VIRGINIA CONTRACTORS STUDY - A & B
LICENSE (CALCULATION PART) Questions
And Answers 100% Correct | New Update 2025
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
LICENSE (CALCULATION PART) Questions
And Answers 100% Correct | New Update 2025
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
