NASCLA Business, Law and Project
Management (Basic) - Practice Test 2
_____ 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 - ------------ANS: A. Indemnification
_____ determine the type of materials or methods used.
A. Specifications
B. Building codes
C. References
D. UL - ------------ANS: A. Specifications
_____ is (are) NOT a good guideline for a job description.
A. Skills and knowledge needed
B. Certificates
C. Responsibility
D. Insurances - ------------ANS: D. Insurances
,_____ is a provision written into a contract that is used to limit risk in case of labor
strikes.
A. Indemnification
B. Delays and extensions of time
C. Schedule acceleration
D. Force majeure - ------------ANS: D. Force majeure
_____ is an exclusion to an advantage of a sole proprietor.
A. Limited personal responsibility
B. Low startup costs
C. Ownership of profits
D. Decision making freedom - ------------ANS: A. Limited personal responsibility
_____ is anything of value.
A. A signature
B. Consideration
C. A date
D. A counteroffer - ------------ANS: B. Consideration
_____ is NOT a disadvantage of a C corporation.
A. Complex and expensive organization
, B. Limitations on corporate activities
C. Unlimited life of the business
D. Extensive regulation and record-keeping requirements - ------------ANS: C.
Unlimited life of the business
_____ is NOT a purpose of marketing.
A. To bring in new customers
B. To retain existing customers
C. To increase cash flow
D. To hire employees - ------------ANS: D. To hire employees
_____ is relatively unimportant when naming a business.
A. Impression of firm
B. Trademark
C. Service
D. Location - ------------ANS: D. Location
_____ is the type of insurance one would purchase for tools.
A. GLC
B. Builders risk
C. D and O
D. Equipment theft - ------------ANS: D. Equipment theft
Management (Basic) - Practice Test 2
_____ 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 - ------------ANS: A. Indemnification
_____ determine the type of materials or methods used.
A. Specifications
B. Building codes
C. References
D. UL - ------------ANS: A. Specifications
_____ is (are) NOT a good guideline for a job description.
A. Skills and knowledge needed
B. Certificates
C. Responsibility
D. Insurances - ------------ANS: D. Insurances
,_____ is a provision written into a contract that is used to limit risk in case of labor
strikes.
A. Indemnification
B. Delays and extensions of time
C. Schedule acceleration
D. Force majeure - ------------ANS: D. Force majeure
_____ is an exclusion to an advantage of a sole proprietor.
A. Limited personal responsibility
B. Low startup costs
C. Ownership of profits
D. Decision making freedom - ------------ANS: A. Limited personal responsibility
_____ is anything of value.
A. A signature
B. Consideration
C. A date
D. A counteroffer - ------------ANS: B. Consideration
_____ is NOT a disadvantage of a C corporation.
A. Complex and expensive organization
, B. Limitations on corporate activities
C. Unlimited life of the business
D. Extensive regulation and record-keeping requirements - ------------ANS: C.
Unlimited life of the business
_____ is NOT a purpose of marketing.
A. To bring in new customers
B. To retain existing customers
C. To increase cash flow
D. To hire employees - ------------ANS: D. To hire employees
_____ is relatively unimportant when naming a business.
A. Impression of firm
B. Trademark
C. Service
D. Location - ------------ANS: D. Location
_____ is the type of insurance one would purchase for tools.
A. GLC
B. Builders risk
C. D and O
D. Equipment theft - ------------ANS: D. Equipment theft
