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
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
What is the total project 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. -
<<Answers>>>Less than $12,000
For 1 month a company bills 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? - <<Answers>>>Loss of $1,000
The owner requests for 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... - <<Answers>>>A decrease
of $3,780
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance policy?
- <<Answers>>>Damage to adjoining property from a crane
accident
What is the total gross compensation and employment status
for a carpenter, given the following information? A contractor
hires a carpenter to do the finish work for a 10-home project.
The carpenter is to be paid $16 per hour. The contractor
provides all materials and equipment, such as a table saw. The
carpenter provides all of his own hand tools. The contractor
and the carpenter agree that all of the homes are to be
completed within 60 8-hour working days, without overtime.
The contractor provides the carpenter with a schedule of the
order in which homes are to be worked on. The contractor
provides a helper to assist the carpenter. The contractor sets
the work schedule each day. The carpenter spends 600 hours
to complete this project, including 120 hours of overtime. -
<<Answers>>>The carpenter is an employee and is owed
$10,560 for the project
What is the name of the process when a facilitator meets with
the major participants in a project, prior to the commencement
of the project, to identify the shared goals of all participants? -
<<Answers>>>Partnering
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
What is the average collection period ratio for a firm that has
$365,000 in annual revenues, $6,600 in current receivables,
and net income of $32,000? - <<Answers>>>6.6
Who oversees compliance with Material Safety Data Sheets? -
<<Answers>>>OSHA
A non-exempt employee of a contractor covered by the Fair
Labor Standards Act works 60 hours during a workweek. The
agreement is to pay the employee $400 each week regardless
of the numbers of hours worked. What should be the
employee's gross pay for the worksheet? -
<<Answers>>>$700.50
In the previous year, a company had revenues of $500,000
project overhead of $40,000 and company overhead of
h h h h h h h
$75,000. The company expects the percentage for project and
h h h h h h h h h
company overhead to remain the same for the current year.
h h h h h h h h h
The company desires to make a 10% profit on a project it is
h h h h h h h h h h h h h
bidding. The project would have $80,000 in direct costs. What
h h h h h h h h h h
should the bid price be? - <<Answers>>>Between $110,000 and
h h h h h h h h h
$120,000
How much state income tax MUST be paid by a corporation that
h h h h h h h h h h h h
has $30,000 of Federal taxable income? The company deducted
h h h h h h h h h
$2,000 of state and local taxes on the Federal return, and had
h h h h h h h h h h h h
$2,000 of qualified worker retraining expenses. The
h h h h h h
(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
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
What is the total project 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. -
<<Answers>>>Less than $12,000
For 1 month a company bills 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? - <<Answers>>>Loss of $1,000
The owner requests for 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... - <<Answers>>>A decrease
of $3,780
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance policy?
- <<Answers>>>Damage to adjoining property from a crane
accident
What is the total gross compensation and employment status
for a carpenter, given the following information? A contractor
hires a carpenter to do the finish work for a 10-home project.
The carpenter is to be paid $16 per hour. The contractor
provides all materials and equipment, such as a table saw. The
carpenter provides all of his own hand tools. The contractor
and the carpenter agree that all of the homes are to be
completed within 60 8-hour working days, without overtime.
The contractor provides the carpenter with a schedule of the
order in which homes are to be worked on. The contractor
provides a helper to assist the carpenter. The contractor sets
the work schedule each day. The carpenter spends 600 hours
to complete this project, including 120 hours of overtime. -
<<Answers>>>The carpenter is an employee and is owed
$10,560 for the project
What is the name of the process when a facilitator meets with
the major participants in a project, prior to the commencement
of the project, to identify the shared goals of all participants? -
<<Answers>>>Partnering
, VA CONTRACTORS: VA ADVANCED (CLASS A)
(ACTUAL 2025) QUESTIONS WITH ANSWER
What is the average collection period ratio for a firm that has
$365,000 in annual revenues, $6,600 in current receivables,
and net income of $32,000? - <<Answers>>>6.6
Who oversees compliance with Material Safety Data Sheets? -
<<Answers>>>OSHA
A non-exempt employee of a contractor covered by the Fair
Labor Standards Act works 60 hours during a workweek. The
agreement is to pay the employee $400 each week regardless
of the numbers of hours worked. What should be the
employee's gross pay for the worksheet? -
<<Answers>>>$700.50
In the previous year, a company had revenues of $500,000
project overhead of $40,000 and company overhead of
h h h h h h h
$75,000. The company expects the percentage for project and
h h h h h h h h h
company overhead to remain the same for the current year.
h h h h h h h h h
The company desires to make a 10% profit on a project it is
h h h h h h h h h h h h h
bidding. The project would have $80,000 in direct costs. What
h h h h h h h h h h
should the bid price be? - <<Answers>>>Between $110,000 and
h h h h h h h h h
$120,000
How much state income tax MUST be paid by a corporation that
h h h h h h h h h h h h
has $30,000 of Federal taxable income? The company deducted
h h h h h h h h h
$2,000 of state and local taxes on the Federal return, and had
h h h h h h h h h h h h
$2,000 of qualified worker retraining expenses. The
h h h h h h
