10/1/25, 5:41 PM VA Contractors: VA Advanced (Class A) <span style="color:#000;font-weight:bold;">20+</span> (2025-2026 A+ Graded) Exam-Styl…
VA Contractors: VA Advanced (Class A)
Questions and Answers
Question 1
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...
Correct Answer
More than $50,000
Question 2
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...
Correct Answer
Between $12,000 and $16,000
Question 3
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.
Correct Answer
Less than $12,000
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, 10/1/25, 5:41 PM VA Contractors: VA Advanced (Class A) <span style="color:#000;font-weight:bold;">20+</span> (2025-2026 A+ Graded) Exam-Styl…
Question 4
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?
Correct Answer
Loss of $1,000
Question 5
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...
Correct Answer
A decrease of $3,780
Question 6
Which of the following would typically be covered by a contractor's comprehensive
general liability insurance policy?
Correct Answer
Damage to adjoining property from a crane accident
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VA Contractors: VA Advanced (Class A)
Questions and Answers
Question 1
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...
Correct Answer
More than $50,000
Question 2
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...
Correct Answer
Between $12,000 and $16,000
Question 3
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.
Correct Answer
Less than $12,000
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, 10/1/25, 5:41 PM VA Contractors: VA Advanced (Class A) <span style="color:#000;font-weight:bold;">20+</span> (2025-2026 A+ Graded) Exam-Styl…
Question 4
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?
Correct Answer
Loss of $1,000
Question 5
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...
Correct Answer
A decrease of $3,780
Question 6
Which of the following would typically be covered by a contractor's comprehensive
general liability insurance policy?
Correct Answer
Damage to adjoining property from a crane accident
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