120V AC to 24V DC Circuit Test: Common Faults, Troubleshooting Steps, Meter Readings

I have a performance/practical test next week for a new job. I have already taken a written portion and passed. I have some pictures i'll attach. The first one will be component identification and the second a circuit with a 120v source AC into a fuse then to a step down transformer 24v output. Then a rectifier diode DC output to a resistor above the light bulb, not sure what type/ohm the resistor is, and finally the light bulb. All the TP labels are places you can get readings with a multi-meter. The labeled switches are different ways to fault the circuit. I know some steps for troubleshooting but want to get more comfortable with ways the circuit could be faulted. One example is the light bulb flashing which I believe is a fault in the rectifier. Wondering how other parts of the circuit could be faulted and how I would know. I was planning on checking continuity through all the components (ohms)  and if that checks out start checking voltage drops. Not 100% sure of the exact scientific terminology for each component and could  use a little help there. The job is a pretty big step for me any help is greatly appreciated.