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A series of questions and answers designed to help individuals prepare for the virginia (va) general (class a or b) contractor exam. It covers a range of topics relevant to general contracting, including estimating, insurance, hazardous materials, financial statements, labor laws, contract types, ethical behavior, and project management. The questions are structured in a question-and-answer format, offering a direct way to review key concepts and regulations pertinent to the exam. This resource is useful for those seeking to obtain or maintain their contractor license in virginia, offering practical insights into the knowledge required to pass the exam and operate a contracting business successfully. It serves as a study aid, focusing on the specific information needed to demonstrate competence in the field.
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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
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
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
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
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
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.