1 Exam Prep NASCLA Contractor's Guide to Business, Law, and Project Management, Florida 1st Edition Practice Test 2

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 - answerPayment 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 - answerCash 3. A ___________________ bundles all cost factors for entire task. A. Lump sum B. Cost plus C. Percent completion method D. Unit price method - answerUnit 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 - answerService 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 - answerSchedule acceleration 6. The EAP should include ______________. A. Student's name B. Employer's name C. Administrator's name D. Next of kin - answerEmployer'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 - answerEmergency Contract 8. Having adequate technology strengths can help an organization with all except the following? A. Estimating B. Purchasing C. Scheduling D. Vacationing - answerEstimating 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 - answerOwnership of profits 10. _________________ determine the type of materials or methods used. A. Specifications B. Building codes C. References D. UL - answerSpecifications 11. Which of the following pays a worker when he, she, is laid off? A. Worker's compensation