VA CONTRACTOR FINAL EXAM ACTUAL QUESTIONS AND
ANSWERS RATED A+
✔✔An agreement that calls for a contractor to be paid actual costs for labor and
materials plus a fixed fee for the contractor's overhead and profit is called a - ✔✔cost
plus contract.
✔✔All of the following are advantages of good scheduling EXCEPT - ✔✔reduced
training costs.
✔✔An important factor in ensuring that a schedule is followed is to - ✔✔make sure the
superintendent agrees with it.
✔✔What can be used to collect information on labor, materials, equipment, and
overhead costs used during the performance of a job? - ✔✔A job cost system.
✔✔What can be determined by summing the project activities into an overall schedule?
- ✔✔The total resource demand for a project at any given time
✔✔The PRIMARY difference between a project manager and a project superintendent
is that the project manager - ✔✔does not directly supervise day-to-day field activities.
✔✔The BEST business practice for special-ordered materials is to - ✔✔put the order
requirements in writing.
✔✔An ADVANTAGE of a Critical Path Method (CPM) schedule is it - ✔✔identifies
activities that must be completed before other activities can occur.
✔✔What type of insurance is needed for a partnership to insure that the business does
NOT go out of business if one partner dies? - ✔✔Key man.
✔✔What protects a contractor from risk? - ✔✔Insurance
✔✔What does a comprehensive general liability insurance policy protect a company
against? - ✔✔An accident at the job site that damages the neighbor's house.
✔✔Records of an employee's exposure to hazardous materials MUST be kept a
MINIMUM of how many years? - ✔✔30 years.
✔✔AT LEAST how often should employees watch for possible hazards at the jobsite? -
✔✔Constantly
, ✔✔Approximately how many materials are currently on the EPA hazardous materials
list? - ✔✔500
✔✔Medical records of work-related injuries to long-term employees MUST be kept for a
MINIMUM of what duration after the employee leaves employment? - ✔✔30 years.
✔✔What type of material at a construction site may be considered hazardous waste? -
✔✔Cleaning supplies.
✔✔Time card records MUST be kept a MINIMUM of - ✔✔4 years
✔✔Who MUST follow the Fair Labor Standards Act? - ✔✔All employers with at least 1
employee
✔✔At LEAST how often MUST an employer report information on the number of
employees and the number of new hires in order to meet the requirements of the Child
Support Enforcement Act? - ✔✔Every 2 months.
✔✔Which of the following is considered a source document in an accounting system? -
✔✔Time cards.
✔✔A company's net worth is equal to - ✔✔owner's equity.
✔✔Where does the information for a company's financial statement come from? -
✔✔Summary of accounts in the general ledger.
✔✔What is included in a company's balance sheet? - ✔✔Assets, liabilities, and owner's
equity
✔✔Losses from the sale of a company asset are considered - ✔✔other expenses.
✔✔An employer who withholds more than $1,000 per month from employees for state
taxes MUST pay those taxes at LEAST - ✔✔two times per week.
✔✔What MUST be done with the taxes withheld by an employer between the time that
they are withheld and the time that they are sent to the IRS? - ✔✔The taxes must be
held in a separate account and not used for anything else.
✔✔An employee can request to receive advance earned income credit on Form -
✔✔W5
✔✔Compensation paid to independent contractors is reported on Form - ✔✔1099
ANSWERS RATED A+
✔✔An agreement that calls for a contractor to be paid actual costs for labor and
materials plus a fixed fee for the contractor's overhead and profit is called a - ✔✔cost
plus contract.
✔✔All of the following are advantages of good scheduling EXCEPT - ✔✔reduced
training costs.
✔✔An important factor in ensuring that a schedule is followed is to - ✔✔make sure the
superintendent agrees with it.
✔✔What can be used to collect information on labor, materials, equipment, and
overhead costs used during the performance of a job? - ✔✔A job cost system.
✔✔What can be determined by summing the project activities into an overall schedule?
- ✔✔The total resource demand for a project at any given time
✔✔The PRIMARY difference between a project manager and a project superintendent
is that the project manager - ✔✔does not directly supervise day-to-day field activities.
✔✔The BEST business practice for special-ordered materials is to - ✔✔put the order
requirements in writing.
✔✔An ADVANTAGE of a Critical Path Method (CPM) schedule is it - ✔✔identifies
activities that must be completed before other activities can occur.
✔✔What type of insurance is needed for a partnership to insure that the business does
NOT go out of business if one partner dies? - ✔✔Key man.
✔✔What protects a contractor from risk? - ✔✔Insurance
✔✔What does a comprehensive general liability insurance policy protect a company
against? - ✔✔An accident at the job site that damages the neighbor's house.
✔✔Records of an employee's exposure to hazardous materials MUST be kept a
MINIMUM of how many years? - ✔✔30 years.
✔✔AT LEAST how often should employees watch for possible hazards at the jobsite? -
✔✔Constantly
, ✔✔Approximately how many materials are currently on the EPA hazardous materials
list? - ✔✔500
✔✔Medical records of work-related injuries to long-term employees MUST be kept for a
MINIMUM of what duration after the employee leaves employment? - ✔✔30 years.
✔✔What type of material at a construction site may be considered hazardous waste? -
✔✔Cleaning supplies.
✔✔Time card records MUST be kept a MINIMUM of - ✔✔4 years
✔✔Who MUST follow the Fair Labor Standards Act? - ✔✔All employers with at least 1
employee
✔✔At LEAST how often MUST an employer report information on the number of
employees and the number of new hires in order to meet the requirements of the Child
Support Enforcement Act? - ✔✔Every 2 months.
✔✔Which of the following is considered a source document in an accounting system? -
✔✔Time cards.
✔✔A company's net worth is equal to - ✔✔owner's equity.
✔✔Where does the information for a company's financial statement come from? -
✔✔Summary of accounts in the general ledger.
✔✔What is included in a company's balance sheet? - ✔✔Assets, liabilities, and owner's
equity
✔✔Losses from the sale of a company asset are considered - ✔✔other expenses.
✔✔An employer who withholds more than $1,000 per month from employees for state
taxes MUST pay those taxes at LEAST - ✔✔two times per week.
✔✔What MUST be done with the taxes withheld by an employer between the time that
they are withheld and the time that they are sent to the IRS? - ✔✔The taxes must be
held in a separate account and not used for anything else.
✔✔An employee can request to receive advance earned income credit on Form -
✔✔W5
✔✔Compensation paid to independent contractors is reported on Form - ✔✔1099
