Virginia Contractor General Practice Test

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Prepare for the Virginia Contractor General Test with confidence. Our comprehensive quizzes feature multiple-choice questions with hints and detailed explanations. Equip yourself for success in obtaining your contractor license.

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What is the minimum net worth required for a Class B contractor?

$10,000
$15,000
$20,000
$25,000

The correct answer is: $15,000

The minimum net worth required for a Class B contractor is set at $15,000. This figure is in place to ensure that contractors have a sufficient financial foundation to manage operations, absorb potential losses, and fulfill project obligations. The net worth requirement is part of the regulatory framework that aims to promote financial responsibility and stability within the contracting industry. Meeting this minimum threshold indicates that a Class B contractor has the necessary resources to conduct business effectively while also adhering to state regulations that protect clients and uphold standards within the construction field.