VA CONTRACTORS LICENSE EXAM SCRIPT
VERIFIED QUESTIONS AND SOLUTIONS
COMPLETE REVIEW MATERIAL
●● The three PRIMARY elements of a contract are
Answer: offer, acceptance, consideration
●● Equipment needs for a project are BEST estimated by
Answer: calculating the number of hours or days it is needed
●● An important factor in ensuring a schedule is followed is to
Answer: Make sure the superintendent agrees with it
●● All of the following are examples of GOOD scheduling EXCEPT
Answer: Reduced training cost
●● What should be added to wage rates to ensure accuracy in estimating
labor for a project
Answer: Labor burden
●● All of the following are considered general conditions that could
affect costs directly associated with a specific project EXCEPT
, Answer: Profit margins
●● Records of employees exposure to hazardous materials MUST be
kept a MINIMUM of how many years
Answer: 30 years
●● A reason for using a lower than usual profit markup for a specific
project could be to
Answer: Cover company overhead costs
●● An advantage of a Critical Path Method (CPM) schedule is to
Answer: Identifies activities that must be completed before other
activities can occur
●● An employee can request to receive advance earned income credit on
Form
Answer: W-5
●● The two basic laws of construction estimating are
Answer: Low estimates decrease profits and high estimates decrease
volume
●● Medical records of work related injuries to long term employees
MUST be kept a MINIMUM of what duration after the employee leaves
VERIFIED QUESTIONS AND SOLUTIONS
COMPLETE REVIEW MATERIAL
●● The three PRIMARY elements of a contract are
Answer: offer, acceptance, consideration
●● Equipment needs for a project are BEST estimated by
Answer: calculating the number of hours or days it is needed
●● An important factor in ensuring a schedule is followed is to
Answer: Make sure the superintendent agrees with it
●● All of the following are examples of GOOD scheduling EXCEPT
Answer: Reduced training cost
●● What should be added to wage rates to ensure accuracy in estimating
labor for a project
Answer: Labor burden
●● All of the following are considered general conditions that could
affect costs directly associated with a specific project EXCEPT
, Answer: Profit margins
●● Records of employees exposure to hazardous materials MUST be
kept a MINIMUM of how many years
Answer: 30 years
●● A reason for using a lower than usual profit markup for a specific
project could be to
Answer: Cover company overhead costs
●● An advantage of a Critical Path Method (CPM) schedule is to
Answer: Identifies activities that must be completed before other
activities can occur
●● An employee can request to receive advance earned income credit on
Form
Answer: W-5
●● The two basic laws of construction estimating are
Answer: Low estimates decrease profits and high estimates decrease
volume
●● Medical records of work related injuries to long term employees
MUST be kept a MINIMUM of what duration after the employee leaves
