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VA CONTRACTORS: GENERAL (CLASS A OR B) EXAM 2025 WITH 100% CORRECT ANSWERS, Exams of Construction

Which of the following estimating methods is typically used by the architect rather than the contractor? - correct answer✔✔ Conceptual estimate An agreement that calls for a contractor to be paid actual costs for labor and materials plus a fixed fee for the contractor's overhead and profit is called a... - correct answer✔✔ cost plus contract

Typology: Exams

2024/2025

Available from 05/29/2025

SERENAWILLIAMS
SERENAWILLIAMS 🇺🇸

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VA CONTRACTORS: GENERAL (CLASS A OR B) EXAM 202 5 WITH 100%
CORRECT ANSWERS
Which of the following estimating methods is typically used by the architect rather than the contractor?
- correct answer✔✔ Conceptual estimate
An agreement that calls for a contractor to be paid actual costs for labor and materials plus a fixed fee
for the contractor's overhead and profit is called a... - correct answer✔✔ cost plus contract
Equipment needs for a project are BEST estimated by... - correct answer✔✔ Calculating the number of
hours or days it is needed
What type of insurance is needed for a partnership to insure that the business does NOT go out of
business if one partner dies? - correct answer✔✔ Key man
An owner hires a construction manager for a project. Which of the following is TRUE with regard to
subcontractors? - correct answer✔✔ The subcontractors are prime contractors
What protects a contractor from risk? - correct answer✔✔ Insurance
An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - correct answer✔✔ Identifies activities
that MUST be completed before other activities can occur
What may be covered by an allowance in a contract? - correct answer✔✔ Light fixture costs
Which of the following is considered ethical behavior? - correct answer✔✔ Failing to disclose one
subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... - correct answer✔✔ 1099
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VA CONTRACTORS: GENERAL (CLASS A OR B) EXAM 202 5 WITH 100%

CORRECT ANSWERS

Which of the following estimating methods is typically used by the architect rather than the contractor?

  • correct answer✔✔ Conceptual estimate An agreement that calls for a contractor to be paid actual costs for labor and materials plus a fixed fee for the contractor's overhead and profit is called a... - correct answer✔✔ cost plus contract Equipment needs for a project are BEST estimated by... - correct answer✔✔ Calculating the number of hours or days it is needed What type of insurance is needed for a partnership to insure that the business does NOT go out of business if one partner dies? - correct answer✔✔ Key man An owner hires a construction manager for a project. Which of the following is TRUE with regard to subcontractors? - correct answer✔✔ The subcontractors are prime contractors What protects a contractor from risk? - correct answer✔✔ Insurance An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - correct answer✔✔ Identifies activities that MUST be completed before other activities can occur What may be covered by an allowance in a contract? - correct answer✔✔ Light fixture costs Which of the following is considered ethical behavior? - correct answer✔✔ Failing to disclose one subcontractor's bid to another Compensation paid to independent contractors is reported on Form... - correct answer✔✔ 1099

The BEST business practice for special-ordered materials is to... - correct answer✔✔ put the order requirements in writing A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is considered... - correct answer✔✔ Part of the contract Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many years? - correct answer✔✔ 30 years AT LEAST how often should employees watch for possible hazards at the job site? - correct answer✔✔ constantly An employee can request to receive advance earned income credit on Form... - correct answer✔✔ W- 5 A contractor uses funds paid by a project owner to purchase materials to start a different project. The laborers for the original project do NOT get paid by the contractor. Under the lien law, this is considered... - correct answer✔✔ Intent to defraud by the contractor What should be added to wage rates to ensure accuracy in estimating labor for a project? - correct answer✔✔ Labor burden What MUST be included in an estimate for a job? - correct answer✔✔ Materials, labor, equipment, and overhead costs The 3 PRIMARY elements of a contract are... - correct answer✔✔ offer, acceptance, and consideration At LEAST how often MUST an employee report information on the number of employees and the number of new hires in order to meet the requirements of the Child Support Enforcement Act? - correct answer✔✔ every 2 months Costs that relate to construction activity but are NOT easily identifiable for a specific project are considered... - correct answer✔✔ Project overhead

A bid does NOT specify how long it remains open or in effect is considered to be open for... - correct answer✔✔ a reasonable amount of time What does a comprehensive general liability insurance policy protect a company against? - correct answer✔✔ an accident at the job site that damages the neighbor's house A contractor plans to use materials or methods other than those standard in the industry. The contractor should... - correct answer✔✔ specifically state this in the agreement The two basic laws of construction estimating are... - correct answer✔✔ low estimates decrease profits and high estimates decrease volume Approximately how many materials are currently on the EPA hazardous materials list? - correct answer✔✔ 500 An important factor in ensuring that a schedule is followed is to... - correct answer✔✔ make sure the superintendent agrees with it Where does the information for a company's financial statement come from? - correct answer✔✔ summary of accounts in the general ledger Which of the following is a TRUE statement about estimating? - correct answer✔✔ both overestimating and underestimating costs could have disastrous consequences An employer who withholds more than $1,000 per month from employees for state taxes MUST pay those taxes at LEAST... - correct answer✔✔ two times per week The prime contractor is one who... - correct answer✔✔ is responsible for the overall construction of the project

What type of material at a construction site may be considered hazardous waste? - correct answer✔✔ cleaning supplies Which of the following is considered a source document in an accounting system? - correct answer✔✔ time cards What can be used to collect information on labor, materials, equipment, and overhead costs used during the performance of a job? - correct answer✔✔ a job cost system What MUST be done with the taxes withheld by an employer between the time that they are withheld and the time that they are sent to the IRS? - correct answer✔✔ the taxes must be held in a separate account and not used for anything else All of the following are considered general conditions that could affect costs directly associated with a specific project EXCEPT... - correct answer✔✔ profit margins Generally, who is responsible for ensuring that a project meets all zoning requirements? - correct answer✔✔ project owner What type of business organization allows people to share financial resources? - correct answer✔✔ Partnership Losses from the sale of a company asset are considered... - correct answer✔✔ other expenses What can be determined by summing the project activities into an overall schedule? - correct answer✔✔ The total resource demand for a project at any given time.