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VA Contractors: VA Advanced (Class A) Exam Study Guide with Complete Solutions
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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...

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  • August 30, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • va contractors va advanced class a exam study g

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  • Contractors License
  • Contractors License

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©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM



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 final payment for the new

completed project. The final payment amount should be for... - 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... - 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

, ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


$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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