VA CONTRACTORS LICENSE EXAM 2 FULL
REVIEW SET 2026 QUESTIONS ANSWERS
VERIFIED
◉ The three PRIMARY elements of a contract are. Answer: offer,
acceptance, consideration
◉ Equipment needs for a project are BEST estimated by. Answer:
calculating the number of hours or days it is needed
◉ An important factor in ensuring a schedule is followed is to.
Answer: Make sure the superintendent agrees with it
◉ All of the following are examples of GOOD scheduling EXCEPT.
Answer: Reduced training cost
◉ What should be added to wage rates to ensure accuracy in
estimating labor for a project. Answer: Labor burden
◉ All of the following are considered general conditions that could
affect costs directly associated with a specific project EXCEPT.
Answer: Profit margins
, ◉ Records of employees exposure to hazardous materials MUST be
kept a MINIMUM of how many years. Answer: 30 years
◉ A reason for using a lower than usual profit markup for a specific
project could be to. Answer: Cover company overhead costs
◉ An advantage of a Critical Path Method (CPM) schedule is to.
Answer: Identifies activities that must be completed before other
activities can occur
◉ An employee can request to receive advance earned income credit
on Form. Answer: W-5
◉ The two basic laws of construction estimating are. Answer: Low
estimates decrease profits and high estimates decrease volume
◉ Medical records of work related injuries to long term employees
MUST be kept a MINIMUM of what duration after the employee
leaves. Answer: 30 years
◉ What type of business organization allows people to share
financial resources. Answer: Partnership
REVIEW SET 2026 QUESTIONS ANSWERS
VERIFIED
◉ The three PRIMARY elements of a contract are. Answer: offer,
acceptance, consideration
◉ Equipment needs for a project are BEST estimated by. Answer:
calculating the number of hours or days it is needed
◉ An important factor in ensuring a schedule is followed is to.
Answer: Make sure the superintendent agrees with it
◉ All of the following are examples of GOOD scheduling EXCEPT.
Answer: Reduced training cost
◉ What should be added to wage rates to ensure accuracy in
estimating labor for a project. Answer: Labor burden
◉ All of the following are considered general conditions that could
affect costs directly associated with a specific project EXCEPT.
Answer: Profit margins
, ◉ Records of employees exposure to hazardous materials MUST be
kept a MINIMUM of how many years. Answer: 30 years
◉ A reason for using a lower than usual profit markup for a specific
project could be to. Answer: Cover company overhead costs
◉ An advantage of a Critical Path Method (CPM) schedule is to.
Answer: Identifies activities that must be completed before other
activities can occur
◉ An employee can request to receive advance earned income credit
on Form. Answer: W-5
◉ The two basic laws of construction estimating are. Answer: Low
estimates decrease profits and high estimates decrease volume
◉ Medical records of work related injuries to long term employees
MUST be kept a MINIMUM of what duration after the employee
leaves. Answer: 30 years
◉ What type of business organization allows people to share
financial resources. Answer: Partnership
