VIRGINIA CONTRACTORS STUDY - A &
B LICENSE (CALCULATION PART)
(2026/2027) UPDATE|EXAM
QUESTIONS WITH MULTIPLE
CHOICES |VERIFIED & REVISED
ANSWERS (NEW)!!!
The owner requests changes which will cost the contractor $2,500 in labor and materials and $70
m m m m m m m m m m m m m m m
0 in overhead costs. With the change, the contractor would be relieved of $1,000 in labor costs a
m m m m m m m m m m m m m m m m m
nd $280 in overhead costs from the original contract. The original bid included profit of 10% of all
m m m m m m m m m m m m m m m m m
costs. The contractor wants to make a profit of 10% of all costs on the changes. The amount of th
m m m m m m m m m m m m m m m m m m m m
e change order should included a request of an additional.
m m m m m m m m m
A. $1820 m
B. $2,112 m
C. $3,200 m
D. $3,520 - CORRECT ANSWER B. $2,112
m m m m m m
A lump sum contract on a project has a total contract price of $200,000. Retainage has been held
m m m m m m m m m m m m m m m m m m
back at 10%. The contractor has received progress payments of 90% of the project. The contracto
m m m m m m m m m m m m m m m
r submits a request for the final payment for the now completed project. The final payment amo
m m m m m m m m m m m m m m m m
unt should be for m m m
A. less than 25,000$
m m m
b. between 25,000$ & 35,000$
m m m m
c. between 35,000$ & 40,000$
m m m m
d. more than 40,000$ - CORRECT ANSWER c. between 35,000$ & 40,000$
m m m m m m m m m m m
, A contractor agrees to unit price contract to Product A fir $50 per unit, product B for $50 per unit
m m m m m m m m m m m m m m m m m m m
, and product C for $375 per unit. The contractor is also to add 30% for overhead and profit. How
m m m m m m m m m m m m m m m m m m m m
much the contractor should be paid for producing 27 units of product A, 56 units of product B an
m m m m m m m m m m m m m m m m m m
d 78 units of product C?
m m m m m
a. less than 40,000$
m m m
b. between 40,000$ & 45,000$
m m m m
c. between 45,000 & 50,000$
m m m m
d. more than 50,000$ - CORRECT ANSWER b. between 40,000$ & 45,000$
m m m m m m m m m m m
A contract calls for liquidated damage of 500$ per day. The project completed five days late beca
m m m m m m m m m m m m m m m m
use it was delayed by rain. The completion would have been 10 days earlier if it were not for the r
m m m m m m m m m m m m m m m m m m m m
ain delay. There was a 500$ bonus per day for the contractor early completion. No extension of ti
m m m m m m m m m m m m m m m m m
me was requested or granted. How much does the contractor earn or owe?
m m m m m m m m m m m m
a. owes 2,500 in liquidated damage
m m m m m
b. owes 500 in liquidated damage
m m m m m
c. is due a 2,500 bonus from the owner
m m m m m m m m
d. is due a 500 bonus from the owner - CORRECT ANSWER
m m m m m m m m m m m m
A job has a price of 165,000 after direct costs and overhead are factored. What will the final bid b
m m m m m m m m m m m m m m m m m m m
e if the profit markup is 11.5%
m m m m m m
a. 186,440
m
b. 183,975
m
c. 179,545
m
d. 189,874 - CORRECT ANSWER a. 186,440
m m m m m m
B LICENSE (CALCULATION PART)
(2026/2027) UPDATE|EXAM
QUESTIONS WITH MULTIPLE
CHOICES |VERIFIED & REVISED
ANSWERS (NEW)!!!
The owner requests changes which will cost the contractor $2,500 in labor and materials and $70
m m m m m m m m m m m m m m m
0 in overhead costs. With the change, the contractor would be relieved of $1,000 in labor costs a
m m m m m m m m m m m m m m m m m
nd $280 in overhead costs from the original contract. The original bid included profit of 10% of all
m m m m m m m m m m m m m m m m m
costs. The contractor wants to make a profit of 10% of all costs on the changes. The amount of th
m m m m m m m m m m m m m m m m m m m m
e change order should included a request of an additional.
m m m m m m m m m
A. $1820 m
B. $2,112 m
C. $3,200 m
D. $3,520 - CORRECT ANSWER B. $2,112
m m m m m m
A lump sum contract on a project has a total contract price of $200,000. Retainage has been held
m m m m m m m m m m m m m m m m m m
back at 10%. The contractor has received progress payments of 90% of the project. The contracto
m m m m m m m m m m m m m m m
r submits a request for the final payment for the now completed project. The final payment amo
m m m m m m m m m m m m m m m m
unt should be for m m m
A. less than 25,000$
m m m
b. between 25,000$ & 35,000$
m m m m
c. between 35,000$ & 40,000$
m m m m
d. more than 40,000$ - CORRECT ANSWER c. between 35,000$ & 40,000$
m m m m m m m m m m m
, A contractor agrees to unit price contract to Product A fir $50 per unit, product B for $50 per unit
m m m m m m m m m m m m m m m m m m m
, and product C for $375 per unit. The contractor is also to add 30% for overhead and profit. How
m m m m m m m m m m m m m m m m m m m m
much the contractor should be paid for producing 27 units of product A, 56 units of product B an
m m m m m m m m m m m m m m m m m m
d 78 units of product C?
m m m m m
a. less than 40,000$
m m m
b. between 40,000$ & 45,000$
m m m m
c. between 45,000 & 50,000$
m m m m
d. more than 50,000$ - CORRECT ANSWER b. between 40,000$ & 45,000$
m m m m m m m m m m m
A contract calls for liquidated damage of 500$ per day. The project completed five days late beca
m m m m m m m m m m m m m m m m
use it was delayed by rain. The completion would have been 10 days earlier if it were not for the r
m m m m m m m m m m m m m m m m m m m m
ain delay. There was a 500$ bonus per day for the contractor early completion. No extension of ti
m m m m m m m m m m m m m m m m m
me was requested or granted. How much does the contractor earn or owe?
m m m m m m m m m m m m
a. owes 2,500 in liquidated damage
m m m m m
b. owes 500 in liquidated damage
m m m m m
c. is due a 2,500 bonus from the owner
m m m m m m m m
d. is due a 500 bonus from the owner - CORRECT ANSWER
m m m m m m m m m m m m
A job has a price of 165,000 after direct costs and overhead are factored. What will the final bid b
m m m m m m m m m m m m m m m m m m m
e if the profit markup is 11.5%
m m m m m m
a. 186,440
m
b. 183,975
m
c. 179,545
m
d. 189,874 - CORRECT ANSWER a. 186,440
m m m m m m
