VA Contractors Advanced Class A License Test
2025 with 400 Prep Questions and Correct
Answers/ Virginia Contractors (Advanced Class
A License) Exam 2025-2026 (brand new!)
Under Virginia ____ no employer shall require an employee to abstain or refrain
from membership or participation in any labor union or labor organization.
Labor Union Act
Right-to-Work Law
Labor Law
Employee Rights Act - ANSWER-Right-to-Work Law
Refer to Pages 14-4 and 14-6 of the NASCLA Contractor's Guide: If the company
has an inventory of $7,750, What is the acid-test ratio based on the financial
statements? Round to the nearest tenth.
4.1
1.7
1.1
2.3 - ANSWER-2.3
Refer to Pages 14-4 and 14-6 of the NASCLA Contractor's Guide: If the balance
sheet shows accounts receivables of $25,200 and gross sales of $545,600, What is
the average collection period for this contractor?
17.7
15.4
21.7
pg. 1
,16.9 - ANSWER-16.9
In addition to OSHA, employers in VA must comply with ___ standards.
EPA standards
Virginia Occupational Safety and Health Act
NIOSH
There are no additional requirements - ANSWER-Virginia Occupational Safety
and Health Act
A contractor has delivered the Lead Pre-Notification pamphlet to each family in an
old apartment building prior to performing renovations. Confirmation of the receipt
of delivery must be be kept for ___?
30 years
5 years
3 years
Not required to keep confirmation - ANSWER-3 years
A roofing contractor wants to hire some summer help. The summer help should be
at least ___.
17 years old
18 years old
21 years old
16 years old - ANSWER-18 years old
Several liens have been filed against a partially completed subdivision now in
bankruptcy. Following a court order, the remaining property is sold. Which of
these would have the first claim against the proceeds from this sale?
pg. 2
,Contractor
Plumbing subcontractor
Lumber supplier
Contractor's employees - ANSWER-Contractor's employees
Which of the following is the equation found on a balance sheet?
Liabilities = Assets - Stockholder's Equity
Stockholder's Equity = Assets - Liabilities
Assets = Liabilities + Stockholder's Equity
Assets + Stockholder's Equity = Liabilities - ANSWER-Assets = Liabilities +
Stockholder's Equity
Refer to Pages 14-4 and 14-6 of the NASCLA Contractor's Guide: What is the
liquidity (current) ratio for the contracting firm represented in the financial
statements?
2.12
3.22
1.23
5.14 - ANSWER-3.22
One advantage of leasing equipment compared to purchasing is that lease
payments are deductible as ___ as defined by the IRS.
Cost of goods
Cost of materials
Job-related costs
Operating expenses - ANSWER-Operating expenses
pg. 3
, The standard industry markup is ___, however market and competition should be
taken into consideration.
18%
8%
10%
15% - ANSWER-15%
A contractor has completed and been paid for three miles out of ten on a
$7,500,000 highway repaving contract. The company is invoicing upon completion
of each mile under the percentage of completion method, with 10 percent
retainage. What is the net billing for the fourth mile?
2925000
2700000
675000
525000 - ANSWER-675000
The function of the balance sheet is to ___.
Provide an annual analysis of profit and loss
Summarize the business' investing, operating, and financing activities for a specific
accounting period
Show the financial condition of the business on a specific point in time
Compare general and administrative expenses to direct and indirect costs -
ANSWER-Show the financial condition of the business on a specific point in time
Which of the following is considered an indirect cost on the income statement?
Equipment rental
pg. 4
2025 with 400 Prep Questions and Correct
Answers/ Virginia Contractors (Advanced Class
A License) Exam 2025-2026 (brand new!)
Under Virginia ____ no employer shall require an employee to abstain or refrain
from membership or participation in any labor union or labor organization.
Labor Union Act
Right-to-Work Law
Labor Law
Employee Rights Act - ANSWER-Right-to-Work Law
Refer to Pages 14-4 and 14-6 of the NASCLA Contractor's Guide: If the company
has an inventory of $7,750, What is the acid-test ratio based on the financial
statements? Round to the nearest tenth.
4.1
1.7
1.1
2.3 - ANSWER-2.3
Refer to Pages 14-4 and 14-6 of the NASCLA Contractor's Guide: If the balance
sheet shows accounts receivables of $25,200 and gross sales of $545,600, What is
the average collection period for this contractor?
17.7
15.4
21.7
pg. 1
,16.9 - ANSWER-16.9
In addition to OSHA, employers in VA must comply with ___ standards.
EPA standards
Virginia Occupational Safety and Health Act
NIOSH
There are no additional requirements - ANSWER-Virginia Occupational Safety
and Health Act
A contractor has delivered the Lead Pre-Notification pamphlet to each family in an
old apartment building prior to performing renovations. Confirmation of the receipt
of delivery must be be kept for ___?
30 years
5 years
3 years
Not required to keep confirmation - ANSWER-3 years
A roofing contractor wants to hire some summer help. The summer help should be
at least ___.
17 years old
18 years old
21 years old
16 years old - ANSWER-18 years old
Several liens have been filed against a partially completed subdivision now in
bankruptcy. Following a court order, the remaining property is sold. Which of
these would have the first claim against the proceeds from this sale?
pg. 2
,Contractor
Plumbing subcontractor
Lumber supplier
Contractor's employees - ANSWER-Contractor's employees
Which of the following is the equation found on a balance sheet?
Liabilities = Assets - Stockholder's Equity
Stockholder's Equity = Assets - Liabilities
Assets = Liabilities + Stockholder's Equity
Assets + Stockholder's Equity = Liabilities - ANSWER-Assets = Liabilities +
Stockholder's Equity
Refer to Pages 14-4 and 14-6 of the NASCLA Contractor's Guide: What is the
liquidity (current) ratio for the contracting firm represented in the financial
statements?
2.12
3.22
1.23
5.14 - ANSWER-3.22
One advantage of leasing equipment compared to purchasing is that lease
payments are deductible as ___ as defined by the IRS.
Cost of goods
Cost of materials
Job-related costs
Operating expenses - ANSWER-Operating expenses
pg. 3
, The standard industry markup is ___, however market and competition should be
taken into consideration.
18%
8%
10%
15% - ANSWER-15%
A contractor has completed and been paid for three miles out of ten on a
$7,500,000 highway repaving contract. The company is invoicing upon completion
of each mile under the percentage of completion method, with 10 percent
retainage. What is the net billing for the fourth mile?
2925000
2700000
675000
525000 - ANSWER-675000
The function of the balance sheet is to ___.
Provide an annual analysis of profit and loss
Summarize the business' investing, operating, and financing activities for a specific
accounting period
Show the financial condition of the business on a specific point in time
Compare general and administrative expenses to direct and indirect costs -
ANSWER-Show the financial condition of the business on a specific point in time
Which of the following is considered an indirect cost on the income statement?
Equipment rental
pg. 4
