VA Contractors: VA Advanced (Class A)NEWEST
ACTUAL EXAM COMPREHENSIVE QUESTIONS
AND VERIFIED ANSWERS 2025/26
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Terms in this set (24)
A lump sum contract on a More than $50,000
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...
, What is the total value of Between $12,000 and $16,000
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...
What is the total project Less than $12,000
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.
ACTUAL EXAM COMPREHENSIVE QUESTIONS
AND VERIFIED ANSWERS 2025/26
Save
Terms in this set (24)
A lump sum contract on a More than $50,000
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...
, What is the total value of Between $12,000 and $16,000
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...
What is the total project Less than $12,000
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.
