VA Contractors: VA Advanced (Class A) Exam Study Guide with Complete Solutions
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Course
Contractors License
Institution
Contractors License
VA Contractors: VA Advanced (Class A) Exam
Study Guide with Complete Solutions
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...
$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
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? - 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... - Answer✔️✔️-A decrease of $3,780
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
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
2
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