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VA Contractor Exam Prep: Verified Questions & Expert Solutions, Exams of Business Economics

Howard UniversityBusiness Economics

A series of multiple-choice questions and answers designed to help individuals prepare for a va (virginia) contractor's exam. The questions cover a range of topics relevant to contracting, including state income tax, employer responsibilities, insurance, workers' compensation, project management, and financial accounting. Each question is followed by the correct answer, making it a useful resource for exam preparation and review of key concepts in construction management and business practices. The material is structured to test knowledge and understanding of the regulations and best practices applicable to contractors operating in virginia, offering practical insights into the financial and legal aspects of running a contracting business. Useful for university students, high school students and lifelong learners.

Typology: Exams

2024/2025

Available from 05/29/2025

SERENAWILLIAMS
SERENAWILLIAMS 🇺🇸

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VA CONTRACTORS: VA ADVANCED (CLASS A)
EXAM 2025 WITH 100% VERIFIED QUESTIONS
AND EXPERT SOLUTIONS| GUARANTEED
VALUE AND SUCCESS.
1. How much state income tax MUST be paid by a corporation that has
$30,000 of Federal taxable income? The company deducted $2,000 of
state and local taxes on the Federal return, and had $2,000 of qualified
worker retraining expenses. The corporation does business ONLY in
Virginia. - correct answer - $1,080
2. How much is an employer who withheld employee Medicare and Social
Security taxes or $765 required to send to the IRS? - correct answer -
$1,530
3. An insurer offers the contractor a 20% per year reduction in premiums if
the contractor has a defied safety program in place. The insurer's
standard rates are $8 per $1,000 of coverage. The contractor has
$300,000 in coverage. How much in premiums will the contractor save a
3-year period by having a defined safety program in place? - correct
answer - Between $1,001 and $1,500
4. Where would depreciation of equipment first be entered? - correct
answer - General journal
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Download VA Contractor Exam Prep: Verified Questions & Expert Solutions and more Exams Business Economics in PDF only on Docsity!

VA CONTRACTORS: VA ADVANCED (CLASS A)

EXAM 2025 WITH 100% VERIFIED QUESTIONS

AND EXPERT SOLUTIONS| GUARANTEED

VALUE AND SUCCESS.

  1. How much state income tax MUST be paid by a corporation that has $30,000 of Federal taxable income? The company deducted $2,000 of state and local taxes on the Federal return, and had $2,000 of qualified worker retraining expenses. The corporation does business ONLY in Virginia. - correct answer - $1,
  2. How much is an employer who withheld employee Medicare and Social Security taxes or $765 required to send to the IRS? - correct answer - $1,
  3. An insurer offers the contractor a 20% per year reduction in premiums if the contractor has a defied safety program in place. The insurer's standard rates are $8 per $1,000 of coverage. The contractor has $300,000 in coverage. How much in premiums will the contractor save a 3 - year period by having a defined safety program in place? - correct answer - Between $1,001 and $1,
  4. Where would depreciation of equipment first be entered? - correct answer - General journal
  1. What is the gross pay of a non-exempt employee who works 45 hours during a holiday week, and receives 8 hours additional pay for the holiday? The employee earns $12.50 per hour. - correct answer - $693.
  2. A contractor pays a workers' compensation rate of $0.08 per $100 of office employee payroll, $0.15 per $100 of field supervisor payroll, and $0.26 per $100 of field employee payroll. Total office employee payroll for the year is $25,000. Total field supervisor payroll is $48,000. Total field employee payroll is $225,000. The contractor receives a discount of 5% of total premiums for having a safety program in place. The total workers' compensation for the year is... - correct answer - More than $
  3. A permit is obtained on Friday, May 1. The materials are to be delivered May 8. The materials are needed when labor begins on May 11. It is estimated that 15 days of labor are REQUIRED. The crew will work every day, including weekends and holidays. The project is scheduled to be completed on June 8. How many float days are available for the labor for this project? - correct answer - 13
  4. A contractor puts in a claim under a comprehensive standard general liability policy. The policy has no additional coverage, riders, or floaters, and has a $500 deductible per occurrence. The claim is for a job-site accident that caused $2,000 of injuries to employees, $1,800 of injuries to a pedestrian, $2,300 damage to the contractor's equipment, and $1,750 loss of project materials purchased by the contractor. The insurance company is liable for... - correct answer - $1,
  1. What is the total value of current assets for an accrual basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-in-progress is $4,200; a pick-up truck that cost $12,460- paid for with $2,460 in cash and a note for $10,000- and is used 100% in the business; accounts receivable is $5,700; suppliers' accounts payable is $6,300; other accounts payable is $2,200; and quarterly income tax payment due is $1,180... - correct answer - Between $12,000 and $16,
  2. What is the total project overhead for a project that lasts 3 months and has the following costs? Labor is $4,000; materials are $9,500; equipment rentals are $1,200; superintendent's annual salary is $36,000; office rent is $800 per month; and office utilities are $375 per month. - correct answer - Less than $12,
  3. For 1 month a company bills out $38,000 in completed work, and receives $22,000 in payments plus $8,000 from the previous month's billings. They pay their total bill of $26,000 to supply houses for this month's purchases, and another $5,000 to supply houses for last month's purchases. Using a cash accounting method and NOT considering any other revenue or expenses, what is the company's net income for the month? - correct answer - Loss of $1,
  4. The owner requests for change which will cost the contractor $15, in labor and materials and $2,250 in overhead costs. With the change, the contractor would be relieved of $18,000 in labor and materials costs, and $2,400 in overhead costs from the original contract. The original bid included profit of 20% of all costs. The contractor wants to make a profit of 20% of all costs on the changes. The adjusted contract price for the change order should be... - correct answer - A decrease of $3,
  1. Which of the following would typically be covered by a contractor's comprehensive general liability insurance policy? - correct answer - Damage to adjoining property from a crane accident
  2. What is the total gross compensation and employment status for a carpenter, given the following information? A contractor hires a carpenter to do the finish work for a 10 - home project. The carpenter is to be paid $16 per hour. The contractor provides all materials and equipment, such as a table saw. The carpenter provides all of his own hand tools. The contractor and the carpenter agree that all of the homes are to be completed within 60 8-hour working days, without overtime. The contractor provides the carpenter with a schedule of the order in which homes are to be worked on. The contractor provides a helper to assist the carpenter. The contractor sets the work schedule each day. The carpenter spends 600 hours to complete this project, including 120 hours of overtime. - correct answer - The carpenter is an employee and is owed $10,560 for the project
  3. What is the name of the process when a facilitator meets with the major participants in a project, prior to the commencement of the project, to identify the shared goals of all participants? - correct answer - Partnering
  4. What is the average collection period ratio for a firm that has $365,000 in annual revenues, $6,600 in current receivables, and net income of $32,000? - correct answer - 6.