VA Contractors Advanced (Class A) Exam Graded A+
A lump sum contract on a project has a total 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... - -More than $50,000
What is the total value of current assets for 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... - -Between $12,000 and $16,000
What is the total project overhead for a 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. - -Less than $12,000
For 1 month a company bills out $38,000 in 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? - -Loss
of $1,000
, VA Contractors Advanced (Class A) Exam Graded A+
The owner requests for change which will 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... - -A decrease of $3,780
Which of the following would typically be covered by a contractor's comprehensive general
liability insurance policy? - -Damage to adjoining property from a crane accident
What is the total gross compensation and employment status for a carpenter, given the
following information? A contractor hires a carpenter to do the finish work for a 10-home
project. The carpenter is to be paid $16 per hour. The contractor provides all materials and
equipment, such as a table saw. The carpenter provides all of his own hand tools. The
contractor and the carpenter agree that all of the homes are to be completed within 60 8-
hour working days, without overtime. The contractor provides the carpenter with a
schedule of the order in which homes are to be worked on. The contractor provides a
helper to assist the carpenter. The contractor sets the work schedule each day. The
carpenter spends 600 hours to complete this project, including 120 hours of overtime. -
-The carpenter is an employee and is owed $10,560 for the project
What is the name of the process when a facilitator meets with the major participants in a
project, prior to the commencement of the project, to identify the shared goals of all
participants? - -Partnering
A lump sum contract on a project has a total 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... - -More than $50,000
What is the total value of current assets for 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... - -Between $12,000 and $16,000
What is the total project overhead for a 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. - -Less than $12,000
For 1 month a company bills out $38,000 in 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? - -Loss
of $1,000
, VA Contractors Advanced (Class A) Exam Graded A+
The owner requests for change which will 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... - -A decrease of $3,780
Which of the following would typically be covered by a contractor's comprehensive general
liability insurance policy? - -Damage to adjoining property from a crane accident
What is the total gross compensation and employment status for a carpenter, given the
following information? A contractor hires a carpenter to do the finish work for a 10-home
project. The carpenter is to be paid $16 per hour. The contractor provides all materials and
equipment, such as a table saw. The carpenter provides all of his own hand tools. The
contractor and the carpenter agree that all of the homes are to be completed within 60 8-
hour working days, without overtime. The contractor provides the carpenter with a
schedule of the order in which homes are to be worked on. The contractor provides a
helper to assist the carpenter. The contractor sets the work schedule each day. The
carpenter spends 600 hours to complete this project, including 120 hours of overtime. -
-The carpenter is an employee and is owed $10,560 for the project
What is the name of the process when a facilitator meets with the major participants in a
project, prior to the commencement of the project, to identify the shared goals of all
participants? - -Partnering
