NASCLA Contractor's Guide to Business, Law, and Project Management, Florida Practice Test

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 - 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 - Cash 3. A ___________________ bundles all cost factors for entire task.A. Lump sum B. Cost plus C. Percent completion method D. Unit price method - 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 - 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 - Schedule acceleration6. The EAP should include ______________. A. Student's name B. Employer's name C. Administrator's name