Metro City Would Like a Pedestrian Bridge Constructed Across Big

question 8

Multiple Choice

Metro City would like a pedestrian bridge constructed across Big Creek.The city will accept bids on the project until a specified date.Bidders must submit a bid bond that guarantees if the bid is accepted,the bidder will sign the construction contract and furnish a bond that guarantees the construction work will be completed according to contract specifications.This second bond the bidder must post is a

• A)performance bond.
• B)payment bond.
• C)maintenance bond.
• D)completion bond.

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Definitions:

Job Completion

Job completion refers to the finalization of a task or project, marking the point at which all work has been finished as per the requirements.

Cost of Goods Sold

The expenses directly associated with manufacturing the products a company sells.

Underapplied Overhead

A scenario in which the manufacturing overhead costs that were budgeted fall short of the overhead costs that were actually incurred.