NASCLA Business, Law and Project Management, Test 2 Questions With 100% Correct Answers | Latest Update 2024/2025 | Graded

The _____ method recognizes income when the employer has done the work but has not received the income. A. Accrual B. Appreciation C. Depreciation D. Cash - Correct Answer-A. Accrual 13-7 A _____ bundles all cost factors for entire task. A. Lump sum B. Cost plus C. Percent completion method D. Unit price method - Correct Answer-D. Unit price method NASCLA Business, Law and Project Management, Test 2 Questions With 100% Correct Answers | Latest Update 2024/2025 | Graded pg. 2 professoraxe l 6-7 _____ 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-D. Davis-Bacon Act 10-7 _____ 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 - Correct Answer-A. Indemnification 7-4 pg. 3 professoraxe l An Emergency Action plan should include _____. A. Student's name B. Employer's name C. Administrator's name D. Next of kin - Correct Answer-C. Administrator's Name 11-3 The MSDS provides for two main purposes: one purpose is product information; the other purpose is _____ information. A. Substance B. Chemical C. Sequence of activities D. Emergency contact - Correct Answer-D. Emergency contact 11-6 pg. 4 professoraxe l Having adequate technology strengths can NOT help an organization with _____. A. Estimating B. Purchasing C. Scheduling D. Vacationing - Correct Answer-D. Vacationing 4-2 _____ 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 - Correct Answer-A. Limited personal responsibility 2-2 pg. 5 professoraxe l A _____ bond guarantees that the contractor has paid the subcontractor. A. Bid B. Performance C. Payment D. Maintenance - Correct Answer-C. Payment 3-7 _____ determine the type of materials or methods used. A. Specifications B. Building codes C. References D. UL - Correct Answer-A. Specifications 6-2 _____ pays a worker when he or she is laid off. pg. 6 professoraxe l A. Worker's compensation B. Unemployment C. COBRA D. HIPAA - Correct Answer-B. Unemployment 3-5 _____ is relatively unimportant when naming a business. A. Impression of firm B. Trademark C. Service D. Location - Correct Answer-D. Location 2-6 Technical specifications generally organized by _____ MasterFormat classification. pg. 7 professoraxe l A. AIA B. EIE C. EEE D. CSI - Correct Answer-D. CSI 7-9 A _____ does NOT establish an employee's eligibility 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-D. Driver's License 10-13 If you are honest with a customer, _____ can become realistic. A. Disappointment pg. 8 professoraxe l B. Expectations C. Unrealistic goals D. Frustration - Correct Answer-B. Expectations 9-1 A (An) _____ purchases workers' compensation insurance. A. Property owner B. Building contractor C. Employer D. Employee - Correct Answer-C. Employer 10-11 A partnership _____. A. Is a relationship between two or more people. B. Has unlimited business life C. Does not dissolve in the event of a general partner pg. 9 professoraxe l D. Limits the liability of the general partners - Correct AnswerA. Is a relationship between two or more people 2-2 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 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-A. $2,200 $2,800-$600=$2,200 _____ is NOT a disadvantage of a C corporation. EMAIL ME: For help with report, Assignment, Essay and thesis writing. pg. 10 professoraxe l A. Complex and expensive organization B. Limitations on corporate activities C. Unlimited life of the business D. Extensive regulation and record-keeping requirements - Correct Answer-C. Unlimited life of the business 3-5 Depreciation is considered a _____ expense. A. Noncash B. Cash C. Value D. Unnecessary - Correct Answer-A. Noncash 13-10 If an employee earns $10.00 per hour for a 50-hour week, the over-time premium is _____. pg. 11 professoraxe l A. $50 B. $150 C. $500 D. $550 - Correct Answer-A. $50 $10 x 1.5 = $15/hr for overtime $15 - $10 = $5/hr overtime premium $5 x $10 (hours of overtime) = $50 The _____ monitors the compliance with building and safety codes. A. Superintendent