Virginia Class A Contractor Exam
Questions and Answers 100% PASS
What are the 3 key functions of a business plan?—ANSWER--Planning tool,
Loan/Investor Document, and Benchmarking Tool
What is the simplest form of ownership to set up?—ANSWER--Sole Proprietorship
What is the difference in liability between a Sole Proprietorship and an S Corporation?—
ANSWER--A Sole Proprietorship has Unlimited personal
liability, while an S Corporation generally has no
personal liability of the shareholders.
What are the two parts that a Contractor license consists of?—ANSWER--The class of
the license and the specialty of work
the contractor is allowed to perform
Who benefits from the Contractor Transaction Recovery Fund?—ANSWER--
Homeowners who have suffered a reimbursable
loss from a dishonest or incompetent general
contractor
Questions and Answers 100% PASS
What are the 3 key functions of a business plan?—ANSWER--Planning tool,
Loan/Investor Document, and Benchmarking Tool
What is the simplest form of ownership to set up?—ANSWER--Sole Proprietorship
What is the difference in liability between a Sole Proprietorship and an S Corporation?—
ANSWER--A Sole Proprietorship has Unlimited personal
liability, while an S Corporation generally has no
personal liability of the shareholders.
What are the two parts that a Contractor license consists of?—ANSWER--The class of
the license and the specialty of work
the contractor is allowed to perform
Who benefits from the Contractor Transaction Recovery Fund?—ANSWER--
Homeowners who have suffered a reimbursable
loss from a dishonest or incompetent general
contractor
