Abstract: A tool adapted for use with a drill for installing screw anchors in concrete or masonry walls or the like having a sleeve type body, a bit holder slidably located in the body, a drill bit with a handle secured in the bit holder, a coil spring seated on a collar of the bit holder and extending around the bit, a nut driver secured to the front end of the body, a set screw to retain the drill bit in the bit holder and also to serve as a means to advance and retract the drill bit, and a cutout comprised of a longitudinal slot, a retainer notch and at least one depth notch. The longitudinal slot is adjoined by both the retainer notch and the depth notch through the use of curved sidewalls which allow the tool operator to use a smooth, uniform, and efficient motion to adjust extension of the drill bit.