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VA CONTRACTORS: GENERAL (CLASS A OR B) EXAM (ACTUAL 2025) QUESTIONS & ANSWERS A contractor should do all of the following when estimating a project EXCEPT... - <<,Answers>>>assume ideal conditions A bid does NOT specify how long it remains open or in effect is considered to be open for... - <<,Answers>>>a reasonable amount of time What does a comprehensive general liability insurance policy protect a company against? - <<,Answers>>>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... - <<,Answers>>>specifically state this in the agreement The two basic laws of construction estimating are... - <<,Answers>>>low estimates decrease profits and high estimates decrease volume Approximately how many materials are currently on the EPA hazardous materials list? - <<,Answers>>> An important factor in ensuring that a schedule is followed is to... - <<,Answers>>>make sure the superintendent agrees with it
EXAM (ACTUAL 2025) QUESTIONS & ANSWERS
Where does the information for a company's financial statement come from? - <<,Answers>>>summary of accounts in the general ledger Which of the following is a TRUE statement about estimating? - <<,Answers>>>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... - <<,Answers>>>two times per week The prime contractor is one who... - <<,Answers>>>is responsible for the overall construction of the project What type of material at a construction site may be considered hazardous waste? - <<,Answers>>>cleaning supplies Which of the following is considered a source document in an accounting system? - <<,Answers>>>time cards What can be used to collect information on labor, materials, equipment, and overhead costs used during the performance of a job? - <<,Answers>>>a job cost system
EXAM (ACTUAL 2025) QUESTIONS & ANSWERS
What protects a contractor from risk? - <<,Answers>>>Insurance An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - <<,Answers>>>Identifies activities that MUST be completed before other activities can occur What may be covered by an allowance in a contract? - <<,Answers>>>Light fixture costs Which of the following is considered ethical behavior? - <<,Answers>>>Failing to disclose one subcontractor's bid to another Compensation paid to independent contractors is reported on Form... - <<,Answers>>> The BEST business practice for special-ordered materials is to... - <<,Answers>>>put the order requirements in writing A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is considered... - <<,Answers>>>Part of the contract
EXAM (ACTUAL 2025) QUESTIONS & ANSWERS
Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many years? - <<,Answers>>>30 years AT LEAST how often should employees watch for possible hazards at the job site? - <<,Answers>>>constantly An employee can request to receive advance earned income credit on Form... - <<,Answers>>>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... - <<,Answers>>>Intent to defraud by the contractor What should be added to wage rates to ensure accuracy in estimating labor for a project? - <<,Answers>>>Labor burden What MUST be included in an estimate for a job? - <<,Answers>>>Materials, labor, equipment, and overhead costs The 3 PRIMARY elements of a contract are... - <<,Answers>>>offer, acceptance, and consideration
EXAM (ACTUAL 2025) QUESTIONS & ANSWERS
The PRIMARY difference between a project manager and a project superintendent is that the project manager... - <<,Answers>>>does not directly supervise day-to-day field activities A company's net worth is equal to... - <<,Answers>>>owner's equity What is included in a company's balance sheet? - <<,Answers>>>Assets, liabilities, and owner's equity Who MUST follow the Fair Labor Standards Act? - <<,Answers>>>All employees with at least 1 employee Medical records of work-related injuries to long-term employees MUST be kept for a MINIMUM of what duration after the employee leaves employment? - <<,Answers>>> years All of the following are advantages of good scheduling EXCEPT... - <<,Answers>>>reduced training costs All of the following are considered general conditions that could affect costs directly associated with a specific project EXCEPT... - <<,Answers>>>profit margins
EXAM (ACTUAL 2025) QUESTIONS & ANSWERS
Generally, who is responsible for ensuring that a project meets all zoning requirements? - <<,Answers>>>project owner What type of business organization allows people to share financial resources? - <<,Answers>>>Partnership Losses from the sale of a company asset are considered... - <<,Answers>>>other expenses What can be determined by summing the project activities into an overall schedule? - <<,Answers>>>The total resource demand for a project at any given time.
