NASCLA Contractors Study Guide Questions
with Verified Correct Answers
Name the elements of a business plan
-cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship
-minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship
-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?
limited partners
,advantages of a general partnership
-ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership
-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
-invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid
gives a brief overview of the project, deadlines, and general requirements
bid instructions
contain specifics of how the bis should be completed and submitted
bid forms
bid sheet
bid schedule
, bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements
includes all items important to the overall bid process such as property and soil analysis
what is the estimating checklist helpful for?
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?
quantity take off method
what is labor burden
(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?
what are indirect costs
what are allowances
items not specified in the project plans such as carpeting, fixtures, and lighting)
with Verified Correct Answers
Name the elements of a business plan
-cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship
-minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship
-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?
limited partners
,advantages of a general partnership
-ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
disadvantages of a general partnership
-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
-invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid
gives a brief overview of the project, deadlines, and general requirements
bid instructions
contain specifics of how the bis should be completed and submitted
bid forms
bid sheet
bid schedule
, bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements
includes all items important to the overall bid process such as property and soil analysis
what is the estimating checklist helpful for?
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?
quantity take off method
what is labor burden
(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?
what are indirect costs
what are allowances
items not specified in the project plans such as carpeting, fixtures, and lighting)
