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VA Contractors: VA Advanced (Class A) EXAM
(2026/2027) ||VERIFIED EXAM!|| MOST RECENT EXAM
ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!
NEWEST EXAM!!!
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. -
Answer-Less than $12,000
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
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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... - Answer-A decrease of $3,780
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance
policy? - 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
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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. - 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? - 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? - Answer-6.6
Who oversees compliance with Material Safety Data
Sheets? - Answer-OSHA
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.
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What should be the employee's gross pay for the
worksheet? - Answer-$700.50
In the previous year, a company had revenues of
$500,000 project overhead of $40,000 and company
overhead of $75,000. The company expects the
percentage for project and company overhead to remain
the same for the current year. The company desires to
make a 10% profit on a project it is bidding. The project
would have $80,000 in direct costs. What should the bid
price be? - Answer-Between $110,000 and $120,000
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 corporation does business ONLY
in Virginia. - Answer-$1,080
How much is an employer who withheld employee
Medicare and Social Security taxes or $765 required to
send to the IRS? - Answer-$1,530
VA Contractors: VA Advanced (Class A) EXAM
(2026/2027) ||VERIFIED EXAM!|| MOST RECENT EXAM
ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!
NEWEST EXAM!!!
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. -
Answer-Less than $12,000
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
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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... - Answer-A decrease of $3,780
Which of the following would typically be covered by a
contractor's comprehensive general liability insurance
policy? - 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
,3|Page
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. - 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? - 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? - Answer-6.6
Who oversees compliance with Material Safety Data
Sheets? - Answer-OSHA
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.
, 4|Page
What should be the employee's gross pay for the
worksheet? - Answer-$700.50
In the previous year, a company had revenues of
$500,000 project overhead of $40,000 and company
overhead of $75,000. The company expects the
percentage for project and company overhead to remain
the same for the current year. The company desires to
make a 10% profit on a project it is bidding. The project
would have $80,000 in direct costs. What should the bid
price be? - Answer-Between $110,000 and $120,000
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 corporation does business ONLY
in Virginia. - Answer-$1,080
How much is an employer who withheld employee
Medicare and Social Security taxes or $765 required to
send to the IRS? - Answer-$1,530
