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Exam (elaborations)

CSLB LAW TEST EXAMPLES Questions and Answers 100% Verified

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CSLB LAW TEST EXAMPLES Questions and Answers 100% Verified

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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

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