VA CONTRACTOR UPDATED TESTED QUESTIONS AND
ANSWERS RATED A+
✔✔What code to follow for new additions to a building - ✔✔Current Code
✔✔What is calculated in Project Overhead - ✔✔Supervisor Saleries
✔✔Lead Exposure - ✔✔1978
✔✔Miller Act - ✔✔1 Year
✔✔Working Capital - ✔✔current assets - current liabilities
✔✔Bid Price - ✔✔(Dir Cost * 100 ) / (100-%)
✔✔Equity - ✔✔Assets - Liabilities
✔✔Debt to Equity Ratio - ✔✔Total Debt/Total Equity
✔✔Quick Ratio - ✔✔(Current Assets - Inventory) / Current Liabilities
✔✔Return on Invest - ✔✔Net Income / Total Assets
✔✔Class A min net worth and Application Fee - ✔✔$45,000 and $385
✔✔Class B min net worth and Application Fee - ✔✔$15,000 and $370
✔✔Working Capital - ✔✔current assets - current liabilities
✔✔Accrual Basis Accounting - ✔✔reporting income when it is earned
✔✔Cash Method - ✔✔revenue is not recorded until cash (or a check) is actually
received
✔✔Quick Ratio - ✔✔(Current Assets - Inventory) / Current Liabilities
✔✔Return on Investment Ratio - ✔✔net income/ total assets
✔✔Max Bond - ✔✔Working Capital x10
✔✔Assets - ✔✔Liabilities + Owner's Equity
✔✔SUTA - ✔✔8,000
, ✔✔FUTA - ✔✔7,000
✔✔Gross Profit - ✔✔Revenues - Cost of Construction
✔✔Bids are - ✔✔compteitive
✔✔EPA Violation Amount - ✔✔$37,500 per day
✔✔Who is responsible - ✔✔contractor / employee
✔✔Lead Fine - ✔✔$37,500 a day
✔✔Medicare - ✔✔1.45%
✔✔Social Security - ✔✔6.2%
✔✔VA Corp Income Tax - ✔✔6%
✔✔FICA - ✔✔7.65%
✔✔Total Medicare - ✔✔2.9%
✔✔How long do you have to get your Certificate of Occupancy - ✔✔5 Days
✔✔How long do you have to change your name on your license? - ✔✔30 days
✔✔ A contractor does not notify a change of address and so does not receive a timely
Notice of Renewal. Who is responsible for when the contractor does not renew his
license on time? - ✔✔The Licensee Contractor
✔✔A Designated Employee should be? - ✔✔At least 18, Full Time, Passed Required
Exams
✔✔What is the initial Recovery Fund fee? - ✔✔$25.00
✔✔If a contractor ears more that $_______ per year, then the contractor is required to
have a Class A. - ✔✔$750,000.00
✔✔If a contract awards more than $_________ per payment, the contractor is required
to have a Class A. - ✔✔$120,000.00
ANSWERS RATED A+
✔✔What code to follow for new additions to a building - ✔✔Current Code
✔✔What is calculated in Project Overhead - ✔✔Supervisor Saleries
✔✔Lead Exposure - ✔✔1978
✔✔Miller Act - ✔✔1 Year
✔✔Working Capital - ✔✔current assets - current liabilities
✔✔Bid Price - ✔✔(Dir Cost * 100 ) / (100-%)
✔✔Equity - ✔✔Assets - Liabilities
✔✔Debt to Equity Ratio - ✔✔Total Debt/Total Equity
✔✔Quick Ratio - ✔✔(Current Assets - Inventory) / Current Liabilities
✔✔Return on Invest - ✔✔Net Income / Total Assets
✔✔Class A min net worth and Application Fee - ✔✔$45,000 and $385
✔✔Class B min net worth and Application Fee - ✔✔$15,000 and $370
✔✔Working Capital - ✔✔current assets - current liabilities
✔✔Accrual Basis Accounting - ✔✔reporting income when it is earned
✔✔Cash Method - ✔✔revenue is not recorded until cash (or a check) is actually
received
✔✔Quick Ratio - ✔✔(Current Assets - Inventory) / Current Liabilities
✔✔Return on Investment Ratio - ✔✔net income/ total assets
✔✔Max Bond - ✔✔Working Capital x10
✔✔Assets - ✔✔Liabilities + Owner's Equity
✔✔SUTA - ✔✔8,000
, ✔✔FUTA - ✔✔7,000
✔✔Gross Profit - ✔✔Revenues - Cost of Construction
✔✔Bids are - ✔✔compteitive
✔✔EPA Violation Amount - ✔✔$37,500 per day
✔✔Who is responsible - ✔✔contractor / employee
✔✔Lead Fine - ✔✔$37,500 a day
✔✔Medicare - ✔✔1.45%
✔✔Social Security - ✔✔6.2%
✔✔VA Corp Income Tax - ✔✔6%
✔✔FICA - ✔✔7.65%
✔✔Total Medicare - ✔✔2.9%
✔✔How long do you have to get your Certificate of Occupancy - ✔✔5 Days
✔✔How long do you have to change your name on your license? - ✔✔30 days
✔✔ A contractor does not notify a change of address and so does not receive a timely
Notice of Renewal. Who is responsible for when the contractor does not renew his
license on time? - ✔✔The Licensee Contractor
✔✔A Designated Employee should be? - ✔✔At least 18, Full Time, Passed Required
Exams
✔✔What is the initial Recovery Fund fee? - ✔✔$25.00
✔✔If a contractor ears more that $_______ per year, then the contractor is required to
have a Class A. - ✔✔$750,000.00
✔✔If a contract awards more than $_________ per payment, the contractor is required
to have a Class A. - ✔✔$120,000.00
