NASCLA Contractor's Guide To Business, Law, And Project Management, Florida 1st Edition Test Questions And Answers, Latest Update 2024/2025 (GRADED)

NASCLA Contractor's Guide To Business, Law, And Project Management, Florida 1st Edition Test Questions And Answers, Latest Update 2024/2025 (GRADED) 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 - Correct Answer-Payment Bond 2. The _____________ method recognizes income when the employer has done the work, yet has not received the income. NASCLA Contractor's Guide To Business, Law, And Project Management, Florida 1st Edition Test Questions And Answers | Latest Update 2024/2025 (GRADED) pg. 2 professoraxe l A. Accrual B. Appreciation C. Deprecation D. Cash - Correct 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 - Correct Answer-Unit Price Method pg. 3 professoraxe l 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 - Correct 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 acceleration pg. 4 professoraxe l D. Force majeure - Correct Answer-Schedule acceleration 6. The EAP should include ______________. A. Student's name B. Employer's name C. Administrator's name D. Next of kin - Correct Answer-Employer's Name 7. The MSDS provides for two main purposes: one purpose is product information, the other purpose is _______________ information. A. Substance pg. 5 professoraxe l B. Chemical C. Sequence of activities D. Emergency contact - Correct Answer-Emergency Contract 8. Having adequate technology strengths can help an organization with all except the following? A. Estimating B. Purchasing C. Scheduling D. Vacationing - Correct Answer-Estimating 9. Which of the following is an exclusion to an advantage of a sole proprietor? A. Limited personal responsibility pg. 6 professoraxe l B. Low start up costs C. Ownership of profits D. Decision making freedom - Correct Answer-Ownership of profits 10. _________________ determine the type of materials or methods used. A. Specifications B. Building codes C. References D. UL - Correct Answer-Specifications 11. Which of the following pays a worker when he, she, is laid off? pg. 7 professoraxe l A. Worker's compensation B. Unemployment C. COBRA D. HIPAA - Correct Answer-Unemployment 12. Of the following, which is unimportant when naming a business? A. Impression of firm B. Trademark C. Service D. Location - Correct Answer-Location pg. 8 professoraxe l 13. Technical specifications generally meet the classifications set aside by? A. AIA B. EIE C. EEE D. CSI - Correct Answer-CSI 14. Which of the following establishes an employee's identity to legally work in the United States? A. U.S. Passport B. Social Security card C. Certificate of Naturalization D. Driver's License - Correct Answer-U.S. Passport pg. 9 professoraxe l 15. If you are honest with a customer, _______________ becomes realistic. A. Disappointment B. Expectations C. Unrealistic goals D. Frustration - Correct Answer-Expectations 16. Who pays into workers' compensation? A. Property owner B. Building contractor C. Employer EMAIL ME: For help with report, Assignment, Essay and thesis writing. pg. 10 professoraxe l D. Employee - Correct Answer-Employer 17. Within how many days must a notice of commencement be filed? A. 15 days B. 14 days C. 21 days D. 30 days - Correct Answer-15 days 18. A contractor puts in a claim under a comprehensive standard general liability policy. The policy has no additional coverage, riders, or floaters, and has a $600 deductible per occurrence. The claim is for a job-site accident that caused $3,000 of injuries to employees, $2,800 of injuries to a pedestrian, $3,300 damage to pg. 11 professoraxe l the contractor's equipment, and $2,750 loss of project materials purchased by the contractor. The insurance company is liable for? A. $2,200 B. $0 C. $1,000 D. $3,200 - Correct Answer-$2,200 19. Worker's compensation is paid for by the_____________. A. Homeowner B. Employee pg. 12 professoraxe l C. Employer D. Government - Correct Answer-Employer 20. To determine how much to withhold in taxes from an employee, the employer is to use the employee's _______________. A. W-2 B. W-3 C. W-4 D. W-5 - Correct Answer-W-4 21. If an employee earns $10.00 per hour for a 50-hour week, how much is the over-time premium? A. $50 pg. 13 professoraxe l B. $150 C. $500 D. $550 - Correct Answer-E 22. An entrepreneur is a _________________. A. Person B. Place C. Thing D. Tax base - Correct Answer-Person 23. All businesses must file an annual income tax return except______________? pg. 14 professoraxe l A. Corporation B. Partnership C. Sole proprietor D. LLC - Correct Answer-Partnership 24. An individual's Social security is taxed at ______________. A. 6.2% B. 1.45% C. 7.65% D. 15.3% - Correct Answer-6.2% 25. A __________________ is based on a calculation based of footage multiplied by a unit cost.