NASCLA Contractors Guide
UPDATED Study Guide
QUESTIONS AND CORRECT
ANSWERS
Name the elements of a business plan - CORRECT ANSWERS -cover
page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - CORRECT ANSWERS -minimal
legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship - CORRECT ANSWERS -
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? - CORRECT ANSWERS
limited partners
advantages of a general partnership - CORRECT ANSWERS -ease of
formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership - CORRECT ANSWERS -
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 - CORRECT ANSWERS -invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid - CORRECT ANSWERS gives a brief
overview of the project, deadlines, and general requirements
bid instructions - CORRECT ANSWERS contain specifics of how the
bis should be completed and submitted
bid forms - CORRECT ANSWERS bid sheet
bid schedule
, bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements - CORRECT ANSWERS includes all items important to
the overall bid process such as property and soil analysis
what is the estimating checklist helpful for? - CORRECT ANSWERS
when setting up your estimating framework to make sure that you have
accounted for all materials and labor
what is the most effective estimating method? - CORRECT ANSWERS
quantity take off method
what is labor burden - CORRECT ANSWERS (30% of labor cost)
medicare and social security
federal unemployment insurance
worker's compensation
liability insurance
state unemployment insurance
company benefits (health insurance, vacations)
small tools and pickup trucks are examples of? - CORRECT ANSWERS
what are indirect costs
what are allowances - CORRECT ANSWERS items not specified in the
project plans such as carpeting, fixtures, and lighting)
UPDATED Study Guide
QUESTIONS AND CORRECT
ANSWERS
Name the elements of a business plan - CORRECT ANSWERS -cover
page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - CORRECT ANSWERS -minimal
legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship - CORRECT ANSWERS -
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? - CORRECT ANSWERS
limited partners
advantages of a general partnership - CORRECT ANSWERS -ease of
formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership - CORRECT ANSWERS -
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 - CORRECT ANSWERS -invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid - CORRECT ANSWERS gives a brief
overview of the project, deadlines, and general requirements
bid instructions - CORRECT ANSWERS contain specifics of how the
bis should be completed and submitted
bid forms - CORRECT ANSWERS bid sheet
bid schedule
, bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements - CORRECT ANSWERS includes all items important to
the overall bid process such as property and soil analysis
what is the estimating checklist helpful for? - CORRECT ANSWERS
when setting up your estimating framework to make sure that you have
accounted for all materials and labor
what is the most effective estimating method? - CORRECT ANSWERS
quantity take off method
what is labor burden - CORRECT ANSWERS (30% of labor cost)
medicare and social security
federal unemployment insurance
worker's compensation
liability insurance
state unemployment insurance
company benefits (health insurance, vacations)
small tools and pickup trucks are examples of? - CORRECT ANSWERS
what are indirect costs
what are allowances - CORRECT ANSWERS items not specified in the
project plans such as carpeting, fixtures, and lighting)
