Virginia Home Improvement Contractor
Questions And Answers 100% Correct | New
Update 2025
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
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
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
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
, The owner requests for change which will cost the contractor $15,000 in labor and
materials and $2,250 in overhead costs. With the change, the contractor would be
relieved of $18,000 in labor and materials costs, and $2,400 in overhead costs
from the original contract. The original bid included profit of 20% of all costs. The
contractor wants to make a profit of 20% of all costs on the changes. The adjusted
contract price for the change order should be... - ANSWER A decrease of
$3,780
Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - ANSWER Damage to
adjoining property from a crane accident
What is the total gross compensation and employment status for a carpenter,
given the following information? A contractor hires a carpenter to do the finish
work for a 10-home project. The carpenter is to be paid $16 per hour. The
contractor provides all materials and equipment, such as a table saw. The
carpenter provides all of his own hand tools. The contractor and the carpenter
agree that all of the homes are to be completed within 60 8-hour working days,
without overtime. The contractor provides the carpenter with a schedule of the
order in which homes are to be worked on. The contractor provides a helper to
assist the carpenter. The contractor sets the work schedule each day. The
carpenter spends 600 hours to complete this project, including 120 hours of
overtime. - ANSWER The carpenter is an employee and is owed $10,560 for
the project
What is the name of the process when a facilitator meets with the major
participants in a project, prior to the commencement of the project, to identify
the shared goals of all participants? - ANSWER Partnering
Questions And Answers 100% Correct | New
Update 2025
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
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
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
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
, The owner requests for change which will cost the contractor $15,000 in labor and
materials and $2,250 in overhead costs. With the change, the contractor would be
relieved of $18,000 in labor and materials costs, and $2,400 in overhead costs
from the original contract. The original bid included profit of 20% of all costs. The
contractor wants to make a profit of 20% of all costs on the changes. The adjusted
contract price for the change order should be... - ANSWER A decrease of
$3,780
Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - ANSWER Damage to
adjoining property from a crane accident
What is the total gross compensation and employment status for a carpenter,
given the following information? A contractor hires a carpenter to do the finish
work for a 10-home project. The carpenter is to be paid $16 per hour. The
contractor provides all materials and equipment, such as a table saw. The
carpenter provides all of his own hand tools. The contractor and the carpenter
agree that all of the homes are to be completed within 60 8-hour working days,
without overtime. The contractor provides the carpenter with a schedule of the
order in which homes are to be worked on. The contractor provides a helper to
assist the carpenter. The contractor sets the work schedule each day. The
carpenter spends 600 hours to complete this project, including 120 hours of
overtime. - ANSWER The carpenter is an employee and is owed $10,560 for
the project
What is the name of the process when a facilitator meets with the major
participants in a project, prior to the commencement of the project, to identify
the shared goals of all participants? - ANSWER Partnering
