VIRGINIA CONTRACTORS STUDY - A
& B LICENSE (CALCULATION PART)
Exam Question & Answers
The owner requests changes which will cost the contractor $2,500 in
labor and materials and $700 in overhead costs. With the change, the
contractor would be relieved of $1,000 in labor costs and $280 in
overhead costs from the original contract. The original bid included
profit of 10% of all costs. The contractor wants to make a profit of 10%
of all costs on the changes. The amount of the change order should
included a request of an additional.
A. $1820
B. $2,112
C. $3,200
D. $3,520 - CORRECT ANSWERS ✔✔B. $2,112
A lump sum contract on a project has a total contract price of $200,000.
Retainage has been held back at 10%. The contractor has received
progress payments of 90% of the project. The contractor submits a
request for the final payment for the now completed project. The final
payment amount should be for
A. less than 25,000$
b. between 25,000$ & 35,000$
c. between 35,000$ & 40,000$
, VIRGINIA CONTRACTORS STUDY - A
& B LICENSE (CALCULATION PART)
Exam Question & Answers
d. more than 40,000$ - CORRECT ANSWERS ✔✔c. between 35,000$
& 40,000$
A contractor agrees to unit price contract to Product A fir $50 per unit,
product B for $50 per unit, and product C for $375 per unit. The
contractor is also to add 30% for overhead and profit. How much the
contractor should be paid for producing 27 units of product A, 56 units
of product B and 78 units of product C?
a. less than 40,000$
b. between 40,000$ & 45,000$
c. between 45,000 & 50,000$
d. more than 50,000$ - CORRECT ANSWERS ✔✔b. between
40,000$ & 45,000$
A contract calls for liquidated damage of 500$ per day. The project
completed five days late because it was delayed by rain. The
completion would have been 10 days earlier if it were not for the rain
delay. There was a 500$ bonus per day for the contractor early
completion. No extension of time was requested or granted. How much
does the contractor earn or owe?
a. owes 2,500 in liquidated damage
& B LICENSE (CALCULATION PART)
Exam Question & Answers
The owner requests changes which will cost the contractor $2,500 in
labor and materials and $700 in overhead costs. With the change, the
contractor would be relieved of $1,000 in labor costs and $280 in
overhead costs from the original contract. The original bid included
profit of 10% of all costs. The contractor wants to make a profit of 10%
of all costs on the changes. The amount of the change order should
included a request of an additional.
A. $1820
B. $2,112
C. $3,200
D. $3,520 - CORRECT ANSWERS ✔✔B. $2,112
A lump sum contract on a project has a total contract price of $200,000.
Retainage has been held back at 10%. The contractor has received
progress payments of 90% of the project. The contractor submits a
request for the final payment for the now completed project. The final
payment amount should be for
A. less than 25,000$
b. between 25,000$ & 35,000$
c. between 35,000$ & 40,000$
, VIRGINIA CONTRACTORS STUDY - A
& B LICENSE (CALCULATION PART)
Exam Question & Answers
d. more than 40,000$ - CORRECT ANSWERS ✔✔c. between 35,000$
& 40,000$
A contractor agrees to unit price contract to Product A fir $50 per unit,
product B for $50 per unit, and product C for $375 per unit. The
contractor is also to add 30% for overhead and profit. How much the
contractor should be paid for producing 27 units of product A, 56 units
of product B and 78 units of product C?
a. less than 40,000$
b. between 40,000$ & 45,000$
c. between 45,000 & 50,000$
d. more than 50,000$ - CORRECT ANSWERS ✔✔b. between
40,000$ & 45,000$
A contract calls for liquidated damage of 500$ per day. The project
completed five days late because it was delayed by rain. The
completion would have been 10 days earlier if it were not for the rain
delay. There was a 500$ bonus per day for the contractor early
completion. No extension of time was requested or granted. How much
does the contractor earn or owe?
a. owes 2,500 in liquidated damage
