MHIC NASCLA Contractors Practice Exam

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Prepare for the MHIC NASCLA Contractors Exam with our comprehensive quiz. Practice with multiple-choice questions that closely mimic the actual examination format and receive detailed explanations for each answer. Get ready to elevate your contracting career!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is the purchase price for a project costing $1,000 for goods and services, $50 for delivery, and $125 for interest?

$1,000
$1,175
$1,200
$1,150

The correct answer is: $1,175

The purchase price for a project encompasses all costs associated with acquiring the goods and services necessary for that project. In this case, the total cost is calculated by summing the amounts for goods and services, delivery, and interest. Starting with the cost of the goods and services, which is $1,000, we add the delivery fee of $50. This brings the subtotal to $1,050. Finally, we include the interest amount of $125. When we add this to the subtotal, it results in a total cost of $1,175. Therefore, the correct figure that encompasses all these components is indeed $1,175, making the total purchase price accurate. This approach reflects the need to consider all aspects of project costs to derive the correct purchase price, which is crucial for budgeting and financial planning in any contracting work.