Principles
of
/
Financial
/
Management
/
Exam Questions With Correct Answers
/ / / / /
Tax /Collector /- /verified /answer(s)-✔✔Special /Assessment /accounts /must /be /set /up /by
February /10 /- /verified /answer(s)-✔✔AFS /due /and /budget /must /be /introduced
January /31 /- /verified /answer(s)-✔✔Annual /Debt /Statement /due
governing /body /- /verified /answer(s)-
✔✔Special /Improvement /District /budgets /must /be /approved /by
the /voters /- /verified /answer(s)-✔✔Special /district /budgets /are /approved /by
Board /of /School /Estimate /- /verified /answer(s)-
✔✔Type /I /school /district /budgets /are /approved /by
Equalized /valuation /- /verified /answer(s)-
✔✔The /true /value /of /all /taxable /property /in /the /municipality
Special /meetings /noticed /- /verified /answer(s)-
✔✔to
,/two
/newspapers
/including
/the
/official
/newspapers,
/which /have /the /ability /to /publish /the /notice /at /least /48 /hours /in /advance /of /the /meeting
Fiscal /Supervision /Act /- /verified /answer(s)-
✔✔DLGS
/supervises
/municipalities
/who: /
a
/default
/exists
/in
/the
/payment
/of
/bonded
/obligations,
/payments
/are
/due
/to
/state,
/county,
/or
/school
/districts
/for
/more
/than /
2
/years,
/cash
,/deficit
/amounts
/to
/more
/than /4% /of /the /total /tax /levy, /current /tax /collections /fall /below /70% /for /two /successive /years
NJSA /52:27BB-1 /- /verified /answer(s)-✔✔Local /Government /Supervision /Act
Defined /Contribution /Retirement /Program /- /verified /answer(s)-
✔✔local
/government
/unit
/employees
/appointed
/in /a /manner /that /is /substantially /similar /to /gubernatorial /"advice /and /consent" /must /become
/members /of
General /Ledger, /Fixed /Asset /Recording /and /Encumbrance /Accounting /- /verified /answer(s)-
✔✔3 /TADs /municipalities /must /follow
NJAC /5:30 /- /verified /answer(s)-✔✔regulations /concerning /fiscal /controls /are /established /in
chart /of /accounts /- /verified /answer(s)-
✔✔a
/complete
/listing
/of
/general
/ledger
/accounts,
/including
/revenues /and /expenses /generally /in /the /order /they /will /appear /on /the /general /ledger
, Division /of /Taxation /- /verified /answer(s)-
✔✔approves /municipal /contracts /for /professional /property /revaluations
tenure /- /verified /answer(s)-
✔✔granted /after /the /CMFO /is /appointed /for /a /second /term /and /applies /to /the /division
School /Board /Referendum /- /verified /answer(s)-
✔✔occurs /for /Type /II /school /districts /that /want /to /exceed /the /budget /cap
30 /CEUS /- /verified /answer(s)-✔✔CMFOS /must /complete /every /two /years
Retake /exam /- /verified /answer(s)-✔✔if /the /CMFO /allows /his/her /license /to /lapse /must
Municipal /Administrative /Codes /- /verified /answer(s)-
✔✔regulate /the /operations /of /various /departments /and /functions /of /the /municipality
professional /service /agreement /- /verified /answer(s)-
✔✔those
/appointed
/to /new /___________ /such /as /consulting /engineer /on /retainer /cannot /be /a /member /of /DCRP
Sources /of /Laws /- /verified /answer(s)-
✔✔Session /Laws, /Revised /Statutes, /Revised /statutes /annotated, /administrative /code
components /of /DLGS /- /verified /answer(s)-
✔✔Bureau
/of
/Financial
/Regulation /
&
/Assistance,
of
/
Financial
/
Management
/
Exam Questions With Correct Answers
/ / / / /
Tax /Collector /- /verified /answer(s)-✔✔Special /Assessment /accounts /must /be /set /up /by
February /10 /- /verified /answer(s)-✔✔AFS /due /and /budget /must /be /introduced
January /31 /- /verified /answer(s)-✔✔Annual /Debt /Statement /due
governing /body /- /verified /answer(s)-
✔✔Special /Improvement /District /budgets /must /be /approved /by
the /voters /- /verified /answer(s)-✔✔Special /district /budgets /are /approved /by
Board /of /School /Estimate /- /verified /answer(s)-
✔✔Type /I /school /district /budgets /are /approved /by
Equalized /valuation /- /verified /answer(s)-
✔✔The /true /value /of /all /taxable /property /in /the /municipality
Special /meetings /noticed /- /verified /answer(s)-
✔✔to
,/two
/newspapers
/including
/the
/official
/newspapers,
/which /have /the /ability /to /publish /the /notice /at /least /48 /hours /in /advance /of /the /meeting
Fiscal /Supervision /Act /- /verified /answer(s)-
✔✔DLGS
/supervises
/municipalities
/who: /
a
/default
/exists
/in
/the
/payment
/of
/bonded
/obligations,
/payments
/are
/due
/to
/state,
/county,
/or
/school
/districts
/for
/more
/than /
2
/years,
/cash
,/deficit
/amounts
/to
/more
/than /4% /of /the /total /tax /levy, /current /tax /collections /fall /below /70% /for /two /successive /years
NJSA /52:27BB-1 /- /verified /answer(s)-✔✔Local /Government /Supervision /Act
Defined /Contribution /Retirement /Program /- /verified /answer(s)-
✔✔local
/government
/unit
/employees
/appointed
/in /a /manner /that /is /substantially /similar /to /gubernatorial /"advice /and /consent" /must /become
/members /of
General /Ledger, /Fixed /Asset /Recording /and /Encumbrance /Accounting /- /verified /answer(s)-
✔✔3 /TADs /municipalities /must /follow
NJAC /5:30 /- /verified /answer(s)-✔✔regulations /concerning /fiscal /controls /are /established /in
chart /of /accounts /- /verified /answer(s)-
✔✔a
/complete
/listing
/of
/general
/ledger
/accounts,
/including
/revenues /and /expenses /generally /in /the /order /they /will /appear /on /the /general /ledger
, Division /of /Taxation /- /verified /answer(s)-
✔✔approves /municipal /contracts /for /professional /property /revaluations
tenure /- /verified /answer(s)-
✔✔granted /after /the /CMFO /is /appointed /for /a /second /term /and /applies /to /the /division
School /Board /Referendum /- /verified /answer(s)-
✔✔occurs /for /Type /II /school /districts /that /want /to /exceed /the /budget /cap
30 /CEUS /- /verified /answer(s)-✔✔CMFOS /must /complete /every /two /years
Retake /exam /- /verified /answer(s)-✔✔if /the /CMFO /allows /his/her /license /to /lapse /must
Municipal /Administrative /Codes /- /verified /answer(s)-
✔✔regulate /the /operations /of /various /departments /and /functions /of /the /municipality
professional /service /agreement /- /verified /answer(s)-
✔✔those
/appointed
/to /new /___________ /such /as /consulting /engineer /on /retainer /cannot /be /a /member /of /DCRP
Sources /of /Laws /- /verified /answer(s)-
✔✔Session /Laws, /Revised /Statutes, /Revised /statutes /annotated, /administrative /code
components /of /DLGS /- /verified /answer(s)-
✔✔Bureau
/of
/Financial
/Regulation /
&
/Assistance,
