VA CONTRACTORS ADVANCED CLASS A STUDY
GUIDE 2026: 70+ QUESTIONS AND 100% VERIFIED
ANSWERS | GRADED A+ | GUARANTEED PASS!!
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 $100
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...
- answer-More than $600
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 $500
deductible per occurrence. The claim is for a job-site accident that caused $2,000
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...
- answer-$1,300
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?
- answer-Between $75,001 and $80,000
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
, A non-exempt employee of a contractor covered by the Fair Labor Standards Act
works 60 hours during a workweek. The agreement is to pay the employee $400
each week regardless of the numbers of hours worked. What should be the
employee's gross pay for the worksheet?
- answer-$700.50
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?
- answer-13
An insurer offers the contractor a 20% per year reduction in premiums if the
contractor has a defied safety program in place. The insurer's standard rates are $8
per $1,000 of coverage. The contractor has $300,000 in coverage. How much in
premiums will the contractor save a 3-year period by having a defined safety
program in place?
- answer-Between $1,001 and $1,500
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
How much is an employer who withheld employee Medicare and Social Security
taxes or $765 required to send to the IRS?
- answer-$1,530
How much state income tax MUST be paid by a corporation that has $30,000 of
Federal taxable income? The company deducted $2,000 of state and local taxes on
the Federal return, and had $2,000 of qualified worker retraining expenses. The
GUIDE 2026: 70+ QUESTIONS AND 100% VERIFIED
ANSWERS | GRADED A+ | GUARANTEED PASS!!
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 $100
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...
- answer-More than $600
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 $500
deductible per occurrence. The claim is for a job-site accident that caused $2,000
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...
- answer-$1,300
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?
- answer-Between $75,001 and $80,000
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
, A non-exempt employee of a contractor covered by the Fair Labor Standards Act
works 60 hours during a workweek. The agreement is to pay the employee $400
each week regardless of the numbers of hours worked. What should be the
employee's gross pay for the worksheet?
- answer-$700.50
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?
- answer-13
An insurer offers the contractor a 20% per year reduction in premiums if the
contractor has a defied safety program in place. The insurer's standard rates are $8
per $1,000 of coverage. The contractor has $300,000 in coverage. How much in
premiums will the contractor save a 3-year period by having a defined safety
program in place?
- answer-Between $1,001 and $1,500
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
How much is an employer who withheld employee Medicare and Social Security
taxes or $765 required to send to the IRS?
- answer-$1,530
How much state income tax MUST be paid by a corporation that has $30,000 of
Federal taxable income? The company deducted $2,000 of state and local taxes on
the Federal return, and had $2,000 of qualified worker retraining expenses. The
