I use a checklist of the words. I show the students a word card and mark if he/she can read it instantly. I don't mark the word as correct if they try to sound it out. This takes some time to assess an entire class. I then have each student to work on the words he or she needs.
I've heard of some people using this method and counting silently four seconds then considering the word wrong if it was read in 5 or 6 seconds. How much time do you allow? I believe this was a screening measure for initial grouping then for teaching then testing again to see about changing groups. I believe it was sort of informal instead of a standardized test.
I don't formally time the students. I feel that because the words are sight words they should be read very quickly. The standard time for the Dibels assessments of letter naming, Nonsense words and such is 3 seconds. I don't use groups for this assessment. I make a word ring of 10-12 words that the student doesn't know. They are assessed several times each week on the words. If they are able to read the word then a check is given. When the student gets 4 checks the word is removed from the ring and given to the student. New words are added to ring as needed. When all the words from a list have been added and removed from the ring, a new assessment is done using the next word list. This is ongoing throughout the year or until they master all 5 word lists. The goal for the end of first grade is preprimer, primer, and first grade, but the students are very motivated to learn all the lists. We have a word wall that we add to throughout the year. We also play word games while we wait in line using the word wall.
Have you tried Teachers Pay Teachers? There's loads of stuff on there - PowerPoints and tests etc. Search for: Dolch Primer Sight Words Understanding PowerPoints Or: Dolch word tests etc. Good Luck!