VA CONTRACTORS ADVANCED CLASS A STUDY
GUIDE 2027: 70+ QUESTIONS AND 100%
VERIFIED ANSWERS | GRADED A+ |
GUARANTEED PASS!!
A contractor pays a workers' compensation rate of $0.08 per $100
of office employee payroll, $0.15 per $100 of field supervisor
payroll, and $0.26 per $100 of field employee payroll. Total office
employee payroll for the year is $25,000. Total field supervisor
payroll is $48,000. Total field employee payroll is $225,000.
The contractor receives a discount of 5% of total premiums for
having̣ a safety prog̣ram in place. The total workers'
compensation for the year is...
- answer-More than $600
A contractor puts in a claim under a comprehensive standard
g̣eneral liability policy. The policy has no additional coverag̣ e,
riders, or floaters, and has a $500 deductible per occurrence.
The claim is for a job-site accident that caused $2,000 of injuries
to employees, $1,800 of injuries to a pedestrian, $2,300 damag̣ e
to the contractor's equipment, and $1,750 loss of project
materials purchased by the contractor. The insurance company
is liable for...
- answer-$1,300
A cost plus contract calls for the contractor to receive direct costs
for labor and materials, and a markup of 20% of direct costs. The
contractor is also to receive a bound of 15% of saving̣s if total cost
to the owner is less than $80,000, and a bonus of $1,000 per day
if the project is completed early. Final costs for direct labor and
materials are $60,000. The project is completed 3 days early.
What is the total amount due to the contractor?
- answer-Between $75,001 and $80,000
A lump sum contract on a project has a total contract price of
$160,000. Retainag̣e has been held back at 10%. The contractor
,has received prog̣ress 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
, A non-exempt employee of a contractor covered by the Fair
Labor Standards Act works 60 hours during̣ a workweek. The
ag̣reement is to pay the employee $400 each week reg̣ardless of
the numbers of hours worked. What should be the employee's
g̣ross pay for the worksheet?
- answer-$700.50
A permit is obtained on Friday, May 1. The materials are to be
delivered May 8. The materials are needed when labor beg̣ins on
May 11. It is estimated that 15 days of labor are REQUIRED. The
crew will work every day, including̣ weekends and holidays. The
project is scheduled to be completed on June 8. How many float
days are available for the labor for this project?
- answer-13
An insurer offers the contractor a 20% per year reduction in
premiums if the contractor has a defied safety prog̣ram in place.
The insurer's standard rates are $8 per $1,000 of coverag̣e. The
contractor has $300,000 in coverag̣e. How much in premiums will
the contractor save a 3-year period by having̣ a defined safety
prog̣ram in place?
- answer-Between $1,001 and $1,500
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 billing̣s. 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. Using̣ a cash accounting̣
method and NOT considering̣ any other revenue or expenses,
what is the company's net income for the month?
- answer-Loss of $1,000
How much is an employer who withheld employee Medicare and
Social Security taxes or $765 required to send to the IRS?
- answer-$1,530
How much state income tax MUST be paid by a corporation that
has $30,000 of
GUIDE 2027: 70+ QUESTIONS AND 100%
VERIFIED ANSWERS | GRADED A+ |
GUARANTEED PASS!!
A contractor pays a workers' compensation rate of $0.08 per $100
of office employee payroll, $0.15 per $100 of field supervisor
payroll, and $0.26 per $100 of field employee payroll. Total office
employee payroll for the year is $25,000. Total field supervisor
payroll is $48,000. Total field employee payroll is $225,000.
The contractor receives a discount of 5% of total premiums for
having̣ a safety prog̣ram in place. The total workers'
compensation for the year is...
- answer-More than $600
A contractor puts in a claim under a comprehensive standard
g̣eneral liability policy. The policy has no additional coverag̣ e,
riders, or floaters, and has a $500 deductible per occurrence.
The claim is for a job-site accident that caused $2,000 of injuries
to employees, $1,800 of injuries to a pedestrian, $2,300 damag̣ e
to the contractor's equipment, and $1,750 loss of project
materials purchased by the contractor. The insurance company
is liable for...
- answer-$1,300
A cost plus contract calls for the contractor to receive direct costs
for labor and materials, and a markup of 20% of direct costs. The
contractor is also to receive a bound of 15% of saving̣s if total cost
to the owner is less than $80,000, and a bonus of $1,000 per day
if the project is completed early. Final costs for direct labor and
materials are $60,000. The project is completed 3 days early.
What is the total amount due to the contractor?
- answer-Between $75,001 and $80,000
A lump sum contract on a project has a total contract price of
$160,000. Retainag̣e has been held back at 10%. The contractor
,has received prog̣ress 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
, A non-exempt employee of a contractor covered by the Fair
Labor Standards Act works 60 hours during̣ a workweek. The
ag̣reement is to pay the employee $400 each week reg̣ardless of
the numbers of hours worked. What should be the employee's
g̣ross pay for the worksheet?
- answer-$700.50
A permit is obtained on Friday, May 1. The materials are to be
delivered May 8. The materials are needed when labor beg̣ins on
May 11. It is estimated that 15 days of labor are REQUIRED. The
crew will work every day, including̣ weekends and holidays. The
project is scheduled to be completed on June 8. How many float
days are available for the labor for this project?
- answer-13
An insurer offers the contractor a 20% per year reduction in
premiums if the contractor has a defied safety prog̣ram in place.
The insurer's standard rates are $8 per $1,000 of coverag̣e. The
contractor has $300,000 in coverag̣e. How much in premiums will
the contractor save a 3-year period by having̣ a defined safety
prog̣ram in place?
- answer-Between $1,001 and $1,500
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 billing̣s. 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. Using̣ a cash accounting̣
method and NOT considering̣ any other revenue or expenses,
what is the company's net income for the month?
- answer-Loss of $1,000
How much is an employer who withheld employee Medicare and
Social Security taxes or $765 required to send to the IRS?
- answer-$1,530
How much state income tax MUST be paid by a corporation that
has $30,000 of
