HESI MATH PRACTICE EXAMINATION
2026 QUESTIONS WITH ANSWERS
GRADED A+
◍ If you want to know the difference between actual and budget figures for a
revenue account, to which documents should you refer to?.
Answer: Statement of Income and Expenses and Budget
◍ CMCA.
Answer: Certified Manager of Community Associations, a credential for
community association managers.
◍ On what basis is the community association reports its finances when the
financial reports indicate income when received and expenses when paid?.
Answer: Cash basis
◍ CAMICB.
Answer: Community Association Managers International Certification
Board, the organization that administers the CMCA examination.
◍ CMCA examination.
Answer: An assessment to evaluate the competencies of community
association managers.
◍ The best reasoning for recommending the modified accrual accounting
method is that, compared to cash account, it:.
Answer: More accurately reflects the association's financial condition
◍ Content Outline.
Answer: A structured guide detailing the topics and areas covered in the
CMCA examination.
◍ The manager is not usually responsible for preparing the:
, A. Investment report
B. Tax returns
C. Annual budget
D. Variance Report.
Answer: B. Tax Returns
◍ Exam Development.
Answer: The process of creating and updating the CMCA examination to
ensure its relevance and effectiveness.
◍ The interim financial report should, at a minimum, include a:
A. Statement of changes in member's equity, cashflow analysis, and notes to
financial statements.
B. Statement of reserve funding, investment results, and accounts receivable
C. Statement of income and expenses, account balance, and balance sheet.
D. Statement of cash flow, balance, and bank statements.
Answer: C. Statement of income and expenses, account balance, and balance
sheet
◍ What are the two essential financial documents the board of directors should
use to determine the amount of funds available for an unbudgeted expense?
A. Statement of cash flows and accounts receivable report
B. Balance sheet and statement of revenue and expense
C. Statement of cash flows and check register
D. Replacement reserve report and general ledger.
Answer: B. Balance sheet and statement of revenue and expense
◍ When the Board reviews the proposed budget for approval, what should it
consider?
A. The financial effect on the owners
B. The economic impact on tenets
C. The financial position of the association
D. The physical condition of the associations members.
Answer: C. The financial position of the association
◍ Study Guide.
, Answer: A resource designed to help candidates understand the content,
structure, and procedures of the CMCA examination.
◍ Eligibility.
Answer: The criteria that candidates must meet to sit for the CMCA
examination.
◍ In what type of contract would a waiver of lien be recommended?
A. Repair of the HVAC system
B. Re-roofing the buildings
C. Repair of the pool pump
D. Annual tree pruning.
Answer: B. Re-roofing the buildings
◍ Where would a manger find guidelines regarding the association's
responsibility for maintaining the physical assets?
A. Equipment warranties
B. Real estate sales contract
C. Governing documents
D. Board resolutions.
Answer: D. Board resolutions
◍ What section of an insurance policy describes the coverage limits,
deductibles, policy period, and premium?
A. Policy conditions
B. Policy endorsements
C. Policy definitions
D. Declaration page(s0.
Answer: D. Declaration Pages
◍ When an association contracts out all of its service and has no employees, it
is a best business practice to:
A. Negotiate contracts within the bidding process
B. Purchase employment practices liability insurance
C. Assume the contractors carry their own insurance coverage
D. Increase the coverage under the D&O insurance policy.
2026 QUESTIONS WITH ANSWERS
GRADED A+
◍ If you want to know the difference between actual and budget figures for a
revenue account, to which documents should you refer to?.
Answer: Statement of Income and Expenses and Budget
◍ CMCA.
Answer: Certified Manager of Community Associations, a credential for
community association managers.
◍ On what basis is the community association reports its finances when the
financial reports indicate income when received and expenses when paid?.
Answer: Cash basis
◍ CAMICB.
Answer: Community Association Managers International Certification
Board, the organization that administers the CMCA examination.
◍ CMCA examination.
Answer: An assessment to evaluate the competencies of community
association managers.
◍ The best reasoning for recommending the modified accrual accounting
method is that, compared to cash account, it:.
Answer: More accurately reflects the association's financial condition
◍ Content Outline.
Answer: A structured guide detailing the topics and areas covered in the
CMCA examination.
◍ The manager is not usually responsible for preparing the:
, A. Investment report
B. Tax returns
C. Annual budget
D. Variance Report.
Answer: B. Tax Returns
◍ Exam Development.
Answer: The process of creating and updating the CMCA examination to
ensure its relevance and effectiveness.
◍ The interim financial report should, at a minimum, include a:
A. Statement of changes in member's equity, cashflow analysis, and notes to
financial statements.
B. Statement of reserve funding, investment results, and accounts receivable
C. Statement of income and expenses, account balance, and balance sheet.
D. Statement of cash flow, balance, and bank statements.
Answer: C. Statement of income and expenses, account balance, and balance
sheet
◍ What are the two essential financial documents the board of directors should
use to determine the amount of funds available for an unbudgeted expense?
A. Statement of cash flows and accounts receivable report
B. Balance sheet and statement of revenue and expense
C. Statement of cash flows and check register
D. Replacement reserve report and general ledger.
Answer: B. Balance sheet and statement of revenue and expense
◍ When the Board reviews the proposed budget for approval, what should it
consider?
A. The financial effect on the owners
B. The economic impact on tenets
C. The financial position of the association
D. The physical condition of the associations members.
Answer: C. The financial position of the association
◍ Study Guide.
, Answer: A resource designed to help candidates understand the content,
structure, and procedures of the CMCA examination.
◍ Eligibility.
Answer: The criteria that candidates must meet to sit for the CMCA
examination.
◍ In what type of contract would a waiver of lien be recommended?
A. Repair of the HVAC system
B. Re-roofing the buildings
C. Repair of the pool pump
D. Annual tree pruning.
Answer: B. Re-roofing the buildings
◍ Where would a manger find guidelines regarding the association's
responsibility for maintaining the physical assets?
A. Equipment warranties
B. Real estate sales contract
C. Governing documents
D. Board resolutions.
Answer: D. Board resolutions
◍ What section of an insurance policy describes the coverage limits,
deductibles, policy period, and premium?
A. Policy conditions
B. Policy endorsements
C. Policy definitions
D. Declaration page(s0.
Answer: D. Declaration Pages
◍ When an association contracts out all of its service and has no employees, it
is a best business practice to:
A. Negotiate contracts within the bidding process
B. Purchase employment practices liability insurance
C. Assume the contractors carry their own insurance coverage
D. Increase the coverage under the D&O insurance policy.
