The firing order for a small-block Chevy 305 is typically 1-8-4-3-6-5-7-2. The distributor cap's terminals are arranged to correspond to this firing order. Therefore, the number 1 terminal on the cap will be connected to the number 1 spark plug wire, number 8 will be connected to number 8, and so on, following the firing order sequence.
You won't find numbers 1 through 8 in a simple, sequential circle around the cap. The arrangement is based on the engine's firing order. A diagram on the cap itself, or a diagram in your owner's manual (or a readily available online resource for your specific year and engine) should show you the correct arrangement. Always consult a diagram specific to your year Monte Carlo. Small variations can exist between years.