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VA Contractors: VA Advanced (Class A)
EXAM 2025 | Certified Questions With
Answers
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... - correct -
answer-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... - correct -answer-
Between $12,000 and $16,000
Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - correct -answer-Damage to
adjoining property from a crane accident
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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. - correct -answer-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? - correct -answer-Partnering
What is the average collection period ratio for a firm that has $365,000 in annual
revenues, $6,600 in current receivables, and net income of $32,000? - correct -
answer-6.6
Who oversees compliance with Material Safety Data Sheets? - correct -answer-
OSHA
VA Contractors: VA Advanced (Class A)
EXAM 2025 | Certified Questions With
Answers
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... - correct -
answer-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... - correct -answer-
Between $12,000 and $16,000
Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - correct -answer-Damage to
adjoining property from a crane accident
, 2|Page
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. - correct -answer-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? - correct -answer-Partnering
What is the average collection period ratio for a firm that has $365,000 in annual
revenues, $6,600 in current receivables, and net income of $32,000? - correct -
answer-6.6
Who oversees compliance with Material Safety Data Sheets? - correct -answer-
OSHA
