2024 NASCLA Contractor's Guide 1 Actual Questions and Verified Answers ( Included ) 100% Correct

NASCLA Contractor's Guide 1 1. Name the elements of a business plan: Answer -cover page -executive summary -company summary -products and services -market analysis -marketing strategy -financial plan 2. Advantages of sole proprietorship: Answer -minimal legal restrictions -simple ownership form -low start up costs -sole ownership of profits -freedom in decision making process 3. 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 4. Who has limited liability in the company?: Answer limited partners 5. Advantages of a general partnership: Answer -ease of formation -direct profit rewards -larger management base than that of a sole proprietorship 6. Disadvantages of a general partnership: Answer -unlimited personal liability of generalpartners -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 7. Bid documents: Answer -invitation to bid -bid instructions -bid forms -supplements 8. What is an invitation to bid: Answer gives a brief overview of the project, deadlines, andgeneral requirements 9. Bid instructions: Answer contain specifics of how the bis should be completed andsubmitted 10. Bid forms: Answer bid sheetbid schedule bidder's questionnaire on the experiencefinancial responsibility and capability copy of the contract 11. Supplements: Answer includes all items important to the overall bid process such asproperty and soil analysis 12. What is the estimating checklist helpful for?: Answer when setting up your estimatingframework to make sure that you have accounted for all materials and labor 13. What is the most effective estimating method?: Answer quantity take off method 14. What is labor burden: Answer (30% of labor cost)medicare and social security federal unemployment insuranceworker's compensation liability insurance state unemployment insurance company benefits (health insurance, vacations) 15. Small tools and pickup trucks are examples of?: Answer what are indirect costs 16. What are allowances: Answer items not specified in the project plans such as carpeting,fixtures, and lighting) 17. What are contingencies: Answer percentages added to the estimate to protect thecontractor if an unanticipated problem occurs 18. What is project overhead: Answer cost that covers items necessary to complete theproject but not directly associated with the labor and materials