VA Contractors Advanced Class A License
Question and Answer (2026/2027) | Real
Tested Questions | A+ Verified
• What are the 3 key functions of a business plan? -✓✓ Planning tool,
Loan/Investor Document, and Benchmarking Tool
• What is the simplest form of ownership to set up? -✓✓ Sole Proprietorship
• What is the difference in liability between a Sole Proprietorship and an S
Corporation? -✓✓ A Sole Proprietorship has Unlimited personal
liability, while an S Corporation generally has no
personal liability of the shareholders.
• What are the two parts that a Contractor license consists of? -✓✓ The class of
the license and the specialty of work
the contractor is allowed to perform
• Who benefits from the Contractor Transaction Recovery Fund? -✓✓
Homeowners who have suffered a reimbursable
loss from a dishonest or incompetent general
contractor
• What type of insurance covers your business and personal property when
damage, theft, or loss occurs? -✓✓ Property Insurance
Question and Answer (2026/2027) | Real
Tested Questions | A+ Verified
• What are the 3 key functions of a business plan? -✓✓ Planning tool,
Loan/Investor Document, and Benchmarking Tool
• What is the simplest form of ownership to set up? -✓✓ Sole Proprietorship
• What is the difference in liability between a Sole Proprietorship and an S
Corporation? -✓✓ A Sole Proprietorship has Unlimited personal
liability, while an S Corporation generally has no
personal liability of the shareholders.
• What are the two parts that a Contractor license consists of? -✓✓ The class of
the license and the specialty of work
the contractor is allowed to perform
• Who benefits from the Contractor Transaction Recovery Fund? -✓✓
Homeowners who have suffered a reimbursable
loss from a dishonest or incompetent general
contractor
• What type of insurance covers your business and personal property when
damage, theft, or loss occurs? -✓✓ Property Insurance
