LARE EXAM 1 Study Guide Questions with Correct Answers

LARE EXAM 1 Study Guide Questions with Correct Answers Outline the business relationships between the three principal parties that are involved in a landscape construction project (Their obligations) - Correct Answer 1. Owner/ client - initiate the project ; signs separate contracts for completion, & responsible for funding design & construction 2. Contractor - hired by owner to combine necessary ingredients of materials , labor, equipment, and management to accomplish job 3. Landscape architect - deals w/ both. only contractual relationship is w/ owner - finical feasibility, preliminary designs, preparation of documents, onsite observation What is professionalism? What Relationship does it have with ethics? - Correct Answer Professionalism is someone who is ethical, has advance training, a high level of competence, mental services rather than manual labor, qualifications & licensure, & same quality of service to all regardless of fees. Professional ethics - defined rules that govern business conduct and values used to achieve goals Describe the difference between direct cost and overhead cost in a contractor's cost accounting system - Correct Answer Direct cost - materials, labour, equipment Overhead coast - expenses not directly charged to field operations Name 4 sources for appropriation of funds to finance public works projects. - Correct Answer 1. annual tax receipts - Tax revenues received by government from all sources 2. General Obligation bonds - is a type of municipal bond that is backed entirely by the issuers creditworthiness and ability to levy taxes on its residents 3.Revenue Bonds - municipal bond supported by the revenue from a specific project, such as a toll bridge, highway or local stadium. 4. Special Appropriation Tax - place on the public for a limited time and a specific project (i.e. 1% sales tax increase for 2 yrs. to build zoo ) 5.User Fees - money collected from users of a particular facility. 6. Grants, matching funds, gifts or a bestowal List the 4 sources of law in the US and Outline how each functions - Correct Answer 1. Federal & State Constitutions - establishes fundamental rights, sets up a legislator for making laws 2. Court Decisions - interpret constitution, legislative law, and the principles of common law 3.Federal, State, & local statues- 4. Executive Order - issued by president Addendum - Correct Answer A written document issuing changes to the plans and/or specifications after they are put out for bid but before the contract is signed. Addendum acknowledgment must be indicated on the bid form Administrative