VA CONTRACTORS: GENERAL (CLASS
A OR B) QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS 100%
CORRECT RATED A+
Question 1: Which of the following estimating methods is typically used by the
architect rather than the contractor?
Answer:
Conceptual estimate ✔✔
Question 2: An agreement that calls for a contractor to be paid actual costs
for labor and materials plus a fixed fee for the contractor's overhead and
profit is called a...
Answer:
Cost plus contract ✔✔
Question 3: Equipment needs for a project are BEST estimated by...
Answer:
Calculating the number of hours or days it is needed ✔✔
Question 4: What type of insurance is needed for a partnership to ensure that
the business does NOT go out of business if one partner dies?
Answer:
Key man ✔✔
Question 5: An owner hires a construction manager for a project. Which of
the following is TRUE with regard to subcontractors?
Answer:
The subcontractors are prime contractors ✔✔
, Question 6: What protects a contractor from risk?
Answer:
Insurance ✔✔
Question 7: An ADVANTAGE of a Critical Path Method (CPM) schedule is
it...
Answer:
Identifies activities that MUST be completed before other activities can occur
✔✔
Question 8: What may be covered by an allowance in a contract?
Answer:
Light fixture costs ✔✔
Which of the following is considered ethical behavior? -ANSWER✔✔Failing to
disclose one subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... -
ANSWER✔✔1099
The BEST business practice for special-ordered materials is to... -ANSWER✔✔put
the order requirements in writing
A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered... -ANSWER✔✔Part of the contract
A OR B) QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS 100%
CORRECT RATED A+
Question 1: Which of the following estimating methods is typically used by the
architect rather than the contractor?
Answer:
Conceptual estimate ✔✔
Question 2: An agreement that calls for a contractor to be paid actual costs
for labor and materials plus a fixed fee for the contractor's overhead and
profit is called a...
Answer:
Cost plus contract ✔✔
Question 3: Equipment needs for a project are BEST estimated by...
Answer:
Calculating the number of hours or days it is needed ✔✔
Question 4: What type of insurance is needed for a partnership to ensure that
the business does NOT go out of business if one partner dies?
Answer:
Key man ✔✔
Question 5: An owner hires a construction manager for a project. Which of
the following is TRUE with regard to subcontractors?
Answer:
The subcontractors are prime contractors ✔✔
, Question 6: What protects a contractor from risk?
Answer:
Insurance ✔✔
Question 7: An ADVANTAGE of a Critical Path Method (CPM) schedule is
it...
Answer:
Identifies activities that MUST be completed before other activities can occur
✔✔
Question 8: What may be covered by an allowance in a contract?
Answer:
Light fixture costs ✔✔
Which of the following is considered ethical behavior? -ANSWER✔✔Failing to
disclose one subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... -
ANSWER✔✔1099
The BEST business practice for special-ordered materials is to... -ANSWER✔✔put
the order requirements in writing
A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered... -ANSWER✔✔Part of the contract
