NASCLA Contractor's Guide, NASCLA Contractors Guide with Complete Solutions

NASCLA Contractor's Guide, NASCLA Contractors Guide with Complete Solutions 3 elements of a business plan - Answer️️ --cover page -executive summary -company summary -products and services -market analysis -marketing strategy -financial plan advantages of sole proprietorship - Answer️️ --minimal legal restrictions -simple ownership form -low start up costs -sole ownership of profits -freedom in decision making process ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 2 disadvantages of sole proprietorship - Answer️️ --unlimited personal liability -less available capital -possible difficulty obtaining long-term financing -dissolution of the business on the even of the owner's death who has limited liability in the company? - Answer️️ -limited partners advantages of a general partnership - Answer️️ --ease of formation -direct profit rewards -larger management base than that of a sole proprietorship disadvantages of a general partnership - Answer️️ --unlimited personal liability of general partners -multiple decision makers -limited life of the business -changes of partners or partnership agreement may be difficult -partnership dissolves in the event of the death of a general partner bid documents - Answer️️ --invitation to bid -bid instructions ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 3 -bid forms -supplements what is an invitation to bid - Answer️️ -gives a brief overview of the project, deadlines, and general requirements bid instructions - Answer️️ -contain specifics of how the bis should be completed and submitted bid forms - Answer️️ -bid sheet bid schedule bidder's questionnaire on the experience financial responsibility and capability copy of the contract supplements - Answer️️ -includes all items important to the overall bid process such as property and soil analysis what is the estimating checklist helpful for? - Answer️️ -when setting up your estimating framework to make sure that you have accounted for all materials and labor ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 4 what is the most effective estimating method? - Answer️️ -quantity take off method what is labor burden - Answer️️ -(30% of labor cost) medicare and social security federal unemployment insurance worker's compensation liability insurance state unemployment insurance company benefits (health insurance, vacations) what are indirect costs - Answer️️ -small tools and pickup trucks what are allowances - Answer️️ -items not specified in the project plans such as carpeting, fixtures, and lighting) what are contingencies - Answer️️ -percentages added to the estimate to protect the contractor if an unanticipated problem occurs what is project overhead - Answer️️ -cost that covers items necessary to complete the project but not directly associated with the labor and materials ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 5 examples of project overhead - Answer️️ -bonds, temporary storage, temporary office, security guard, utilities, dumpsters, and portable toilets what is company overhead - Answer️️ -the cost of doing business (expenses necessary to keep the business running) examples of company overhead - Answer️️ -office rent accounting fees taxes telephone legal fees administrative labor what is mark up - Answer️️ -applied to the dir