©BRIGHTSTARS EXAM SOLUTIONS
11/16/2024 10:16 AM
MCTA Treasurers Exam Questions With
Correct Answers
Injured on Duty Leave: Police and Fire - answer✔Not Taxed
Can Library Board Choose Their Own Treasurer? - answer✔Yes, If Town Meeting Voted to allow
them to have that form of government
What kind of vote is required for LONG Term Borrowing - answer✔2/3 Vote of Town Meeting -
2/3
What is the weekly amount for the extra 2% Retirement Withholding - answer✔576.92
(30,000/52)
What is the 2018 Land of Low Value Threshhold - answer✔$21,910.00
Within what time frame do you need to submit "Other Deductions (Payroll) - answer✔14 Days
How many hours does an employee need to work to enroll in the retirement system -
answer✔20
What are the threeforms that are considered permanent record in payroll - answer✔I9, W4(M-
4) and Cafeteria Plan Records
What is the body that ranks a city or town in terms of Offering Statement? - answer✔Bond
Rating Agency
What is the program available to municipalities for borrowing through the State of
Massachusetts? - answer✔State House Notes
When do you add collectors interest and fees to a tax title? - answer✔When Certified by the
Collector
How long do you have to post a public meeting before it is held - answer✔48 Hours - Excluding
Saturday, Sunday and Legal Holidays
1|Page
, ©BRIGHTSTARS EXAM SOLUTIONS
11/16/2024 10:16 AM
Does a Municipality Have to refund a prior owner if they sell/auction a foreclosed property for
more than the tax owed? - answer✔No, No refund is given
What are the 6 Required Records That Have to Be Kept When Issuing Debt? - answer✔1. Loan
Description. 2. Name of Purchaser. 3. Dates of Issuance and Maturity. 4. Annual interest with
Due Dates. 5. Annual Principal Amortization with Due Dates. 6. Loan Balances
Can Treasurer Appoint an Assistant Treasurer? - answer✔Yes, With Approval From Selectmen
Who can remove Treasurer - answer✔Commissioner of Revenue?
How often Should Treasurer receive turnover from Collector? - answer✔At Least Once Per
Week
What are the 4 Parameters of a Stablization Fund - answer✔1. Interest Accrues to the Fund. 2.
Balance can be used for ANY lawful purpose. 3. Requires 2/3 vote to expend (take out) 4.
Requires Majority Vote to appropriate money into (put in)
How often must a treasurer obtain a bond - answer✔Annually
What are the Duties of a treasurer? - answer✔1. Safekeeping of Municpal funds and the
investment of those funds. 2. Receives and Disburses town funds
Treasuers is the only person authorized to pay bills of departments - answer✔As authorized by
town officers (selectmen)
Assistant Treasurer's Bond is what percentage of Treasurer's Bond - answer✔25%
Can City/Town have combined Treasurer/Collector? - answer✔Yes - Part of Municipal
Modernization Act
What are the three investment Considerations - answer✔Safety, Liquidity, Yield (SLY, In that
order)
What is the FDIC Insurance cap - answer✔250,000 per bank
What is the limitation on how much a town can deposit to one bank - answer✔60% of bank's
capital and surplus
HOw long can Town invest funds in a Certificate of Deposit - answer✔up to three years
When must statement of indebtedness be filed - answer✔By September 30 for the Prior Fiscal
Year
2|Page
11/16/2024 10:16 AM
MCTA Treasurers Exam Questions With
Correct Answers
Injured on Duty Leave: Police and Fire - answer✔Not Taxed
Can Library Board Choose Their Own Treasurer? - answer✔Yes, If Town Meeting Voted to allow
them to have that form of government
What kind of vote is required for LONG Term Borrowing - answer✔2/3 Vote of Town Meeting -
2/3
What is the weekly amount for the extra 2% Retirement Withholding - answer✔576.92
(30,000/52)
What is the 2018 Land of Low Value Threshhold - answer✔$21,910.00
Within what time frame do you need to submit "Other Deductions (Payroll) - answer✔14 Days
How many hours does an employee need to work to enroll in the retirement system -
answer✔20
What are the threeforms that are considered permanent record in payroll - answer✔I9, W4(M-
4) and Cafeteria Plan Records
What is the body that ranks a city or town in terms of Offering Statement? - answer✔Bond
Rating Agency
What is the program available to municipalities for borrowing through the State of
Massachusetts? - answer✔State House Notes
When do you add collectors interest and fees to a tax title? - answer✔When Certified by the
Collector
How long do you have to post a public meeting before it is held - answer✔48 Hours - Excluding
Saturday, Sunday and Legal Holidays
1|Page
, ©BRIGHTSTARS EXAM SOLUTIONS
11/16/2024 10:16 AM
Does a Municipality Have to refund a prior owner if they sell/auction a foreclosed property for
more than the tax owed? - answer✔No, No refund is given
What are the 6 Required Records That Have to Be Kept When Issuing Debt? - answer✔1. Loan
Description. 2. Name of Purchaser. 3. Dates of Issuance and Maturity. 4. Annual interest with
Due Dates. 5. Annual Principal Amortization with Due Dates. 6. Loan Balances
Can Treasurer Appoint an Assistant Treasurer? - answer✔Yes, With Approval From Selectmen
Who can remove Treasurer - answer✔Commissioner of Revenue?
How often Should Treasurer receive turnover from Collector? - answer✔At Least Once Per
Week
What are the 4 Parameters of a Stablization Fund - answer✔1. Interest Accrues to the Fund. 2.
Balance can be used for ANY lawful purpose. 3. Requires 2/3 vote to expend (take out) 4.
Requires Majority Vote to appropriate money into (put in)
How often must a treasurer obtain a bond - answer✔Annually
What are the Duties of a treasurer? - answer✔1. Safekeeping of Municpal funds and the
investment of those funds. 2. Receives and Disburses town funds
Treasuers is the only person authorized to pay bills of departments - answer✔As authorized by
town officers (selectmen)
Assistant Treasurer's Bond is what percentage of Treasurer's Bond - answer✔25%
Can City/Town have combined Treasurer/Collector? - answer✔Yes - Part of Municipal
Modernization Act
What are the three investment Considerations - answer✔Safety, Liquidity, Yield (SLY, In that
order)
What is the FDIC Insurance cap - answer✔250,000 per bank
What is the limitation on how much a town can deposit to one bank - answer✔60% of bank's
capital and surplus
HOw long can Town invest funds in a Certificate of Deposit - answer✔up to three years
When must statement of indebtedness be filed - answer✔By September 30 for the Prior Fiscal
Year
2|Page
