VA Contractors: VA Advanced (Class A) questions with correct answers, Exams of Law

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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, 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, 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, For 1 month a company bills out $38,000 in completed work, and receives $22, 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, 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, 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. Who oversees compliance with Material Safety Data Sheets? CORRECT ANSWER OSHA

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. CORRECT ANSWER $693. 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 $ 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... CORRECT ANSWER More than $ 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? CORRECT ANSWER 13 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 $ deductible per occurrence. The claim is for a job-site accident that caused $2, 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... CORRECT ANSWER $1, What is the MAXIMUM amount of a lien that can claimed by a subcontractor who notifies the lien agent for a two-family residential property on August 1 that the subcontractor first provided labor and materials on the project on May 1? The subcontractor billed the general contractor for $4,000 per month, through September 30, and was never paid. CORRECT ANSWER $8,

What percent should the employer withhold for Virginia withholding for an employee who is to receive a separate supplemental payment for vacation? The employer is using a flat percentage rate. CORRECT ANSWER 5.75% 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 bound 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 to the contractor? CORRECT ANSWER Between $75,001 and $80, What would be the total amount of Medicare and Social Security taxes that the employer should withhold on the last week of the year from an employee who earns $3,000 per week and has worked for the employer the entire year? CORRECT ANSWER $43.