:
A persons gross income minus exemptions and deductions
Answers 100% Verified
Question:
fixed costs
Answer:
Cost that does not change; ex: rent, machinery repair,property taxes, and salary of the
workers
Question:
variable costs
Answer:
Costs that rise or fall depending on the quantity produced; EX: cost of labor, electricity,
heating bills, goods, part time salesman
Question:
Sole proprietorship
Answer:
Business owned and managed by a single individual
Question:
General partnership
Answer:
Partners in a general partnership share equally in both responsibility and liability
, Question:
Limited partnership
Answer:
Only one partner is required to be a general partner; only one partner has unlimited personal
liability for the firms actions, the other partner contributes only money
Question:
Limited Liability Partnership
Answer:
All partners are limited partners
Question:
Tax return
Answer:
A form used to file income taxes, you declare your income to the government and figure out
your taxable income
Question:
Taxable income
Answer:
A persons gross income minus exemptions and deductions