CSLB LAW TEST EXAMPLES ACTUAL QUESTIONS AND ANSWERS

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AND ANSWERS 2024/2025 A+ GRADE.
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fixed costs - correct answer-
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Cost that does not change; ex: rent, machinery repair,property taxes, and salary of the workers
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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
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s, goods, part time salesman
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Sole proprietorship - correct answer-Business owned and managed by a single individual
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General partnership - correct answer- v v v v




Partners in a general partnership share equally in both responsibility and liability
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Limited partnership - correct answer- v v v v




Only one partner is required to be a general partner; only one partner has unlimited personal
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liabilit y for the firms actions, the other partner contributes only money
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Limited Liability Partnership - correct answer-All partners are limited partners
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Tax return - correct answer-
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A form used to file income taxes, you declare your income to the government and figure out your
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t axable income
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Taxable income - correct answer-A persons gross income minus exemptions and deductions
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Personal exemption - correct answer- v v v v




Set amounts that you subtract from your gross income for yourself, spouse, and any dependents
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Deductions - correct answer- v v v




Variable amounts that you can subtract or deduct from your gross income; EX: interest on
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mortgage, donations to charity, medical expenses, and state and local tax payments
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