100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Virginia Exam Advanced Questions & Answers (GRADED A+) $10.09   Add to cart
Quickly navigate to
Preview
  2.  
  3. Virginia Advanced
  4.  
  5. Virginia Advanced

Exam (elaborations)

Virginia Exam Advanced Questions & Answers (GRADED A+)
 8 views  0 purchase
  • Course
  • Virginia Advanced
  • Institution
  • Virginia Advanced

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? - ANSWER-Partnering. A cost plus contract calls for the contractor to receive direct costs for labor and ...

[Show more]

Preview 1 out of 3  pages

Document information

  • April 4, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • virginia exam advanced questions answers graded
  • virginia exam advanced questions answers stuvia
  • in the previous year a company had revenues of 5

Written for

  • Virginia Advanced
  • Virginia Advanced

Seller

avatar-seller
IMORA

Reviews received

Content preview

Virginia Exam Advanced Questions &
Answers (GRADED A+)

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 costs. What should the bid price be? - ANSWER-Between
$110,000 and $120,000.

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? - ANSWER-Partnering.

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
bonus 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 the contractor? - ANSWER-Between $75,001 and $80,000.

The owner requests for changes which will cost the contractor $15,000 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 - ANSWER-a decrease of $3,780.

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 now
completed project. The final payment amount should be for - ANSWER-more than
$50,000.

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? - ANSWER-13

Which of the following would typically be covered by a contractor's comprehensive
general liability insurance policy? - ANSWER-Damage to adjoining property from a
crane accident.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.09. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.09
  • (0)
  Add to cart