VA CONTRACTORS: VA ADVANCED (CLASS A) QUESTIONS WITH CORRECT ANSWERS (VERIFIED)

1. 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...: More than $50,000 2. 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...: A decrease of $3,780 3. 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.: Less than $12,000 4. Which of the following would typically be covered by a contractor's comprehensive general liability insurance policy?: Damage to adjoining property from a crane accident 5. 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.: The carpenter is an employee and is owed $10,560 for the project 6. 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?: Partnering 7. 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?: 6.6 8. Who oversees compliance with Material Safety Data Sheets?: OSHA 9. 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?: $700.50 10. 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?: Between $110,000 and $120,000