VA CONTRACTORS: VA ADVANCED (CLASS A)
LATEST 2025-2026 EXAM UPDATE QUESTIONS
AND ANSWERS| GRADE A+ GUARANTEE
Who oversees compliance with Material Safety Data Sheets? - Answer-
OSHA
A non-exempt employee of a contractor covered by the Fair Labor
Standards Act works 60 hours during a workweek. The agreement is to
pay the employee $400 each week regardless of the numbers of hours
worked. What should be the employee's gross pay for the worksheet? -
Answer-$700.50
In the previous year, a company had revenues of $500,000 project
overhead of $40,000 and company overhead of $75,000. The company
expects the percentage for project and company overhead to remain the
same for the current year. The company desires to make a 10% profit on
a project it is bidding. The project would have $80,000 in direct costs.
What should the bid price be? - Answer-Between $110,000 and
$120,000
How much state income tax MUST be paid by a corporation that has
$30,000 of Federal taxable income? The company deducted $2,000 of
state and local taxes on the Federal return, and had $2,000 of qualified
worker retraining expenses. The corporation does business ONLY in
Virginia. - Answer-$1,080
, How much is an employer who withheld employee Medicare and Social
Security taxes or $765 required to send to the IRS? - Answer-$1,530
An insurer offers the contractor a 20% per year reduction in premiums
if the contractor has a defied safety program in place. The insurer's
standard rates are $8 per $1,000 of coverage. The contractor has
$300,000 in coverage. How much in premiums will the contractor save a
3-year period by having a defined safety program in place? - Answer-
Between $1,001 and $1,500
Where would depreciation of equipment first be entered? - Answer-
General journal
What is the gross pay of a non-exempt employee who works 45 hours
during a holiday week, and receives 8 hours additional pay for the
holiday? The employee earns $12.50 per hour. - Answer-$693.75
A contractor pays a workers' compensation rate of $0.08 per $100 of
office employee payroll, $0.15 per $100 of field supervisor payroll, and
$0.26 per $100 of field employee payroll. Total office employee payroll
for the year is $25,000. Total field supervisor payroll is $48,000. Total
field employee payroll is $225,000. The contractor receives a discount
of 5% of total premiums for having a safety program in place. The total
workers' compensation for the year is... - Answer-More than $600
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
LATEST 2025-2026 EXAM UPDATE QUESTIONS
AND ANSWERS| GRADE A+ GUARANTEE
Who oversees compliance with Material Safety Data Sheets? - Answer-
OSHA
A non-exempt employee of a contractor covered by the Fair Labor
Standards Act works 60 hours during a workweek. The agreement is to
pay the employee $400 each week regardless of the numbers of hours
worked. What should be the employee's gross pay for the worksheet? -
Answer-$700.50
In the previous year, a company had revenues of $500,000 project
overhead of $40,000 and company overhead of $75,000. The company
expects the percentage for project and company overhead to remain the
same for the current year. The company desires to make a 10% profit on
a project it is bidding. The project would have $80,000 in direct costs.
What should the bid price be? - Answer-Between $110,000 and
$120,000
How much state income tax MUST be paid by a corporation that has
$30,000 of Federal taxable income? The company deducted $2,000 of
state and local taxes on the Federal return, and had $2,000 of qualified
worker retraining expenses. The corporation does business ONLY in
Virginia. - Answer-$1,080
, How much is an employer who withheld employee Medicare and Social
Security taxes or $765 required to send to the IRS? - Answer-$1,530
An insurer offers the contractor a 20% per year reduction in premiums
if the contractor has a defied safety program in place. The insurer's
standard rates are $8 per $1,000 of coverage. The contractor has
$300,000 in coverage. How much in premiums will the contractor save a
3-year period by having a defined safety program in place? - Answer-
Between $1,001 and $1,500
Where would depreciation of equipment first be entered? - Answer-
General journal
What is the gross pay of a non-exempt employee who works 45 hours
during a holiday week, and receives 8 hours additional pay for the
holiday? The employee earns $12.50 per hour. - Answer-$693.75
A contractor pays a workers' compensation rate of $0.08 per $100 of
office employee payroll, $0.15 per $100 of field supervisor payroll, and
$0.26 per $100 of field employee payroll. Total office employee payroll
for the year is $25,000. Total field supervisor payroll is $48,000. Total
field employee payroll is $225,000. The contractor receives a discount
of 5% of total premiums for having a safety program in place. The total
workers' compensation for the year is... - Answer-More than $600
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
