VA Contractors: General (Class A or
B)
Which of the following estimating methods is typically used by the architect rather than the
contractor? - ✔✔ correct answer Conceptual estimate
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... - ✔✔ correct answer cost plus contract
Equipment needs for a project are BEST estimated by... - ✔✔ correct answer Calculating the number
of hours or days it is needed
What type of insurance is needed for a partnership to insure that the business does NOT go out of
business if one partner dies? - ✔✔ correct answer Key man
An owner hires a construction manager for a project. Which of the following is TRUE with regard to
subcontractors? - ✔✔ correct answer The subcontractors are prime contractors
What protects a contractor from risk? - ✔✔ correct answer Insurance
An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - ✔✔ correct answer Identifies
activities that MUST be completed before other activities can occur
What may be covered by an allowance in a contract? - ✔✔ correct answer Light fixture costs
Which of the following is considered ethical behavior? - ✔✔ correct answer Failing to disclose one
subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... - ✔✔ correct answer 1099
The BEST business practice for special-ordered materials is to... - ✔✔ correct answer put the order
requirements in writing
A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is
considered... - ✔✔ correct answer Part of the contract
, VA Contractors: General (Class A or
B)
Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many
years? - ✔✔ correct answer 30 years
AT LEAST how often should employees watch for possible hazards at the job site? - ✔✔ correct
answer constantly
An employee can request to receive advance earned income credit on Form... - ✔✔ correct answer
W-5
A contractor uses funds paid by a project owner to purchase materials to start a different project.
The laborers for the original project do NOT get paid by the contractor. Under the lien law, this is
considered... - ✔✔ correct answer Intent to defraud by the contractor
What should be added to wage rates to ensure accuracy in estimating labor for a project? - ✔✔
correct answer Labor burden
What MUST be included in an estimate for a job? - ✔✔ correct answer Materials, labor, equipment,
and overhead costs
The 3 PRIMARY elements of a contract are... - ✔✔ correct answer offer, acceptance, and
consideration
At LEAST how often MUST an employee report information on the number of employees and the
number of new hires in order to meet the requirements of the Child Support Enforcement Act? - ✔✔
correct answer every 2 months
Costs that relate to construction activity but are NOT easily identifiable for a specific project are
considered... - ✔✔ correct answer Project overhead
A reason for using a lower than usual profit markup for a specific project could be to... - ✔✔ correct
answer cover company overhead costs
Time card records MUST be kept a MINIMUM of... - ✔✔ correct answer 4 years
B)
Which of the following estimating methods is typically used by the architect rather than the
contractor? - ✔✔ correct answer Conceptual estimate
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... - ✔✔ correct answer cost plus contract
Equipment needs for a project are BEST estimated by... - ✔✔ correct answer Calculating the number
of hours or days it is needed
What type of insurance is needed for a partnership to insure that the business does NOT go out of
business if one partner dies? - ✔✔ correct answer Key man
An owner hires a construction manager for a project. Which of the following is TRUE with regard to
subcontractors? - ✔✔ correct answer The subcontractors are prime contractors
What protects a contractor from risk? - ✔✔ correct answer Insurance
An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - ✔✔ correct answer Identifies
activities that MUST be completed before other activities can occur
What may be covered by an allowance in a contract? - ✔✔ correct answer Light fixture costs
Which of the following is considered ethical behavior? - ✔✔ correct answer Failing to disclose one
subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... - ✔✔ correct answer 1099
The BEST business practice for special-ordered materials is to... - ✔✔ correct answer put the order
requirements in writing
A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is
considered... - ✔✔ correct answer Part of the contract
, VA Contractors: General (Class A or
B)
Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many
years? - ✔✔ correct answer 30 years
AT LEAST how often should employees watch for possible hazards at the job site? - ✔✔ correct
answer constantly
An employee can request to receive advance earned income credit on Form... - ✔✔ correct answer
W-5
A contractor uses funds paid by a project owner to purchase materials to start a different project.
The laborers for the original project do NOT get paid by the contractor. Under the lien law, this is
considered... - ✔✔ correct answer Intent to defraud by the contractor
What should be added to wage rates to ensure accuracy in estimating labor for a project? - ✔✔
correct answer Labor burden
What MUST be included in an estimate for a job? - ✔✔ correct answer Materials, labor, equipment,
and overhead costs
The 3 PRIMARY elements of a contract are... - ✔✔ correct answer offer, acceptance, and
consideration
At LEAST how often MUST an employee report information on the number of employees and the
number of new hires in order to meet the requirements of the Child Support Enforcement Act? - ✔✔
correct answer every 2 months
Costs that relate to construction activity but are NOT easily identifiable for a specific project are
considered... - ✔✔ correct answer Project overhead
A reason for using a lower than usual profit markup for a specific project could be to... - ✔✔ correct
answer cover company overhead costs
Time card records MUST be kept a MINIMUM of... - ✔✔ correct answer 4 years
