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VIRGINIA CONTRACTORS -VA ADVANCED CLASS A
LICENSE EXAM LATEST 2026 ACTUAL VERIFIED
EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+|| NEWEST EXAM!!!||
What is the MAXIMUM penalty for a contractor who
undertakes work without the proper class of license? -
Answer-$500 fine per day for each day of violation plus
penalties for a misdemeanor.
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... - 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
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payable is $2,200; and quarterly income tax payment due
is $1,180... - Answer-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. -
Answer-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? - Answer-Loss of
$1,000
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
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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... - Answer-A decrease of $3,780
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance
policy? - Answer-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. - Answer-The
VIRGINIA CONTRACTORS -VA ADVANCED CLASS A
LICENSE EXAM LATEST 2026 ACTUAL VERIFIED
EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+|| NEWEST EXAM!!!||
What is the MAXIMUM penalty for a contractor who
undertakes work without the proper class of license? -
Answer-$500 fine per day for each day of violation plus
penalties for a misdemeanor.
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... - 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
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payable is $2,200; and quarterly income tax payment due
is $1,180... - Answer-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. -
Answer-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? - Answer-Loss of
$1,000
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
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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... - Answer-A decrease of $3,780
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance
policy? - Answer-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. - Answer-The
