NASCLA Contractor's Guide, NASCLA Contractors Guide Exam Questions with Correct Answers

NASCLA Contractor's Guide, NASCLA Contractors Guide Exam Questions with Correct Answers 3 elements of a business plan - answer-cover page -executive summary -company summary -products and services -market analysis -marketing strategy -financial plan advantages of sole proprietorship - answer-minimal legal restrictions -simple ownership form -low start up costs -sole ownership of profits -freedom in decision making process disadvantages of sole proprietorship - answer-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? - answerlimited partners advantages of a general partnership - answer-ease of formation -direct profit rewards -larger management base than that of a sole proprietorship disadvantages of a general partnership - answer-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 - answer-invitation to bid -bid instructions -bid forms -supplements what is an invitation to bid - answergives a brief overview of the project, deadlines, and general requirements bid instructions - answercontain specifics of how the bis should be completed and submitted bid forms - answerbid sheet bid schedule bidder's questionnaire on the experience financial responsibility and capability copy of the contract supplements - answerincludes all items important to the overall bid process such as property and soil analysis what is the estimating checklist helpful for? - answerwhen setting up your estimating framework to make sure that you have accounted for all materials and labor what is the most effective estimating method? - answerquantity take off method what is labor burden - answer(30% of labor cost) medicare and social security federal unemployment insurance worker's compensation