(VA Contractors VA Advanced (Class A),: 2026 Test Preparation)
VA Contractors: VA Advanced (Class A)
Study online at https://quizlet.com/_bys72d
1. A lump sum contract on a project has a total contract More than $50,000
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 re-
quest for final payment for the new completed project.
The final payment amount should be for...
2. What is the total value of current assets for an accrual Between $12,000 and
basis company that has the following? Checking ac- $16,000
count 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 quarter-
ly income tax payment due is $1,180...
3. What is the total project overhead for a project that Less than $12,000
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; of-
fice rent is $800 per month; and office utilities are
$375 per month.
4. For 1 month a company bills out $38,000 in completed Loss of $1,000
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 pur-
chases, 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?
1/6
Page 1 3/30/2026, 4:48:56 PM
, (VA Contractors VA Advanced (Class A),: 2026 Test Preparation)
VA Contractors: VA Advanced (Class A)
Study online at https://quizlet.com/_bys72d
5. The owner requests for change which will cost the con- A decrease of $3,780
tractor $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...
6. Which of the following would typically be covered by a Damage to adjoining
contractor's comprehensive general liability insurance property from a crane ac-
policy? cident
7. What is the total gross compensation and employment The carpenter is an em-
status for a carpenter, given the following information? ployee and is owed
A contractor hires a carpenter to do the finish work for $10,560 for the project
a 10-home project. The carpenter is to be paid $16 per
hour. The contractor provides all materials and equip-
ment, such as a table saw. The carpenter provides all
of his own hand tools. The contractor and the carpen-
ter 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.
8. What is the name of the process when a facilitator Partnering
meets with the major participants in a project, prior
2/6
Page 2 3/30/2026, 4:48:56 PM
VA Contractors: VA Advanced (Class A)
Study online at https://quizlet.com/_bys72d
1. A lump sum contract on a project has a total contract More than $50,000
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 re-
quest for final payment for the new completed project.
The final payment amount should be for...
2. What is the total value of current assets for an accrual Between $12,000 and
basis company that has the following? Checking ac- $16,000
count 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 quarter-
ly income tax payment due is $1,180...
3. What is the total project overhead for a project that Less than $12,000
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; of-
fice rent is $800 per month; and office utilities are
$375 per month.
4. For 1 month a company bills out $38,000 in completed Loss of $1,000
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 pur-
chases, 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?
1/6
Page 1 3/30/2026, 4:48:56 PM
, (VA Contractors VA Advanced (Class A),: 2026 Test Preparation)
VA Contractors: VA Advanced (Class A)
Study online at https://quizlet.com/_bys72d
5. The owner requests for change which will cost the con- A decrease of $3,780
tractor $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...
6. Which of the following would typically be covered by a Damage to adjoining
contractor's comprehensive general liability insurance property from a crane ac-
policy? cident
7. What is the total gross compensation and employment The carpenter is an em-
status for a carpenter, given the following information? ployee and is owed
A contractor hires a carpenter to do the finish work for $10,560 for the project
a 10-home project. The carpenter is to be paid $16 per
hour. The contractor provides all materials and equip-
ment, such as a table saw. The carpenter provides all
of his own hand tools. The contractor and the carpen-
ter 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.
8. What is the name of the process when a facilitator Partnering
meets with the major participants in a project, prior
2/6
Page 2 3/30/2026, 4:48:56 PM
