VA Contractor General Exam: Comprehensive Practice Questions and Answers Study Guide (2026–2027)

1. A permit is obtained on Friday, May 1. The materials are to be delivered May 8. The materials are needed when labor begins on May 11. It is estimated that 15 days of labor are REQUIRED. The crew will work every day, including weekends and holidays. The project is scheduled to be completed on June 8. How many float days are available for the labor for this project? - ANSWER 13 2. A contractor puts in a claim under a comprehensive standard general liability policy. The policy has no additional coverage, riders, or floaters, and has a $500 deductible per occurrence. The claim is for a job-site accident that caused $2,000 of injuries to employees, $1,800 of injuries to a pedestrian, $2,300 damage to the contractor's equipment, and $1,750 loss of project materials purchased by the contractor. The insurance company is liable for... - ANSWER $1,300 3. What is the MAXIMUM amount of a lien that can claimed by a subcontractor who notifies the lien agent for a two-family residential property on August 1 that the subcontractor first provided labor and materials on the project on May 1? The subcontractor billed the general contractor for $4,000 per month, through September 30, and was never paid. - ANSWER $8,000 4. What percent should the employer withhold for Virginia withholding for an employee who is to receive a separate supplemental payment for vacation? The employer is using a flat percentage rate. - ANSWER 5.75% 5. Accrual Basis Accounting - ANSWER reporting income when it is earned 6. Cash Method - ANSWER revenue is not recorded until cash (or a check) is actually received 7. Quick Ratio - ANSWER (Current Assets - Inventory) / Current Liabilities 8. Return on Investment Ratio - ANSWER net income/ total assets 9. Max Bond - ANSWER Working Capital x10 10. Assets - ANSWER Liabilities + Owner's Equity 11. SUTA - ANSWER 8,000 12. FUTA - ANSWER 7,000 13. Gross Profit - ANSWER Revenues - Cost of Construction 14. Bids are - ANSWER compteitive 15. EPA Violation Amount - ANSWER $37,500 per day 16. Who is responsible - ANSWER contractor / employee 17. Lead Fine - ANSWER $37,500 a day 18. Medicare - ANSWER 1.45% 19. Social Security - ANSWER 6.2% 20. VA Corp Income Tax - ANSWER 6% 21. FICA - ANSWER 7.65% 22. Total Medicare - ANSWER 2.9% 23. How long do you have to get your Certificate of Occupancy - ANSWER 5 Days 24. How long do you have to change your name on your license? - A 25. 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... - ANSWER More than $50,000 26. 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... - ANSWER Between $12,000 and $16,000 27. 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. - ANSWER Less than $12,000 28. 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? - ANSWER Loss of $1,000