VIRGINIA CONTRACTOR'S COMPREHENSIVE
EXAM 2026 QUESTIONS WITH ANSWERS
GRADED A+
◉ A lump sum contract on a project has a total contract price of
$200,000. Retainage has been held back at 10%. The contractor has
received progress payments of 90% of the project. The contractor
submits a request for the final payment for the now completed project.
The final payment amount should be for
A. less than 25,000$
b. between 25,000$ & 35,000$
c. between 35,000$ & 40,000$
d. more than 40,000$. Answer: c. between 35,000$ & 40,000$
◉ A contractor agrees to unit price contract to Product A fir $50 per unit,
product B for $50 per unit, and product C for $375 per unit. The
contractor is also to add 30% for overhead and profit. How much the
contractor should be paid for producing 27 units of product A, 56 units
of product B and 78 units of product C?
a. less than 40,000$
b. between 40,000$ & 45,000$
, c. between 45,000 & 50,000$
d. more than 50,000$. Answer: b. between 40,000$ & 45,000$
◉ A contract calls for liquidated damage of 500$ per day. The project
completed five days late because it was delayed by rain. The completion
would have been 10 days earlier if it were not for the rain delay. There
was a 500$ bonus per day for the contractor early completion. No
extension of time was requested or granted. How much does the
contractor earn or owe?
a. owes 2,500 in liquidated damage
b. owes 500 in liquidated damage
c. is due a 2,500 bonus from the owner
d. is due a 500 bonus from the owner. Answer:
◉ A job has a price of 165,000 after direct costs and overhead are
factored. What will the final bid be if the profit markup is 11.5%
a. 186,440
b. 183,975
c. 179,545
d. 189,874. Answer: a. 186,440
EXAM 2026 QUESTIONS WITH ANSWERS
GRADED A+
◉ A lump sum contract on a project has a total contract price of
$200,000. Retainage has been held back at 10%. The contractor has
received progress payments of 90% of the project. The contractor
submits a request for the final payment for the now completed project.
The final payment amount should be for
A. less than 25,000$
b. between 25,000$ & 35,000$
c. between 35,000$ & 40,000$
d. more than 40,000$. Answer: c. between 35,000$ & 40,000$
◉ A contractor agrees to unit price contract to Product A fir $50 per unit,
product B for $50 per unit, and product C for $375 per unit. The
contractor is also to add 30% for overhead and profit. How much the
contractor should be paid for producing 27 units of product A, 56 units
of product B and 78 units of product C?
a. less than 40,000$
b. between 40,000$ & 45,000$
, c. between 45,000 & 50,000$
d. more than 50,000$. Answer: b. between 40,000$ & 45,000$
◉ A contract calls for liquidated damage of 500$ per day. The project
completed five days late because it was delayed by rain. The completion
would have been 10 days earlier if it were not for the rain delay. There
was a 500$ bonus per day for the contractor early completion. No
extension of time was requested or granted. How much does the
contractor earn or owe?
a. owes 2,500 in liquidated damage
b. owes 500 in liquidated damage
c. is due a 2,500 bonus from the owner
d. is due a 500 bonus from the owner. Answer:
◉ A job has a price of 165,000 after direct costs and overhead are
factored. What will the final bid be if the profit markup is 11.5%
a. 186,440
b. 183,975
c. 179,545
d. 189,874. Answer: a. 186,440
