1
Exam
Prep
NASCLA
Contractor's
Guide
to
Business,
Law,
and
Project
Management,
Florida
1st
Edition
Practice
Test
2
1.
Which
of
the
following
bonds
guarantees
that
the
contractor
has
paid
the
subcontractor?
A.
Bid
bond
B.
Performance
bond
C.
Payment
bond
D.
James
bond
-
CORRECT
ANSWER-Payment
Bond
2.
The
_____________
method
recognizes
income
when
the
employer
has
done
the
work,
yet
has
not
received
the
income.
A.
Accrual
B.
Appreciation
C.
Deprecation
D.
Cash
-
CORRECT
ANSWER-Cash
3.
A
___________________
bundles
all
cost
factors
for
entire
task.
A.
Lump
sum
B.
Cost
plus C.
Percent
completion
method
D.
Unit
price
method
-
CORRECT
ANSWER-Unit
Price
Method
4.
_______________
requires
paying
prevailing
wages
in
federally-financed
projects.
A.
Service
Contract
Act
B.
Walsh-Healey
Act
C.
Wage
Garnishment
Law
D.
Davis-Bacon
Act
-
CORRECT
ANSWER-Service
Contract
Act
5.
________________
absolves
the
indemnified
party
from
any
payment
for
losses
and
damages
incurred
by
a
third
party.
A.
Indemnification
B.
Delays
and
extensions
of
time
C.
Schedule
acceleration
D.
Force
majeure
-
CORRECT
ANSWER-Schedule
acceleration
6.
The
EAP
should
include
______________.
A.
Student's
name
B.
Employer's
name
C.
Administrator's
name D.
Next
of
kin
-
CORRECT
ANSWER-Employer's
Name
7.
The
MSDS
provides
for
two
main
purposes:
one
purpose
is
product
information,
the
other
purpose
is
_______________
information.
A.
Substance
B.
Chemical
C.
Sequence
of
activities
D.
Emergency
contact
-
CORRECT
ANSWER-Emergency
Contract
8.
Having
adequate
technology
strengths
can
help
an
organization
with
all
except
the
following?
A.
Estimating
B.
Purchasing
C.
Scheduling
D.
Vacationing
-
CORRECT
ANSWER-Estimating
9.
Which
of
the
following
is
an
exclusion
to
an
advantage
of
a
sole
proprietor?
A.
Limited
personal
responsibility
B.
Low
start
up
costs
C.
Ownership
of
profits
D.
Decision
making
freedom
-
CORRECT
ANSWER-Ownership
of
profits
10.
_________________
determine
the
type
of
materials
or
methods
used.
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