VA CONTRACTOR STUDY EXAMS GUIDE 2026
QUESTIONS AND ANSWERS SURE A+
✔✔A company's net worth is equal to - ✔✔owner's equity.
✔✔Where does the information for a company's financial statement come from? -
✔✔Summary of accounts in the general ledger.
✔✔What is included in a company's balance sheet? - ✔✔Assets, liabilities, and owner's
equity
✔✔Losses from the sale of a company asset are considered - ✔✔other expenses.
✔✔An employer who withholds more than $1,000 per month from employees for state
taxes MUST pay those taxes at LEAST - ✔✔two times per week.
✔✔What MUST be done with the taxes withheld by an employer between the time that
they are withheld and the time that they are sent to the IRS? - ✔✔The taxes must be
held in a separate account and not used for anything else.
✔✔An employee can request to receive advance earned income credit on Form -
✔✔W5
, ✔✔Compensation paid to independent contractors is reported on Form - ✔✔1099
✔✔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 - ✔✔intent to defraud by the contractor.
✔✔ What is the MAXIMUM penalty for a contractor who undertakes work without the
proper class of license? - ✔✔$500 fine per day for each day of violation plus penalties
for a misdemeanor.
✔✔What is the PRIMARY purpose of licensing? - ✔✔Protect the health and welfare of
the public.
✔✔The application for licensure MUST include - ✔✔the business address of the
proposed designated employee.
✔✔All of the following must be licensed EXCEPT - ✔✔a material supplier who advises a
contractor.
✔✔When a claimant is paid funds from the Contractors Recovery Trust Fund - ✔✔the
contractor's license is revoked.
✔✔All Class A contractor licensure applications MUST include - ✔✔information on the
knowledge, skills, and abilities of the applicant.
✔✔Which of the following is a requirement for a joint venture? - ✔✔Either the joint
venture or each contracting party of the joint venture must be licensed
✔✔How much is the Class A initial license fee not including the Recovery Fund fee? -
✔✔$360
✔✔According to the Board Rules and Regulations, a full-time employee is one who
works a MINIMUM of how many hours per week? - ✔✔30 hours.
✔✔According to the Board Rules and Regulations, which of the following could be a
qualified individual? - ✔✔Any full-time employee
✔✔A firm desiring to be licensed as a Class B contractor MUST have a MINIMUM net
worth of - ✔✔$15,000
✔✔A licensee's name change MUST be reported to the Board within a MAXIMUM of
how many days? - ✔✔30 days.
QUESTIONS AND ANSWERS SURE A+
✔✔A company's net worth is equal to - ✔✔owner's equity.
✔✔Where does the information for a company's financial statement come from? -
✔✔Summary of accounts in the general ledger.
✔✔What is included in a company's balance sheet? - ✔✔Assets, liabilities, and owner's
equity
✔✔Losses from the sale of a company asset are considered - ✔✔other expenses.
✔✔An employer who withholds more than $1,000 per month from employees for state
taxes MUST pay those taxes at LEAST - ✔✔two times per week.
✔✔What MUST be done with the taxes withheld by an employer between the time that
they are withheld and the time that they are sent to the IRS? - ✔✔The taxes must be
held in a separate account and not used for anything else.
✔✔An employee can request to receive advance earned income credit on Form -
✔✔W5
, ✔✔Compensation paid to independent contractors is reported on Form - ✔✔1099
✔✔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 - ✔✔intent to defraud by the contractor.
✔✔ What is the MAXIMUM penalty for a contractor who undertakes work without the
proper class of license? - ✔✔$500 fine per day for each day of violation plus penalties
for a misdemeanor.
✔✔What is the PRIMARY purpose of licensing? - ✔✔Protect the health and welfare of
the public.
✔✔The application for licensure MUST include - ✔✔the business address of the
proposed designated employee.
✔✔All of the following must be licensed EXCEPT - ✔✔a material supplier who advises a
contractor.
✔✔When a claimant is paid funds from the Contractors Recovery Trust Fund - ✔✔the
contractor's license is revoked.
✔✔All Class A contractor licensure applications MUST include - ✔✔information on the
knowledge, skills, and abilities of the applicant.
✔✔Which of the following is a requirement for a joint venture? - ✔✔Either the joint
venture or each contracting party of the joint venture must be licensed
✔✔How much is the Class A initial license fee not including the Recovery Fund fee? -
✔✔$360
✔✔According to the Board Rules and Regulations, a full-time employee is one who
works a MINIMUM of how many hours per week? - ✔✔30 hours.
✔✔According to the Board Rules and Regulations, which of the following could be a
qualified individual? - ✔✔Any full-time employee
✔✔A firm desiring to be licensed as a Class B contractor MUST have a MINIMUM net
worth of - ✔✔$15,000
✔✔A licensee's name change MUST be reported to the Board within a MAXIMUM of
how many days? - ✔✔30 days.
