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VA CONTRACTORS: VA ADVANCED
(CLASS A) 2025 QUESTIONS AND
ANSWERS
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... - correct 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... - correct 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. - correct answer- Less than
$12,000
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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? -
correct 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... - correct answer- A decrease of
$3,780
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance policy? -
correct answer- Damage to adjoining property from a crane
accident
VA CONTRACTORS: VA ADVANCED
(CLASS A) 2025 QUESTIONS AND
ANSWERS
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... - correct 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... - correct 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. - correct answer- Less than
$12,000
, 2 | Page
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? -
correct 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... - correct answer- A decrease of
$3,780
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance policy? -
correct answer- Damage to adjoining property from a crane
accident
