Chapter Four: Client Relations & Communication

Question 1

Rule 1.4

Answer 1

requires an attorney,
within reason, to promptly comply with the client’s requests for information, to keep the client informed about the status of their legal matter(s), to consult with the client, and to provide the client with an explanation of their matter(s) so that the client can make informed decisions.

Question 2

Capital

Answer 2

Cash and other assets that business owners can put into a company

Question 3

Cash Flow

Answer 3

Money coming into a business from customers and where money is spent

Question 4

Equity

Answer 4

Business owner’s interest in a company and how much it is worth

Question 5

Return on Investment

Answer 5

How much money is made vs. how much money is spent

Question 6

Profit and Loss Statement

Answer 6

Income statement. Shows expenses, costs, revenues for a certain time period

Question 7

Balance Sheet

Answer 7

What the business owns, what it owes, and other financial matters