VA Contractor General Questions With 100% Correct Answers 2024, Exams of Advanced Education

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VA Contractor General Questions With

100% Correct Answers 2024

A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible for when the contractor does not renew his license on time? - Correct Answer-The Licensee Contractor A Designated Employee should be? - Correct Answer-At least 18, Full Time, Passed Required Exams What is the initial Recovery Fund fee? - Correct Answer- $25. If a contractor ears more that $_______ per year, then the contractor is required to have a Class A. - Correct Answer-$750,000.

If a contract awards more than $_________ per payment, the contractor is required to have a Class A. - Correct Answer-$120,000. An Erosion control conservation plan needs to be approved within ____ days. - Correct Answer- Where do you go to file an appeal of a violation to the USBC provisions? - Correct Answer-To The BBCA A contractor is required to submit a renewal within____ days of the expiration date? - Correct Answer- Who can file a complaint against a contractor? - Correct Answer-any one What is required when changing the from of entity from a sole proprietorship to a corporation - Correct Answer- A new license

What is the maximum fund allowed for a single contractor? - Correct Answer-$40,000. To Whom should the stop work order be given? - Correct Answer-Owner, Owner's Agent, Contractor Within how many days should be submitted an appeal for construction? - Correct Answer-90 Days An appeal of the local building officials decision to refuse to grant a modification to the USBC MUST be made within how many days? - Correct Answer-90 Days Documents related to a contract should be kept for ______ years? - Correct Answer-5 Years Where should one set of all approved building documents be kept? - Correct Answer-At the building site

An erosion control conservation specification needs to be approved within_____ days - Correct Answer-60 days After notification by the code official, an application for a permit shall be considered to have been abandoned for _____ months - Correct Answer- Where is the Recovery Fund used? - Correct Answer-to pay claimants subject to improper or dishonest conduct Disturbed land areas of less than ______ sq ft in size may not be an issue of sediment and erosion control. - Correct Answer-10, Which of the following is permitted to receive awards from the Fund? - Correct Answer-Property Owner The Board can refuse to renew a license when the principal owner is a former owner or officer of a firm that______ - Correct Answer-Had its contractor licensee revoked

what is the maximum amount a single contractor's Transaction Recovery Fund claim against a licensee can be? - Correct Answer-$40,000. What is the maximum amount that can be paid out on behalf of a single contractor? - Correct Answer- $40,000. A license was issued on 10/15/2003. The expiration date is? - Correct Answer-10/31/ A designated employee must work a minimum of how many hours for licensed contracting business? - Correct Answer-30 Hours Where must a building permit be kept? - Correct Answer-at the building site A new building may be used after ______________ is issued. - Correct Answer-certificate of occupancy

Any issued permit shall become invalid if work is not commenced within _________ Months after issuance. - Correct Answer-6 Months A notification that funds are due is issued, but the funds are not paid. After a second notice, the funds must be paid in ______ days. If there is still no payment, then the license is ____________. - Correct Answer-30 days, Suspended An owner wantsa swimming pool built in a specified location,. The location is in violation of the local code. The contractor should. - Correct Answer-Not agree to build the pool A construction project does not require inspection if the cost is less this maximum amount. - Correct Answer- $

All of the following are required on a written contract EXCEPT - Correct Answer-permit numbers if licensees are notified at the time of renewal that an additional fee for the contractor recovery fund is due, and the licensee does not pay the fee at that time, how much additional time is licensee given? - Correct Answer-30 days when is a renewal or reinstatement application considered to be received by the board? - Correct Answer-when the application and fees are recieved by the board Who may file complaints against a licensed contractor?

• Correct Answer-Any Person Who may make a claim for a payment from the contractors Recovery Trust Fund? - Correct Answer-a property owner who contracted with the licensee

A permit has been issued and construction is underway. The inspection must take place in? - Correct Answer-six months Soil stabilization MUST be applied to denuded areas within how many days after final grade is reached on any portion of the site? - Correct Answer-7 days A contractor must apply for reinstatement rather than renewal if the renewal application and fee are not submitted within how many days of expiration? - Correct Answer-30 days A copy of the building permit must be - Correct Answer- posted at the site Min age for designated employee - Correct Answer- years old Class A and Class B Must operate - Correct Answer- under the name the license was issued

A class A license is required when a single contract is worth more than? - Correct Answer-$120,000. When may a license be transfered? - Correct Answer- Never What code to follow for new additions to a building - Correct Answer-Current Code What is calculated in Project Overhead - Correct Answer-Supervisor Saleries Lead Exposure - Correct Answer- Miller Act - Correct Answer-1 Year Working Capital - Correct Answer-current assets - current liabilities

Bid Price - Correct Answer-(Dir Cost * 100 ) / (100-%) Equity - Correct Answer-Assets - Liabilities Debt to Equity Ratio - Correct Answer-Total Debt/Total Equity Quick Ratio - Correct Answer-(Current Assets - Inventory) / Current Liabilities Return on Invest - Correct Answer-Net Income / Total Assets Class A min net worth and Application Fee - Correct Answer-$45,000 and $ Class B min net worth and Application Fee - Correct Answer-$15,000 and $

Working Capital - Correct Answer-current assets - current liabilities Accrual Basis Accounting - Correct Answer-reporting income when it is earned Cash Method - Correct Answer-revenue is not recorded until cash (or a check) is actually received Quick Ratio - Correct Answer-(Current Assets - Inventory) / Current Liabilities Return on Investment Ratio - Correct Answer-net income/ total assets Max Bond - Correct Answer-Working Capital x Assets - Correct Answer-Liabilities + Owner's Equity SUTA - Correct Answer-8,

FUTA - Correct Answer-7, Gross Profit - Correct Answer-Revenues - Cost of Construction Bids are - Correct Answer-compteitive EPA Violation Amount - Correct Answer-$37,500 per day Who is responsible - Correct Answer-contractor / employee Lead Fine - Correct Answer-$37,500 a day Medicare - Correct Answer-1.45% Social Security - Correct Answer-6.2%

VA Corp Income Tax - Correct Answer-6% FICA - Correct Answer-7.65% Total Medicare - Correct Answer-2.9% How long do you have to get your Certificate of Occupancy - Correct Answer-5 Days How long do you have to change your name on your license? - Correct Answer-30 days