VA CONTRACTORS: VA ADVANCED
(CLASS A) (ACTUAL 2025)
QUESTIONS WITH ANSWER
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 permit is obtained on Friday, May 1. The materials are to be
delivered May 8. The materials are needed when labor begins
on May 11. It is estimated that 15 days of labor are
REQUIRED. The crew will work every day, including
weekends and holidays. The project is scheduled to be
completed on June 8. How many float days are available for
the labor for this project? - <<Answers>>>13
A contractor puts in a claim under a comprehensive standard
general liability policy. The policy has no additional coverage,
riders, or floaters, and has a $500 deductible per occurrence.
The claim is for a job-site accident that caused $2,000 of
injuries to employees, $1,800 of injuries to a pedestrian,
$2,300 damage to the contractor's equipment, and $1,750 loss
of project materials purchased by the contractor. The
insurance company is liable for... - <<Answers>>>$1,300
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
What is the MAXIMUM amount of a lien that can claimed by
a subcontractor who notifies the lien agent for a two-family
residential property on August 1 that the subcontractor first
provided labor and materials on the project on May 1? The
subcontractor billed the general contractor for $4,000 per
month, through September 30, and was never paid. -
<<Answers>>>$8,000
What percent should the employer withhold for Virginia
withholding for an employee who is to receive a separate
supplemental payment for vacation? The employer is using a
flat percentage rate. - <<Answers>>>5.75%
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
$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... -
<<Answers>>>Between $12,000 and $16,000
(CLASS A) (ACTUAL 2025)
QUESTIONS WITH ANSWER
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 permit is obtained on Friday, May 1. The materials are to be
delivered May 8. The materials are needed when labor begins
on May 11. It is estimated that 15 days of labor are
REQUIRED. The crew will work every day, including
weekends and holidays. The project is scheduled to be
completed on June 8. How many float days are available for
the labor for this project? - <<Answers>>>13
A contractor puts in a claim under a comprehensive standard
general liability policy. The policy has no additional coverage,
riders, or floaters, and has a $500 deductible per occurrence.
The claim is for a job-site accident that caused $2,000 of
injuries to employees, $1,800 of injuries to a pedestrian,
$2,300 damage to the contractor's equipment, and $1,750 loss
of project materials purchased by the contractor. The
insurance company is liable for... - <<Answers>>>$1,300
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
What is the MAXIMUM amount of a lien that can claimed by
a subcontractor who notifies the lien agent for a two-family
residential property on August 1 that the subcontractor first
provided labor and materials on the project on May 1? The
subcontractor billed the general contractor for $4,000 per
month, through September 30, and was never paid. -
<<Answers>>>$8,000
What percent should the employer withhold for Virginia
withholding for an employee who is to receive a separate
supplemental payment for vacation? The employer is using a
flat percentage rate. - <<Answers>>>5.75%
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
$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... -
<<Answers>>>Between $12,000 and $16,000
