NASCLA Business, Law, and Project Management 13th Edition - Test 1 Exam Questions with Correct Answers

NASCLA Business, Law, and Project Management 13th Edition - Test 1 Exam Questions with Correct Answers FOB freight prepaid requires _____ to pay for shipping charges. A. Contractor B. Buyer C. Seller D. Subcontractor - answerC. Seller 13-11 _____ is NOT a member of the supervisory team. A. A Foreman B. A Material expediter C. The Owner's representative D. A Project manager - answerD. A Project Manager 8-7 With _____ scheduling, you can link project tasks to specific dates such as delivery dates, payment schedule and employee vacations and holidays. A. Calendar B. Bar Chart C. Gantt D. Critical Path Method - answerA. Calendar 8-3 When working in dwelling that was built prior to 1978, the employer is to provide each occupant with a pamphlet titled _____. A. Protect your family from lead in your home B. Protect you loved ones from lead in your home C. Protect your family and your friends from lead in your home D. Pamphlets are not required - answerA. Protect your family from lead in your home 11-13 Employers that violate child labor laws are subject to civil penalty of up to _____ per worker for each violation. A. $2,500 B. $5,000 C. $10,000 D. $11,000 - answerD. $11,000 10-3 A lump sum contract on a project has a total contract price of $260,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment for _____. A. More than $80,000 B. Less than $50,000 C. Between $50,001 and $60,000 D. Between $60,001 and $70,000 - answerA. More than $80,000 7-3 and 13-9 $260,000x0.10 (10% retainage) = $26,000 held back in retainage $260,000 - $26,000 = $234,000 due in progress payments $234,000 x .75 (75% received) = $175,000 received in progress payments $260,000 - $175,000 = $84,500 final payment _____ is NOT a key characteristic of a sole proprietorship. A. The termination at death of the owner B. Business expenses and personal income are not separated C. The net income is taxed as ordinary income D. The owner/owners must bear all responsibility - answerB. Business expenses and personal income are not separa