Latest Update! VA Contractors: General (Class A or B)
PLUS Advanced (Class A) |Revised Questions And
Answers Verified 100% Correct
A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered... - ANSWER -Intent to defraud
by the contractor
What should be added to wage rates to ensure accuracy in estimating labor for a
project? - ANSWER -Labor burden
What MUST be included in an estimate for a job? - ANSWER -Materials, labor,
equipment, and overhead costs
The 3 PRIMARY elements of a contract are... - ANSWER -offer, acceptance, and
consideration
At LEAST how often MUST an employee report information on the number of
employees and the number of new hires in order to meet the requirements of the
Child Support Enforcement Act? - ANSWER -every 2 months
Costs that relate to construction activity but are NOT easily identifiable for a
specific project are considered... - ANSWER -Project overhead
A reason for using a lower than usual profit markup for a specific project could be
to... - ANSWER -cover company overhead costs
Time card records MUST be kept a MINIMUM of... - ANSWER -4 years
A contractor is about to sign an agreement with a representative of a corporation.
The contractor should... - ANSWER -verify that the representative has the
authority to bind the corporation
Which of the following statements about a sole proprietorship is TRUE? -
ANSWER -The business, or any part of it, can be sold, altered, or exchanged at
will
, The PRIMARY difference between a project manager and a project
superintendent is that the project manager... - ANSWER -does not directly
supervise day-to-day field activities
A company's net worth is equal to... - ANSWER -owner's equity
What is included in a company's balance sheet? - ANSWER -Assets, liabilities,
and owner's equity
Who MUST follow the Fair Labor Standards Act? - ANSWER -All employees
with at least 1 employee
Medical records of work-related injuries to long-term employees MUST be kept
for a MINIMUM of what duration after the employee leaves employment? -
ANSWER -30 years
All of the following are advantages of good scheduling EXCEPT... - ANSWER -
reduced training costs
A contractor should do all of the following when estimating a project EXCEPT... -
ANSWER -assume ideal conditions
A bid does NOT specify how long it remains open or in effect is considered to be
open for... - ANSWER -a reasonable amount of time
What does a comprehensive general liability insurance policy protect a company
against? - ANSWER -an accident at the job site that damages the neighbor's house
A contractor plans to use materials or methods other than those standard in the
industry. The contractor should... - ANSWER -specifically state this in the
agreement
The two basic laws of construction estimating are... - ANSWER -low estimates
decrease profits and high estimates decrease volume
Approximately how many materials are currently on the EPA hazardous materials
list? - ANSWER -500
An important factor in ensuring that a schedule is followed is to... - ANSWER -
make sure the superintendent agrees with it
PLUS Advanced (Class A) |Revised Questions And
Answers Verified 100% Correct
A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered... - ANSWER -Intent to defraud
by the contractor
What should be added to wage rates to ensure accuracy in estimating labor for a
project? - ANSWER -Labor burden
What MUST be included in an estimate for a job? - ANSWER -Materials, labor,
equipment, and overhead costs
The 3 PRIMARY elements of a contract are... - ANSWER -offer, acceptance, and
consideration
At LEAST how often MUST an employee report information on the number of
employees and the number of new hires in order to meet the requirements of the
Child Support Enforcement Act? - ANSWER -every 2 months
Costs that relate to construction activity but are NOT easily identifiable for a
specific project are considered... - ANSWER -Project overhead
A reason for using a lower than usual profit markup for a specific project could be
to... - ANSWER -cover company overhead costs
Time card records MUST be kept a MINIMUM of... - ANSWER -4 years
A contractor is about to sign an agreement with a representative of a corporation.
The contractor should... - ANSWER -verify that the representative has the
authority to bind the corporation
Which of the following statements about a sole proprietorship is TRUE? -
ANSWER -The business, or any part of it, can be sold, altered, or exchanged at
will
, The PRIMARY difference between a project manager and a project
superintendent is that the project manager... - ANSWER -does not directly
supervise day-to-day field activities
A company's net worth is equal to... - ANSWER -owner's equity
What is included in a company's balance sheet? - ANSWER -Assets, liabilities,
and owner's equity
Who MUST follow the Fair Labor Standards Act? - ANSWER -All employees
with at least 1 employee
Medical records of work-related injuries to long-term employees MUST be kept
for a MINIMUM of what duration after the employee leaves employment? -
ANSWER -30 years
All of the following are advantages of good scheduling EXCEPT... - ANSWER -
reduced training costs
A contractor should do all of the following when estimating a project EXCEPT... -
ANSWER -assume ideal conditions
A bid does NOT specify how long it remains open or in effect is considered to be
open for... - ANSWER -a reasonable amount of time
What does a comprehensive general liability insurance policy protect a company
against? - ANSWER -an accident at the job site that damages the neighbor's house
A contractor plans to use materials or methods other than those standard in the
industry. The contractor should... - ANSWER -specifically state this in the
agreement
The two basic laws of construction estimating are... - ANSWER -low estimates
decrease profits and high estimates decrease volume
Approximately how many materials are currently on the EPA hazardous materials
list? - ANSWER -500
An important factor in ensuring that a schedule is followed is to... - ANSWER -
make sure the superintendent agrees with it
