Municipal Finance Administration NJCMFO Exam
Questions With Complete Solutions
4-forms of Faulkner Act Government Correct Answers 1.
Council-Manager Form
2. a Mayor-Council Form
3. a Small Municipalities Form
4. a Mayor-Council-Administrator Form
4-forms of Government that can be adopted by the voters
Correct Answers 1. The commission act of 1912 (The Walsh
Act)
2. The Municipal Manager Act of 1923
3. The Optional Municipal Charter Law of 1950 (Faulkner Act)
4. Special Charter
A bank wishing to do business with Local Government in NJ
must have Correct Answers 1. a Headquarters in NJ
2. Possess a GUDPA certificate issued by the Dept. of Banking
and Insurance
A Municipal Budget constitutes two functions of authority
which are: Correct Answers The establishment of
appropriations necessary to meet expenditures and authority to
tax to provide revenue
Additions to the budget after adoption are generally referred to
as Correct Answers Chapter 159 Amendments
, By what date must the local budget be introduced? Correct
Answers February 10th. this date can be extended by the
Director of DLGS
Counties are classified based on Correct Answers 1. Geographic
Location
2. Population
3. Population Density
DLGS supervises municipalities under the Fiscal Supervision
Act, which occurs when? Correct Answers 1. A default exists in
the payment of bonded obligations.
2. Payments are due to state, county, or school districts for more
than two years.
3. A cash defecit amounts to more than 4% of the total tax levy.
4. Current tax collections fall below 70% for two successive
years.
Equalized Valuation represents Correct Answers the true value
of all taxable property in the municipality
FCOA (Flexible Chart of Accounts) Correct Answers A coding
system which categorizes budge appropriations and revenues
Five levels of Local Government Correct Answers 1. Counties
2. Municipalities
3. Special Districts
4. School Districes
5. Authorities
Questions With Complete Solutions
4-forms of Faulkner Act Government Correct Answers 1.
Council-Manager Form
2. a Mayor-Council Form
3. a Small Municipalities Form
4. a Mayor-Council-Administrator Form
4-forms of Government that can be adopted by the voters
Correct Answers 1. The commission act of 1912 (The Walsh
Act)
2. The Municipal Manager Act of 1923
3. The Optional Municipal Charter Law of 1950 (Faulkner Act)
4. Special Charter
A bank wishing to do business with Local Government in NJ
must have Correct Answers 1. a Headquarters in NJ
2. Possess a GUDPA certificate issued by the Dept. of Banking
and Insurance
A Municipal Budget constitutes two functions of authority
which are: Correct Answers The establishment of
appropriations necessary to meet expenditures and authority to
tax to provide revenue
Additions to the budget after adoption are generally referred to
as Correct Answers Chapter 159 Amendments
, By what date must the local budget be introduced? Correct
Answers February 10th. this date can be extended by the
Director of DLGS
Counties are classified based on Correct Answers 1. Geographic
Location
2. Population
3. Population Density
DLGS supervises municipalities under the Fiscal Supervision
Act, which occurs when? Correct Answers 1. A default exists in
the payment of bonded obligations.
2. Payments are due to state, county, or school districts for more
than two years.
3. A cash defecit amounts to more than 4% of the total tax levy.
4. Current tax collections fall below 70% for two successive
years.
Equalized Valuation represents Correct Answers the true value
of all taxable property in the municipality
FCOA (Flexible Chart of Accounts) Correct Answers A coding
system which categorizes budge appropriations and revenues
Five levels of Local Government Correct Answers 1. Counties
2. Municipalities
3. Special Districts
4. School Districes
5. Authorities
