VIRGINIA EXAM ADVANCED EXAM
WITH COMPLETE SOLUTIONS
In the previous year, a company had revenues of $500,000, project overhead of
$40,000 and company overhead of $75,000. The company expects the percentage for
project and company overhead to remain the same for the current year. The company
desires to make a 10% profit on a project it is bidding. The project would have $80,000
in direct costs. What should the bid price be? -ANSBetween $110,000 and $120,000.
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? -ANSPartnering.
A cost plus contract calls for the contractor to receive direct costs for labor and
materials, and a markup of 20% of direct costs. The contractor is also to receive a
bonus of 15% of savings if total cost to the owner is less than $80,000, and a bonus of
$1,000 per day if the project is completed early. Final costs for direct labor and
materials are $60,000. The project is completed 3 days early. What is the total amount
due the contractor? -ANSBetween $75,001 and $80,000.
The owner requests for changes 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 -ANSa decrease of $3,780.
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 now completed
project. The final payment amount should be for -ANSmore than $50,000.
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? -ANS13
Which of the following would typically be covered by a contractor's comprehensive
general liability insurance policy? -ANSDamage to adjoining property from a crane
accident.
WITH COMPLETE SOLUTIONS
In the previous year, a company had revenues of $500,000, project overhead of
$40,000 and company overhead of $75,000. The company expects the percentage for
project and company overhead to remain the same for the current year. The company
desires to make a 10% profit on a project it is bidding. The project would have $80,000
in direct costs. What should the bid price be? -ANSBetween $110,000 and $120,000.
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? -ANSPartnering.
A cost plus contract calls for the contractor to receive direct costs for labor and
materials, and a markup of 20% of direct costs. The contractor is also to receive a
bonus of 15% of savings if total cost to the owner is less than $80,000, and a bonus of
$1,000 per day if the project is completed early. Final costs for direct labor and
materials are $60,000. The project is completed 3 days early. What is the total amount
due the contractor? -ANSBetween $75,001 and $80,000.
The owner requests for changes 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 -ANSa decrease of $3,780.
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 now completed
project. The final payment amount should be for -ANSmore than $50,000.
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? -ANS13
Which of the following would typically be covered by a contractor's comprehensive
general liability insurance policy? -ANSDamage to adjoining property from a crane
accident.
