NASCLA Business, Law and Project Management (Basic) - Practice Test 2 Latest Update 2024-2025 Questions and 100% Verified Correct Answers Guaranteed A+ _____ absolves the indemnified party from any payment for losses and damages incurred by a third party.
- Indemnification
- Delays and extensions of time
- Schedule acceleration
D. Force majeure - CORRECT ANSWER: A. Indemnification
7-4
_____ determine the type of materials or methods used.
- Specifications
- Building codes
- References
D. UL - CORRECT ANSWER: A. Specifications
6-2
_____ is (are) NOT a good guideline for a job description.
- Skills and knowledge needed
- Certificates
- Responsibility
D. Insurances - CORRECT ANSWER: D. Insurances
10-10
_____ is a provision written into a contract that is used to limit risk in case of labor strikes.
- Indemnification
- Delays and extensions of time
- Schedule acceleration
D. Force majeure - CORRECT ANSWER: D. Force majeure
7-5
_____ is an exclusion to an advantage of a sole proprietor.
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- Limited personal responsibility
- Low startup costs
- Ownership of profits
D. Decision making freedom - CORRECT ANSWER: A. Limited personal responsibility
2-2
_____ is anything of value.
- A signature
- Consideration
- A date
D. A counteroffer - CORRECT ANSWER: B. Consideration
7-2
_____ is NOT a disadvantage of a C corporation.
- Complex and expensive organization
- Limitations on corporate activities
- Unlimited life of the business
D. Extensive regulation and record-keeping requirements - CORRECT ANSWER: C.
Unlimited life of the business
3-5
_____ is NOT a purpose of marketing.
- To bring in new customers
- To retain existing customers
- To increase cash flow
D. To hire employees - CORRECT ANSWER: D. To hire employees
5-1
_____ is relatively unimportant when naming a business.
- Impression of firm
- Trademark
- Service
D. Location - CORRECT ANSWER: D. Location
2-6
_____ is the type of insurance one would purchase for tools.
- / 2