NASCLA Contractor's Guide UPDATED
ACTUAL Exam Questions and CORRECT
Answers
3 elements of a business plan - CORRECT ANSWER✔✔- -cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - CORRECT ANSWER✔✔- -minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship - CORRECT 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? - CORRECT ANSWER✔✔- limited partners
advantages of a general partnership - CORRECT ANSWER✔✔- -ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
, disadvantages of a general partnership - CORRECT 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 - CORRECT ANSWER✔✔- -invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid - CORRECT ANSWER✔✔- gives a brief overview of the
project, deadlines, and general requirements
bid instructions - CORRECT ANSWER✔✔- contain specifics of how the bis should be
completed and submitted
bid forms - CORRECT ANSWER✔✔- bid sheet
bid schedule
bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements - CORRECT ANSWER✔✔- includes all items important to the overall bid
process such as property and soil analysis
what is the estimating checklist helpful for? - CORRECT ANSWER✔✔- 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 ANSWER✔✔- quantity take off
method
ACTUAL Exam Questions and CORRECT
Answers
3 elements of a business plan - CORRECT ANSWER✔✔- -cover page
-executive summary
-company summary
-products and services
-market analysis
-marketing strategy
-financial plan
advantages of sole proprietorship - CORRECT ANSWER✔✔- -minimal legal restrictions
-simple ownership form
-low start up costs
-sole ownership of profits
-freedom in decision making process
disadvantages of sole proprietorship - CORRECT 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? - CORRECT ANSWER✔✔- limited partners
advantages of a general partnership - CORRECT ANSWER✔✔- -ease of formation
-direct profit rewards
-larger management base than that of a sole proprietorship
, disadvantages of a general partnership - CORRECT 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 - CORRECT ANSWER✔✔- -invitation to bid
-bid instructions
-bid forms
-supplements
what is an invitation to bid - CORRECT ANSWER✔✔- gives a brief overview of the
project, deadlines, and general requirements
bid instructions - CORRECT ANSWER✔✔- contain specifics of how the bis should be
completed and submitted
bid forms - CORRECT ANSWER✔✔- bid sheet
bid schedule
bidder's questionnaire on the experience
financial responsibility and capability
copy of the contract
supplements - CORRECT ANSWER✔✔- includes all items important to the overall bid
process such as property and soil analysis
what is the estimating checklist helpful for? - CORRECT ANSWER✔✔- 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 ANSWER✔✔- quantity take off
method
