VA CONTRACTORS ADVANCED CLASS A (2024-
2025) EXAM
How much is an employer who withheld employee Medicare
and Social Security taxes or $765 required to send to the IRS?
- <<,Answers>>>$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? -
<<,Answers>>>Between $1,001 and $1,500
Where would depreciation of equipment first be entered? -
<<,Answers>>>General journal
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? - <<,Answers>>>Between $75,001 and
$80,000
, What would be the total amount of Medicare and Social
Security taxes that the employer should withhold on the last
week of the year from an employee who earns $3,000 per
week and has worked for the employer the entire year? -
<<,Answers>>>$43.50
What is the gross pay of a non-exempt employee who works
45 hours during a holiday week, and receives 8 hours
additional pay for the holiday? The employee earns $12.50
per hour. - <<,Answers>>>$693.75
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 having a safety program in place. The
total workers' compensation for the year is... -
<<,Answers>>>More than $600
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... - <<,Answers>>>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
2025) EXAM
How much is an employer who withheld employee Medicare
and Social Security taxes or $765 required to send to the IRS?
- <<,Answers>>>$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? -
<<,Answers>>>Between $1,001 and $1,500
Where would depreciation of equipment first be entered? -
<<,Answers>>>General journal
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? - <<,Answers>>>Between $75,001 and
$80,000
, What would be the total amount of Medicare and Social
Security taxes that the employer should withhold on the last
week of the year from an employee who earns $3,000 per
week and has worked for the employer the entire year? -
<<,Answers>>>$43.50
What is the gross pay of a non-exempt employee who works
45 hours during a holiday week, and receives 8 hours
additional pay for the holiday? The employee earns $12.50
per hour. - <<,Answers>>>$693.75
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 having a safety program in place. The
total workers' compensation for the year is... -
<<,Answers>>>More than $600
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... - <<,Answers>>>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
