VA Contractors VA Advanced Class A Latest

VA Contractors VA Advanced (Class A) Latest Update - Sources with Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor

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 $600

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: $1,300

A cost plus contract calls for the contractor to receive direct costs for labor and materials, and a markup of 20% of direct costs. The contractor is also to receive a bound of 15% of savings if total cost to the owner is less than $80,000, and a bonus of $1,000 per day if the project is completed early. Final costs for direct labor and materials are $60,000. The project is completed 3 days early. What is the total amount due to the

contractor? - CORRECT ANSWER: Between $75,001 and $80,000

A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment for the new completed

project. The final payment amount should be for... - CORRECT ANSWER: More than

$50,000

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A non-exempt employee of a contractor covered by the Fair Labor Standards Act works 60 hours during a workweek. The agreement is to pay the employee $400 each week regardless of the numbers of hours worked. What should be the employee's gross pay

for the worksheet? - CORRECT ANSWER: $700.50

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

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

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 $1,000

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

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

In the previous year, a company had revenues of $500,000 project overhead of $40,000 and company overhead of $75,000. The company expects the percentage for project and company overhead to remain the same for the current year. The company desires to make a 10% profit on a project it is bidding. The project would have $80,000 in direct

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