VA Contractors: VA Advanced (Class A) Real Exam
Questions WITH 100% RATED Correct Answers
EXPERT VERIFIED JUST RELEASED GET IT A+
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
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
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. - CORRECT 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? - CORRECT ANSWER-Partnering
What is the average collection period ratio for a firm that has $365,000 in annual revenues,
$6,600 in current receivables, and net income of $32,000? - CORRECT ANSWER-6.6
Questions WITH 100% RATED Correct Answers
EXPERT VERIFIED JUST RELEASED GET IT A+
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
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
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. - CORRECT 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? - CORRECT ANSWER-Partnering
What is the average collection period ratio for a firm that has $365,000 in annual revenues,
$6,600 in current receivables, and net income of $32,000? - CORRECT ANSWER-6.6
