VIRGINIA CLASS A CONTRACTOR EXAM
100 Complete Questions And Answers |
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MOST TESTED TOPICS: BUSINESS LAW CONTRACTS PROJECT MANAGEMENT
SAFETY OSHA BUILDING CODES ESTIMATING LICENSING REQUIREMENTS
FINANCIAL MANAGEMENT RISK MANAGEMENT LABOR LAW
1. A contractor enters a fixed-price contract and underestimates material
costs. Who bears the loss?
A. Owner
B. Supplier
C. Contractor
D. Architect
Answer: C. Contractor
In a fixed-price contract, the contractor assumes the risk of cost overruns,
including material price increases.
2. What is the primary purpose of a performance bond?
A. Guarantee payment to workers
B. Ensure project completion per contract
C. Cover material defects
D. Reduce taxes
Answer: B. Ensure project completion per contract
, A performance bond protects the owner if the contractor fails to complete
the project as agreed.
3. Which document outlines the scope of work in a construction project?
A. Invoice
B. Bid bond
C. Specifications
D. Payroll report
Answer: C. Specifications
Specifications detail materials, workmanship, and scope requirements for
the project.
4. What is the minimum financial requirement typically associated with a Class
A contractor license in Virginia?
A. Low capital
B. Moderate capital
C. High net worth and working capital
D. No requirement
Answer: C. High net worth and working capital
Class A contractors must demonstrate significant financial stability to handle
large projects.
5. OSHA requires fall protection at what height in construction?
A. 4 feet
B. 6 feet
C. 8 feet
D. 10 feet
Answer: B. 6 feet
OSHA mandates fall protection for construction workers at heights of 6 feet
or more.
6. What is a lien waiver?
A. A tax deduction
B. A release of claim against property
C. A payment schedule
, D. A building permit
Answer: B. A release of claim against property
A lien waiver confirms payment has been received and relinquishes the
right to file a lien.
7. Who is responsible for obtaining building permits?
A. Owner only
B. Contractor typically
C. Architect
D. Inspector
Answer: B. Contractor typically
Contractors usually handle permits as part of project execution
responsibilities.
8. What type of contract involves payment based on actual costs plus a fee?
A. Lump sum
B. Unit price
C. Cost-plus
D. Time-only
Answer: C. Cost-plus
Cost-plus contracts reimburse actual costs plus an agreed fee or percentage.
9. What is the purpose of a change order?
A. Cancel contract
B. Modify original contract scope
C. Increase taxes
D. End employment
Answer: B. Modify original contract scope
Change orders adjust scope, cost, or schedule after contract execution.
10.Which financial statement shows a company’s assets and liabilities?
A. Income statement
B. Balance sheet
C. Cash flow
D. Invoice
100 Complete Questions And Answers |
Content Well Organized 2026/2027
Newtest Update | 100 % Rated And
Verified Solutions | Get An A+ New
Version!!! Instant Pdf
MOST TESTED TOPICS: BUSINESS LAW CONTRACTS PROJECT MANAGEMENT
SAFETY OSHA BUILDING CODES ESTIMATING LICENSING REQUIREMENTS
FINANCIAL MANAGEMENT RISK MANAGEMENT LABOR LAW
1. A contractor enters a fixed-price contract and underestimates material
costs. Who bears the loss?
A. Owner
B. Supplier
C. Contractor
D. Architect
Answer: C. Contractor
In a fixed-price contract, the contractor assumes the risk of cost overruns,
including material price increases.
2. What is the primary purpose of a performance bond?
A. Guarantee payment to workers
B. Ensure project completion per contract
C. Cover material defects
D. Reduce taxes
Answer: B. Ensure project completion per contract
, A performance bond protects the owner if the contractor fails to complete
the project as agreed.
3. Which document outlines the scope of work in a construction project?
A. Invoice
B. Bid bond
C. Specifications
D. Payroll report
Answer: C. Specifications
Specifications detail materials, workmanship, and scope requirements for
the project.
4. What is the minimum financial requirement typically associated with a Class
A contractor license in Virginia?
A. Low capital
B. Moderate capital
C. High net worth and working capital
D. No requirement
Answer: C. High net worth and working capital
Class A contractors must demonstrate significant financial stability to handle
large projects.
5. OSHA requires fall protection at what height in construction?
A. 4 feet
B. 6 feet
C. 8 feet
D. 10 feet
Answer: B. 6 feet
OSHA mandates fall protection for construction workers at heights of 6 feet
or more.
6. What is a lien waiver?
A. A tax deduction
B. A release of claim against property
C. A payment schedule
, D. A building permit
Answer: B. A release of claim against property
A lien waiver confirms payment has been received and relinquishes the
right to file a lien.
7. Who is responsible for obtaining building permits?
A. Owner only
B. Contractor typically
C. Architect
D. Inspector
Answer: B. Contractor typically
Contractors usually handle permits as part of project execution
responsibilities.
8. What type of contract involves payment based on actual costs plus a fee?
A. Lump sum
B. Unit price
C. Cost-plus
D. Time-only
Answer: C. Cost-plus
Cost-plus contracts reimburse actual costs plus an agreed fee or percentage.
9. What is the purpose of a change order?
A. Cancel contract
B. Modify original contract scope
C. Increase taxes
D. End employment
Answer: B. Modify original contract scope
Change orders adjust scope, cost, or schedule after contract execution.
10.Which financial statement shows a company’s assets and liabilities?
A. Income statement
B. Balance sheet
C. Cash flow
D. Invoice
