Social Science Economics Finance
VA Contractors: VA Advanced
(Class A) Exam Graded A+
C
Terms in this set (24) answer
A lump sum contract on a project has a tota lMore than
$50,000 contract price of $160,000. Retainage has
been held back at 10%. The contractor
has received progress payments for 75%
of the project. The contractor submits a
request for final payment for the new
completed
project. The final payment amount should
be for...
, What is the total value of current assets for Between $12,000 and $16,000
an accrual basis company that has the
following? Checking account cash
balance is $4,800; materials inventory for
work-in-
progress is $4,200; a pick-up truck that cost
$12,460- paid for with $2,460 in cash and a
note for $10,000- and is used 100% in the
business; accounts receivable is $5,700;
suppliers' accounts payable is $6,300; other
accounts payable is $2,200; and quarterly
income tax payment due is $1,180...
What is the total project overhead for a Less than $12,000
project that lasts 3 months and has the
following costs? Labor is $4,000; materials
are $9,500; equipment rentals are $1,200;
superintendent's annual salary is $36,000;
office rent is $800 per month; and office
utilities are $375 per month.
For 1 month a company bills out $38,000 in Loss of $1,000
completed work, and receives $22,000 in
payments plus $8,000 from the previous
month's billings. They pay their total bill of
$26,000 to supply houses for this month's
purchases, and another $5,000 to supply
houses for last month's purchases. Using a
cash accounting method and NOT
considering any other revenue or expenses,
what is the company's net income for
the month?
The owner requests for change which will A decrease of
$3,780 cost the contractor $15,000 in labor and
materials and $2,250 in overhead costs. With
the change, the contractor would be
relieved of $18,000 in labor and materials
costs, and $2,400 in overhead costs
from the original contract. The
original bid
included profit of 20% of all costs. The
contractor wants to make a profit of 20% of
all costs on the changes. The adjusted
contract price for the change order should
be...
Which of the following would typically be Damage to adjoining property from a crane accident
covered by a contractor's comprehensive
general liability insurance policy?
VA Contractors: VA Advanced
(Class A) Exam Graded A+
C
Terms in this set (24) answer
A lump sum contract on a project has a tota lMore than
$50,000 contract price of $160,000. Retainage has
been held back at 10%. The contractor
has received progress payments for 75%
of the project. The contractor submits a
request for final payment for the new
completed
project. The final payment amount should
be for...
, What is the total value of current assets for Between $12,000 and $16,000
an accrual basis company that has the
following? Checking account cash
balance is $4,800; materials inventory for
work-in-
progress is $4,200; a pick-up truck that cost
$12,460- paid for with $2,460 in cash and a
note for $10,000- and is used 100% in the
business; accounts receivable is $5,700;
suppliers' accounts payable is $6,300; other
accounts payable is $2,200; and quarterly
income tax payment due is $1,180...
What is the total project overhead for a Less than $12,000
project that lasts 3 months and has the
following costs? Labor is $4,000; materials
are $9,500; equipment rentals are $1,200;
superintendent's annual salary is $36,000;
office rent is $800 per month; and office
utilities are $375 per month.
For 1 month a company bills out $38,000 in Loss of $1,000
completed work, and receives $22,000 in
payments plus $8,000 from the previous
month's billings. They pay their total bill of
$26,000 to supply houses for this month's
purchases, and another $5,000 to supply
houses for last month's purchases. Using a
cash accounting method and NOT
considering any other revenue or expenses,
what is the company's net income for
the month?
The owner requests for change which will A decrease of
$3,780 cost the contractor $15,000 in labor and
materials and $2,250 in overhead costs. With
the change, the contractor would be
relieved of $18,000 in labor and materials
costs, and $2,400 in overhead costs
from the original contract. The
original bid
included profit of 20% of all costs. The
contractor wants to make a profit of 20% of
all costs on the changes. The adjusted
contract price for the change order should
be...
Which of the following would typically be Damage to adjoining property from a crane accident
covered by a contractor's comprehensive
general liability insurance policy?
