LARE EXAM 1 2023/2024 WITH 100% 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, highwa