VA Contractors: VA Advanced (Class A) Exam Questions & Answers (Updated)
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.
For 1 month a company bills Loss of $1,000
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?
The owner requests for A decrease of $3,780
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...
Which of the following Damage to adjoining property from a crane accident
would typically be covered
by a contractor's
comprehensive general
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.
For 1 month a company bills Loss of $1,000
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?
The owner requests for A decrease of $3,780
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...
Which of the following Damage to adjoining property from a crane accident
would typically be covered
by a contractor's
comprehensive general
