NASCLA Business, Law and Project Management (Basic) - Practice Test 2 Questions With Complete Solutions

The _____ method recognizes income when the employer has done the work but has not received the income. A. Accrual B. Appreciation C. Depreciation D. Cash correct answer: A. Accrual 13-7 A _____ bundles all cost factors for entire task. A. Lump sum B. Cost plus C. Percent completion method D. Unit price method correct answer: D. Unit price method 6-7 _____ 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: D. Davis-Bacon Act 10-7 _____ 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: A. Indemnification 7-4