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
