CSLBLAWTESTEXAMPLESACTUALQUESTIONS v v v v v
AND ANSWERS 2024/2025 A+ GRADE.
v v v v v
fixed costs - correct answer-
v v v v
Cost that does not change; ex: rent, machinery repair,property taxes, and salary of the workers
v v v v v v v v v v v v v v
variable costs - correct answer- v v v v
Costs that rise or fall depending on the quantity produced; EX: cost of labor, electricity, heating bill
v v v v v v v v v v v v v v v v
s, goods, part time salesman
v v v v v
Sole proprietorship - correct answer-Business owned and managed by a single individual
v v v v v v v v v v v
General partnership - correct answer- v v v v
Partners in a general partnership share equally in both responsibility and liability
v v v v v v v v v v v
Limited partnership - correct answer- v v v v
Only one partner is required to be a general partner; only one partner has unlimited personal
v v v v v v v v v v v v v v v
liabilit y for the firms actions, the other partner contributes only money
v v v v v v v v v v v v
Limited Liability Partnership - correct answer-All partners are limited partners
v v v v v v v v v
Tax return - correct answer-
v v v v
A form used to file income taxes, you declare your income to the government and figure out your
v v v v v v v v v v v v v v v v v
t axable income
v v v
Taxable income - correct answer-A persons gross income minus exemptions and deductions
v v v v v v v v v v v
Personal exemption - correct answer- v v v v
Set amounts that you subtract from your gross income for yourself, spouse, and any dependents
v v v v v v v v v v v v v v
Deductions - correct answer- v v v
Variable amounts that you can subtract or deduct from your gross income; EX: interest on
v v v v v v v v v v v v v v
mortgage, donations to charity, medical expenses, and state and local tax payments
v v v v v v v v v v v v
AND ANSWERS 2024/2025 A+ GRADE.
v v v v v
fixed costs - correct answer-
v v v v
Cost that does not change; ex: rent, machinery repair,property taxes, and salary of the workers
v v v v v v v v v v v v v v
variable costs - correct answer- v v v v
Costs that rise or fall depending on the quantity produced; EX: cost of labor, electricity, heating bill
v v v v v v v v v v v v v v v v
s, goods, part time salesman
v v v v v
Sole proprietorship - correct answer-Business owned and managed by a single individual
v v v v v v v v v v v
General partnership - correct answer- v v v v
Partners in a general partnership share equally in both responsibility and liability
v v v v v v v v v v v
Limited partnership - correct answer- v v v v
Only one partner is required to be a general partner; only one partner has unlimited personal
v v v v v v v v v v v v v v v
liabilit y for the firms actions, the other partner contributes only money
v v v v v v v v v v v v
Limited Liability Partnership - correct answer-All partners are limited partners
v v v v v v v v v
Tax return - correct answer-
v v v v
A form used to file income taxes, you declare your income to the government and figure out your
v v v v v v v v v v v v v v v v v
t axable income
v v v
Taxable income - correct answer-A persons gross income minus exemptions and deductions
v v v v v v v v v v v
Personal exemption - correct answer- v v v v
Set amounts that you subtract from your gross income for yourself, spouse, and any dependents
v v v v v v v v v v v v v v
Deductions - correct answer- v v v
Variable amounts that you can subtract or deduct from your gross income; EX: interest on
v v v v v v v v v v v v v v
mortgage, donations to charity, medical expenses, and state and local tax payments
v v v v v v v v v v v v
