VIRGINIA EXAM ADVANCED QUESTIONS AND ANSWERS 2025/2026

VIRGINIA EXAM ADVANCED QUESTIONS AND ANSWERS 2025/2026 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. 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. A cost plus contract calls for the contractor to receive direct costs for labor and materials, and a markup of 20% of direct costs. The contractor is also to receive a bonus of 15% of savings if total cost to the owner is less than $80,000, and a bonus of $1,000 per day if the project is completed early. Final costs for direct labor and materials are $60,000. The project is completed 3 days early. What is the total amount due the contractor? - Answer -Between $75,001 and $80,000.The owner requests for changes 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. 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 now completed project. The final payment amount should be for - Answer -