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VA Contractors Advanced Class A License Test 2025
with 400 Prep Questions and Correct Answers/
Virginia Contractors (Advanced Class A License)
Exam (brand new!)
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
What is the total value of current assets for an accrual
basis company that has the following? Checking account
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 quarterly income tax payment due
is $1,180... - ...ANSWER...✓✓ Between $12,000 and $16,000
What is the total project overhead for a project that lasts
3 months and has the following costs? Labor is $4,000;
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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
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
VA Contractors Advanced Class A License Test 2025
with 400 Prep Questions and Correct Answers/
Virginia Contractors (Advanced Class A License)
Exam (brand new!)
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
What is the total value of current assets for an accrual
basis company that has the following? Checking account
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 quarterly income tax payment due
is $1,180... - ...ANSWER...✓✓ Between $12,000 and $16,000
What is the total project overhead for a project that lasts
3 months and has the following costs? Labor is $4,000;
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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
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
