1 Exam Prep NASCLA Contractor's Guide to Business, Law, and Project Management, Florida 1st Edition Practice Test 2 Questions and Answers(A+ Solution guide)

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 - Answer 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 - Answer Cash 3. A ___________________ bundles all cost factors for entire task.A. Lump sum B. Cost plus C. Percent completion method D. Unit price method - Answer 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 - Answer 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 accelerationD. Force majeure - Answer Schedule acceleration 6. The EAP should include ______________. A. Student's name B. Employer's name C. Administrator's name D. Next of kin - Answer Employer's Name