Does the transaction log get truncated when I take a full backup using command
BACKUP DATABASE AdventureWorks
TO Adventurewks
GO
Or do I have to take a log backup separately?
BACKUP LOG AdventureWorks
TO Adventurewks;
GO
Or is the log backup just for a point-in-time restore?
A log backup is needed to truncate the logs.
Here is an article that contains some information on this, http://technet.microsoft.com/en-us/library/ms186865.aspx