CMFO Exam - Practice Questions 2025 COMPLETE
EXAM QUESTIONS AND VERIFIED ANSWERS
|RECENTLY TESTING REAL EXAM QUESTIONS| 100%
SOLVED!!
Every Audit Required by the Local Fiscal Affairs Law is required to be completed
by: - (ANSWER)An RMA (Registered Municipal Accountant)
The statutory responsibility for filing the AFS is assigned to: - (ANSWER)CFO
A local government officer that serves on the agency that approves development
applications refers to a member of which board? - (ANSWER)Planning Board
Cash management plan must be approved annual by the: - (ANSWER)Governing
Body
The local bond law stipulates that the maturities of all bonds shall be as
determined by the local bond ordinance or by subsequent resolution and be
within the following limitations:
a. All bonds shall mature within the period or average period of usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond issue
d. All of the above
e. None of the above - (ANSWER)d. All of the above
,The effective date of a bond ordinance - (ANSWER)20 days after first publication
after adoption
T/F - All matters not required to be contained in a bond ordinance may be acted
on by subsequent resolutions passed by the affirmative votes of a majority of the
full membership of the governing body - (ANSWER)True
An increase in anticipated revenue from a known and recurring source will have
what effect on the appropriation for the RUT - (ANSWER)Would decrease the
appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be shown on the
resolution with the certification of funds in order to enter a contract -
(ANSWER)True
The NJ Budget Law requires that the budget shall consist of a tabulated statement
of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding
debt
c. All anticipated revenues applicable to expenditures for which appropriations
are made
d. All of the above
, e. None of the above - (ANSWER)c. All anticipated revenues applicable to
expenditures for which appropriations are made
Four classifications of revenue - (ANSWER)Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by: -
(ANSWER)Referendum held at general or special election
Alternate calculation for the RUT - (ANSWER)Average of the prior three years
collection rates - allowable with a resolution of the governing body
Debt limit - (ANSWER)3.5% prior three years average equalized assessed
valuation
Pay to play threshold - (ANSWER)$17,500
How long can a BAN be issued for - (ANSWER)1 year
When must BANs fully mature - (ANSWER)1st day of the 5th month following the
close of the 10th fiscal year
EXAM QUESTIONS AND VERIFIED ANSWERS
|RECENTLY TESTING REAL EXAM QUESTIONS| 100%
SOLVED!!
Every Audit Required by the Local Fiscal Affairs Law is required to be completed
by: - (ANSWER)An RMA (Registered Municipal Accountant)
The statutory responsibility for filing the AFS is assigned to: - (ANSWER)CFO
A local government officer that serves on the agency that approves development
applications refers to a member of which board? - (ANSWER)Planning Board
Cash management plan must be approved annual by the: - (ANSWER)Governing
Body
The local bond law stipulates that the maturities of all bonds shall be as
determined by the local bond ordinance or by subsequent resolution and be
within the following limitations:
a. All bonds shall mature within the period or average period of usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond issue
d. All of the above
e. None of the above - (ANSWER)d. All of the above
,The effective date of a bond ordinance - (ANSWER)20 days after first publication
after adoption
T/F - All matters not required to be contained in a bond ordinance may be acted
on by subsequent resolutions passed by the affirmative votes of a majority of the
full membership of the governing body - (ANSWER)True
An increase in anticipated revenue from a known and recurring source will have
what effect on the appropriation for the RUT - (ANSWER)Would decrease the
appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be shown on the
resolution with the certification of funds in order to enter a contract -
(ANSWER)True
The NJ Budget Law requires that the budget shall consist of a tabulated statement
of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding
debt
c. All anticipated revenues applicable to expenditures for which appropriations
are made
d. All of the above
, e. None of the above - (ANSWER)c. All anticipated revenues applicable to
expenditures for which appropriations are made
Four classifications of revenue - (ANSWER)Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by: -
(ANSWER)Referendum held at general or special election
Alternate calculation for the RUT - (ANSWER)Average of the prior three years
collection rates - allowable with a resolution of the governing body
Debt limit - (ANSWER)3.5% prior three years average equalized assessed
valuation
Pay to play threshold - (ANSWER)$17,500
How long can a BAN be issued for - (ANSWER)1 year
When must BANs fully mature - (ANSWER)1st day of the 5th month following the
close of the 10th fiscal year
