CMFO Exam Practice Questions With
Correct Answers
Every Audit Required by the Local Fiscal Affairs Law is required to be
| | | | | | | | | | | | |
completed by: - CORRECT ANSWER✔✔-An RMA (Registered Municipal
| | | | | | | |
Accountant)
The statutory responsibility for filing the AFS is assigned to: - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-CFO
A local government officer that serves on the agency that approves
| | | | | | | | | | |
development applications refers to a member of which board? -
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CORRECT ANSWER✔✔-Planning Board
| |
Cash management plan must be approved annual by the: - CORRECT
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ANSWER✔✔-Governing Body |
The local bond law stipulates that the maturities of all bonds shall be as
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determined by the local bond ordinance or by subsequent resolution
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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
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c. The governing body may provide for a single and combined bond
| | | | | | | | | | | |
issue
d. All of the above
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e. None of the above - CORRECT ANSWER✔✔-d. All of the above
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The effective date of a bond ordinance - CORRECT ANSWER✔✔-20 days
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after first publication after adoption
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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 - CORRECT
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ANSWER✔✔-True
An increase in anticipated revenue from a known and recurring source
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will have what effect on the appropriation for the RUT - CORRECT
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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
| | | | | | | | | | | |
- CORRECT 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 - CORRECT ANSWER✔✔-c. All anticipated
| | | | | | | | | |
revenues applicable to expenditures for which appropriations are made
| | | | | | | |
Four classifications of revenue - CORRECT ANSWER✔✔-Surplus
| | | | | | |
Anticipated
Miscellaneous Revenues |
Receipts from Delinquents | |
Amount to be Raised | | |
Implementation of a dedicatied tax program for open space is | | | | | | | | | |
authorized by: - CORRECT ANSWER✔✔-Referendum held at general or
| | | | | | | | |
special election |
Alternate calculation for the RUT - CORRECT ANSWER✔✔-Average of
| | | | | | | | |
the prior three years collection rates - allowable with a resolution of the
| | | | | | | | | | | | |
governing body |
Correct Answers
Every Audit Required by the Local Fiscal Affairs Law is required to be
| | | | | | | | | | | | |
completed by: - CORRECT ANSWER✔✔-An RMA (Registered Municipal
| | | | | | | |
Accountant)
The statutory responsibility for filing the AFS is assigned to: - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-CFO
A local government officer that serves on the agency that approves
| | | | | | | | | | |
development applications refers to a member of which board? -
| | | | | | | | | |
CORRECT ANSWER✔✔-Planning Board
| |
Cash management plan must be approved annual by the: - CORRECT
| | | | | | | | | | |
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 - CORRECT ANSWER✔✔-d. All of the above
| | | | | | | | | | |
The effective date of a bond ordinance - CORRECT 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 - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-True
An increase in anticipated revenue from a known and recurring source
| | | | | | | | | | |
will have what effect on the appropriation for the RUT - CORRECT
| | | | | | | | | | | |
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
| | | | | | | | | | | |
- CORRECT 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 - CORRECT ANSWER✔✔-c. All anticipated
| | | | | | | | | |
revenues applicable to expenditures for which appropriations are made
| | | | | | | |
Four classifications of revenue - CORRECT ANSWER✔✔-Surplus
| | | | | | |
Anticipated
Miscellaneous Revenues |
Receipts from Delinquents | |
Amount to be Raised | | |
Implementation of a dedicatied tax program for open space is | | | | | | | | | |
authorized by: - CORRECT ANSWER✔✔-Referendum held at general or
| | | | | | | | |
special election |
Alternate calculation for the RUT - CORRECT ANSWER✔✔-Average of
| | | | | | | | |
the prior three years collection rates - allowable with a resolution of the
| | | | | | | | | | | | |
governing body |
