VA Contractors VA Advanced (Class A) Latest
Update 2024-2025 Actual Exam from Credible
Sources with Questions and Verified Correct
Answers Golden Ticket to Guaranteed A+
Verified by Professor
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... - CORRECT 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... - CORRECT 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? - CORRECT 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... - CORRECT 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? - CORRECT 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? - CORRECT 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? -
CORRECT 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? - CORRECT 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? - CORRECT 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 corporation does
business ONLY in Virginia. - CORRECT ANSWER: $1,080
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
Update 2024-2025 Actual Exam from Credible
Sources with Questions and Verified Correct
Answers Golden Ticket to Guaranteed A+
Verified by Professor
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... - CORRECT 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... - CORRECT 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? - CORRECT 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... - CORRECT 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? - CORRECT 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? - CORRECT 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? -
CORRECT 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? - CORRECT 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? - CORRECT 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 corporation does
business ONLY in Virginia. - CORRECT ANSWER: $1,080
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
