Alabama Business Law Exam - Additional
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Practice questions for this set
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A guarantee that states the builder will do the work for the bid price, will
sign the contract and will furnish a performance and payment bond.
Give this one a try later!
1 I-9 must be completed within how manys of hiring?
What is the purpose of a Bid Bond?
Estimating bundles of all cost factors (labor, materials, equipment etc) to come up
3
with a unit price for the entire task is known as what type of estimating method?
The law that requires a payment and performance bonds on Federal projects over
4
$100,000?
, Don't know?
Terms in this set (53)
What is the main It does not match revenues with expenses.
weakness of the cash
basis accounting
method?
When does the cash When cash is received
basis accounting method
record income?
When do you report You report income in the year you receive it and
income with the Cash deduct expenses in the year you paid them.
Basis Method of
accounting?
What is a contract surety An agreement that binds the contractor to comply
bond? with the terms of a contract
A guarantee that states the builder will do the work
What is the purpose of a
for the bid price, will sign the contract and will
Bid Bond?
furnish a performance and payment bond.
Which type of bond is a A Surety Bond
risk transfer mechanism
between at least 3
parties?
This bond guarantees that the contractor will
What is a Payment Bond? complete a contract within its time frame and
conditions.
The law that requires a The Miller Act
payment and
performance bonds on
Federal projects over
$100,000?
Practice Questions Latest Update
Save
Practice questions for this set
Learn 2 /7 Study with Learn
A guarantee that states the builder will do the work for the bid price, will
sign the contract and will furnish a performance and payment bond.
Give this one a try later!
1 I-9 must be completed within how manys of hiring?
What is the purpose of a Bid Bond?
Estimating bundles of all cost factors (labor, materials, equipment etc) to come up
3
with a unit price for the entire task is known as what type of estimating method?
The law that requires a payment and performance bonds on Federal projects over
4
$100,000?
, Don't know?
Terms in this set (53)
What is the main It does not match revenues with expenses.
weakness of the cash
basis accounting
method?
When does the cash When cash is received
basis accounting method
record income?
When do you report You report income in the year you receive it and
income with the Cash deduct expenses in the year you paid them.
Basis Method of
accounting?
What is a contract surety An agreement that binds the contractor to comply
bond? with the terms of a contract
A guarantee that states the builder will do the work
What is the purpose of a
for the bid price, will sign the contract and will
Bid Bond?
furnish a performance and payment bond.
Which type of bond is a A Surety Bond
risk transfer mechanism
between at least 3
parties?
This bond guarantees that the contractor will
What is a Payment Bond? complete a contract within its time frame and
conditions.
The law that requires a The Miller Act
payment and
performance bonds on
Federal projects over
$100,000?
