VA Contractors: VA Advanced (Class A) questions
with correct 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
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
Who oversees compliance with Material Safety Data Sheets? CORRECT
ANSWER OSHA
with correct 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
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
Who oversees compliance with Material Safety Data Sheets? CORRECT
ANSWER OSHA
