VIRGINIA CONTRACTOR’S
Exam Study Guide – Practice
Questions with Verified
Answers. GRADED A+. Latest
2026/2027 Update
What is the term used for the method of allocating the cost of an asset over its
useful life?
Depreciation
Long-term liability
Cash flow
Budget - Answer✔✔-Depreciation
Under Virginia law, employers who regularly employ three or more full-time or
part-time employees must purchase and maintain ___ insurance.
General Liability
Workers' Compensation Insurance
All-Risk Builders' Risk Insurance
Commercial Auto Insurance - Answer✔✔-Workers' Compensation Insurance
,The rules and regulations of the Americans with Disabilities Act (ADA) apply to
all employers with a minimum of how many employees?
15
1
20
10 - Answer✔✔-15
Before hiring employees, you must have a(n) ___ issued by the IRS.
W-9
940-EZ Form
EIN - Employer Identification Number
15-T Employee Form - Answer✔✔-EIN - Employer Identification Number
A contractor has delivered the Lead Pre-Notification pamphlet to each family in
an old apartment building prior to performing renovations. Confirmation of the
receipt of delivery must be be kept for ___?
30 years
5 years
3 years
Not required to keep confirmation - Answer✔✔-3 years
What is the number of hours in a defined Fair Labor Standards Act (FLSA)
workweek?
5 days
168 hours
, 40 hours
7 days - Answer✔✔-168 hours
OSHA records must be kept by the employer for ____ following the year to
which they pertain.
One year
Three years
Seven years
Five years - Answer✔✔-Five years
What is the coverage of a surety bond?
Guarantees that the successful bidder will enter into the project
Protects the owner from liens from suppliers and subcontractors
Protects the contractor from nonpayment by the owner
Binds the contractor to comply with the terms and conditions of a contract -
Answer✔✔-Binds the contractor to comply with the terms and conditions of a
contract
What may be deducted from a paycheck under the provisions of the Virginia
Payment of Wage Law?
Shortages from the petty cash box
Virginia Unemployment Tax
Exam Study Guide – Practice
Questions with Verified
Answers. GRADED A+. Latest
2026/2027 Update
What is the term used for the method of allocating the cost of an asset over its
useful life?
Depreciation
Long-term liability
Cash flow
Budget - Answer✔✔-Depreciation
Under Virginia law, employers who regularly employ three or more full-time or
part-time employees must purchase and maintain ___ insurance.
General Liability
Workers' Compensation Insurance
All-Risk Builders' Risk Insurance
Commercial Auto Insurance - Answer✔✔-Workers' Compensation Insurance
,The rules and regulations of the Americans with Disabilities Act (ADA) apply to
all employers with a minimum of how many employees?
15
1
20
10 - Answer✔✔-15
Before hiring employees, you must have a(n) ___ issued by the IRS.
W-9
940-EZ Form
EIN - Employer Identification Number
15-T Employee Form - Answer✔✔-EIN - Employer Identification Number
A contractor has delivered the Lead Pre-Notification pamphlet to each family in
an old apartment building prior to performing renovations. Confirmation of the
receipt of delivery must be be kept for ___?
30 years
5 years
3 years
Not required to keep confirmation - Answer✔✔-3 years
What is the number of hours in a defined Fair Labor Standards Act (FLSA)
workweek?
5 days
168 hours
, 40 hours
7 days - Answer✔✔-168 hours
OSHA records must be kept by the employer for ____ following the year to
which they pertain.
One year
Three years
Seven years
Five years - Answer✔✔-Five years
What is the coverage of a surety bond?
Guarantees that the successful bidder will enter into the project
Protects the owner from liens from suppliers and subcontractors
Protects the contractor from nonpayment by the owner
Binds the contractor to comply with the terms and conditions of a contract -
Answer✔✔-Binds the contractor to comply with the terms and conditions of a
contract
What may be deducted from a paycheck under the provisions of the Virginia
Payment of Wage Law?
Shortages from the petty cash box
Virginia Unemployment Tax
