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 A contractor?

$25,000
$45,000
$65,000
$50,000

The correct answer is: $45,000

The minimum net worth required for a Class A contractor in Virginia is indeed set at $45,000. This requirement ensures that contractors possess sufficient financial stability to undertake larger projects, reflecting their capacity to manage the risks associated with significant construction or contracting work. Class A contractors are allowed to work on projects with no monetary limits, and the net worth requirement serves as a protective measure to help ensure these contractors can cover costs, manage cash flow, and fulfill contractual obligations. The specific net worth gives insight into the level of financial responsibility expected from contractors operating at this tier of licensing.