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NASLCA VIRGINIA EXAM PRACTICE LATEST
UPDATE 2025 QUESTIONS AND CORRECT VERIFIED
ANSWERS
What is the MAXIMUM penalty for a contractor who undertakes work without the
proper class of license? - Answer: $500 fine per day for each day of violation plus
penalties for a misdemeanor.
A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered - Answer: intent to defraud by the
contractor.
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.
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: more than
$50,000
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.
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
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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
A permit is obtained on Friday, May 1. The materials are to be delivered May 8.
The materials are needed when labor begins on May 11. It is estimated that 15 days
of labor are REQUIRED. The crew will work every day, including weekends and
holidays. The project is scheduled to be completed on June 8. How many float days
are available for the labor for this project? - Answer: 13
Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - Answer: Damage to adjoining
property from a crane accident.
A contractor puts in a claim under a comprehensive standard general liability
policy. The policy has no additional coverage, riders, or floaters, and has a $500
deductible per occurrence. The claim is for a job-site accident that caused $2,000
of injuries to employees, $1,800 of injuries to a pedestrian, $2,300 damage to the
contractor's equipment, and $1,750 loss of project materials purchased by the
contractor. The insurance company is liable for - Answer: $1,300.
An insurer offers the contractor a 20% per year reduction in premiums if the
contractor has a defined safety program in place. The insurer's standard rates are $8
per $1,000 of coverage. The contractor has $300,000 in coverage. How much in
premiums will the contractor save over a 3-year period by having a defined safety
program in place? - Answer: Between $1,001 and $1,500.
Who oversees compliance with Material Safety Data Sheets? - Answer: OSHA
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
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complete this project, including 120 hours of overtime. - Answer: The carpenter is
an employee and is owed $10,560 for the project.
What is the gross pay of a non-exempt employee who works 45 hours during a
holiday week, and receives 8 hours additional pay for the holiday? The employee
earns $12.50 per hour. - Answer: $693.75
A contractor pays a workers' compensation rate of $0.08 per $100 of office
employee payroll, $0.15 per $100 of field supervisor payroll, and $0.26 per $100
of field employee payroll. Total office employee payroll for the year is $25,000.
Total field supervisor payroll is $48,000. Total field employee payroll is $225,000.
The contractor receives a discount of 5% of total premiums for having a safety
program in place. The total workers' compensation for the year is - Answer: more
than $600
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 $400.00
each week regardless of the numbers of hours worked. What should be the
employee's gross pay for this workweek? - Answer: $700.50
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. - Answer: Less than $12,000.
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. - Answer: Between
$12,000 and $16,000.
Where would depreciation of equipment first be entered? - Answer: General
journal.
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? - Answer: 6.6
NASLCA VIRGINIA EXAM PRACTICE LATEST
UPDATE 2025 QUESTIONS AND CORRECT VERIFIED
ANSWERS
What is the MAXIMUM penalty for a contractor who undertakes work without the
proper class of license? - Answer: $500 fine per day for each day of violation plus
penalties for a misdemeanor.
A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered - Answer: intent to defraud by the
contractor.
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.
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: more than
$50,000
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.
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
,2|Page
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
A permit is obtained on Friday, May 1. The materials are to be delivered May 8.
The materials are needed when labor begins on May 11. It is estimated that 15 days
of labor are REQUIRED. The crew will work every day, including weekends and
holidays. The project is scheduled to be completed on June 8. How many float days
are available for the labor for this project? - Answer: 13
Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - Answer: Damage to adjoining
property from a crane accident.
A contractor puts in a claim under a comprehensive standard general liability
policy. The policy has no additional coverage, riders, or floaters, and has a $500
deductible per occurrence. The claim is for a job-site accident that caused $2,000
of injuries to employees, $1,800 of injuries to a pedestrian, $2,300 damage to the
contractor's equipment, and $1,750 loss of project materials purchased by the
contractor. The insurance company is liable for - Answer: $1,300.
An insurer offers the contractor a 20% per year reduction in premiums if the
contractor has a defined safety program in place. The insurer's standard rates are $8
per $1,000 of coverage. The contractor has $300,000 in coverage. How much in
premiums will the contractor save over a 3-year period by having a defined safety
program in place? - Answer: Between $1,001 and $1,500.
Who oversees compliance with Material Safety Data Sheets? - Answer: OSHA
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
, 3|Page
complete this project, including 120 hours of overtime. - Answer: The carpenter is
an employee and is owed $10,560 for the project.
What is the gross pay of a non-exempt employee who works 45 hours during a
holiday week, and receives 8 hours additional pay for the holiday? The employee
earns $12.50 per hour. - Answer: $693.75
A contractor pays a workers' compensation rate of $0.08 per $100 of office
employee payroll, $0.15 per $100 of field supervisor payroll, and $0.26 per $100
of field employee payroll. Total office employee payroll for the year is $25,000.
Total field supervisor payroll is $48,000. Total field employee payroll is $225,000.
The contractor receives a discount of 5% of total premiums for having a safety
program in place. The total workers' compensation for the year is - Answer: more
than $600
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 $400.00
each week regardless of the numbers of hours worked. What should be the
employee's gross pay for this workweek? - Answer: $700.50
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. - Answer: Less than $12,000.
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. - Answer: Between
$12,000 and $16,000.
Where would depreciation of equipment first be entered? - Answer: General
journal.
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? - Answer: 6.6
