Virginia Contractor General Practice Test

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Prepare effectively for the Virginia Contractor General Exam with in-depth quizzes, flashcards, and detailed explanations. Get ready to pass the test with confidence!

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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.