VIRGINIA CONTRACTORS STUDY - A & B
LICENSE (CALCULATION PART) Exam
Questions and Answers 100% PASS
The owner requests changes which will cost the contractor $2,500 in labor and
materials and $700 in overhead costs. With the change, the contractor would be
relieved of $1,000 in labor costs and $280 in overhead costs from the original contract.
The original bid included profit of 10% of all costs. The contractor wants to make a profit
of 10% of all costs on the changes. The amount of the change order should included a
request of an additional.
A. $1820
B. $2,112
C. $3,200
D. $3,520—ANSWER--B. $2,112
A lump sum contract on a project has a total contract price of $200,000. Retainage has
been held back at 10%. The contractor has received progress payments of 90% of the
project. The contractor submits a request for the final payment for the now completed
project. The final payment amount should be for
, A. less than 25,000$
b. between 25,000$ & 35,000$
c. between 35,000$ & 40,000$
d. more than 40,000$—ANSWER--c. between 35,000$ & 40,000$
A contractor agrees to unit price contract to Product A fir $50 per unit, product B for $50
per unit, and product C for $375 per unit. The contractor is also to add 30% for overhead
and profit. How much the contractor should be paid for producing 27 units of product A,
56 units of product B and 78 units of product C?
a. less than 40,000$
b. between 40,000$ & 45,000$
c. between 45,000 & 50,000$
d. more than 50,000$—ANSWER--b. between 40,000$ & 45,000$
A job has a price of 165,000 after direct costs and overhead are factored. What will the
final bid be if the profit markup is 11.5%
a. 186,440
b. 183,975
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Brittie Donald
LICENSE (CALCULATION PART) Exam
Questions and Answers 100% PASS
The owner requests changes which will cost the contractor $2,500 in labor and
materials and $700 in overhead costs. With the change, the contractor would be
relieved of $1,000 in labor costs and $280 in overhead costs from the original contract.
The original bid included profit of 10% of all costs. The contractor wants to make a profit
of 10% of all costs on the changes. The amount of the change order should included a
request of an additional.
A. $1820
B. $2,112
C. $3,200
D. $3,520—ANSWER--B. $2,112
A lump sum contract on a project has a total contract price of $200,000. Retainage has
been held back at 10%. The contractor has received progress payments of 90% of the
project. The contractor submits a request for the final payment for the now completed
project. The final payment amount should be for
, A. less than 25,000$
b. between 25,000$ & 35,000$
c. between 35,000$ & 40,000$
d. more than 40,000$—ANSWER--c. between 35,000$ & 40,000$
A contractor agrees to unit price contract to Product A fir $50 per unit, product B for $50
per unit, and product C for $375 per unit. The contractor is also to add 30% for overhead
and profit. How much the contractor should be paid for producing 27 units of product A,
56 units of product B and 78 units of product C?
a. less than 40,000$
b. between 40,000$ & 45,000$
c. between 45,000 & 50,000$
d. more than 50,000$—ANSWER--b. between 40,000$ & 45,000$
A job has a price of 165,000 after direct costs and overhead are factored. What will the
final bid be if the profit markup is 11.5%
a. 186,440
b. 183,975
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Brittie Donald
