VA Contractors Advanced (Class A) Exam Graded A+

VA Contractors Advanced (Class A) Exam Graded A+
Question: 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.
Question: 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 workin-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 $16,000.
Question: 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 $12,000.

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