VIRGINIA CONTRACTORS STUDY - A
& B LICENSE (CALCULATION
PART)EXAMS WITH CORRECT
ANSWERS
The owner requests changes which will cost the contractor $2,500 in labor and materials and
$700 in overhead costs. With the change, the contractor would be relieved of $1,000 in labor
costs and $280 in overhead costs from the original contract. The original bid included profit of
10% of all costs. The contractor wants to make a profit of 10% of all costs on the changes. The
amount of the change order should included a request of an additional.
A. $1820
B. $2,112
C. $3,200
D. $3,520 - ANSWER-B. $2,112
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
& B LICENSE (CALCULATION
PART)EXAMS WITH CORRECT
ANSWERS
The owner requests changes which will cost the contractor $2,500 in labor and materials and
$700 in overhead costs. With the change, the contractor would be relieved of $1,000 in labor
costs and $280 in overhead costs from the original contract. The original bid included profit of
10% of all costs. The contractor wants to make a profit of 10% of all costs on the changes. The
amount of the change order should included a request of an additional.
A. $1820
B. $2,112
C. $3,200
D. $3,520 - ANSWER-B. $2,112
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
