VA Contractors: VA Advanced (Class A) Questions and Answers Already Passed

VA Contractors: VA Advanced (Class A) Questions and Answers Already Passed A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress 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... More than $50,000 What is the total value of current assets for an accrual basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-in-progress is $4,200; a pick-up truck that cost $12,460- paid for with $2,460 in cash and a note for $10,000- and is used 100% in the business; accounts receivable is $5,700; suppliers' accounts payable is $6,300; other accounts payable is $2,200; and quarterly income tax payment due is $1,180... Between $12,000 and $16,000 What is the total project overhead for a project that lasts 3 months and has the following costs? Labor is $4,000; materials are $9,500; equipment rentals are $1,200; superintendent's annual salary is $36,000; office rent is $800 per month; and office utilities are $375 per month. Less than $12,000 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 billings. 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. Using a cash accounting method and NOT considering any other revenue or expenses, what is the company's net income for the month? Loss of $1,000 The owner requests for change which will cost the contractor $15,000 in labor and materials and $2,250 in overhead costs. With the change, the contractor would be relieved of $18,000 in labor and materials costs, and $2,400 in overhead costs from the original contract. The original bid included profit of 20% of all costs. The contractor wants to make a profit of 20% of all costs on the changes. The adjusted contract price for the change order should be... A decrease of $3,780 Which of the following would typically be covered by a contractor's comprehensive general liability insurance policy? Damage to adjoining property from a crane accident What is the total gross compensation and employment status for a carpenter, given the following information? A contractor hires a carpenter to do the finish work for a 10-home project. The carpenter is to be paid $16 per hour. The contractor provides all materials and equipment, such as a table saw. The carpenter provides all of his own hand tools. The contractor and the carpenter agree that all of the homes are to be completed within 60 8-hour working days, without overtime. The contractor provides the carpenter with a schedule of the order in which homes are to be worked on. The contractor provides a helper to assist the carpenter. The contractor sets the work schedule each day. The carpenter spends 600 hours to complete this project, including 120 hours of overtime. The carpenter is an employee and is owed $10,560 for the project What is the name of the process when a facilitator meets with the major participants in a project, prior to the commencement of the project, to identify the shared goals of all participants? Partnering What is the average collection period ratio for a firm that has $365,000 in annual revenues, $6,600 in current receivables, and net income of $32,000? 6.6 Who oversees compliance with Material Safety Data Sheets? OSHA A non-exempt employee of a contractor covered by the Fair Labor Standards Act works 60 hours during a workweek. The agreement is to pay the employee $400 each week regardless of the numbers of hours worked. What should be the employee's gross pay for the worksheet? $700.50 In the previous year, a company had revenues of $500,000 project overhead of $40,000 and company overhead of $75,000. The company expects the percentage for project and company overhead to remain the same for the current year. The company desires to make a 10% profit on a project it is bidding. The project would have $80,000 in direct costs. What should the bid price be? Between $110,000 and $120,000 How much state income tax MUST be paid by a corporation that has $30,000 of Federal taxable income? The company deducted $2,000 of state and local taxes on the Federal return, and had $2,000 of qualified worker retraining expenses. The corporation does business ONLY in Virginia. $1,080 How much is an employer who withheld employee Medicare and Social Security taxes or $765 required to send to the IRS? $1,530 An insurer offers the contractor a 20% per year reduction in premiums if the contractor has a defied safety program in place. The insurer's standard rates are $8 per $1,000 of coverage. The contractor has $300,000 in coverage. How much in premiums will the contractor save a 3-year period by having a defined safety program in place?