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CMFO Practice Exam with Questions with Complete Solutions
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CMFO Practice Exam with Questions with Complete Solutions
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CMFO Practice Exam withQuestions with Complete Solutions
Down payment for debt may be made available from:
a. By provision in a previously adopted budget or budgets of the local unit for down payment or for
Capital Improvement purposes
b. From monies actually held by the local unit and previously contributed for such purpose other than
by the local unit
c. By emergency appropriation
d. a&c only
e. a, b & c - ✔✔e. a,b&c
What must be filed with the office of the clerk prior to the passage on first reading of any bond
ordinance - ✔✔Supplemental Debt Statement
The Local Public Contracts law permits contracts to be entered into that exceed the bid threshold if
the situation effects: - ✔✔The public health, safety or welfare of the community
Minimum number of days for the advertisement for the receipt of bids - ✔✔10 days
Statutory Deadline for AFS - State Fiscal Year - ✔✔August 10th
How many days prior to the date of the public hearing must the budget be advertised? - ✔✔10 days
,Deadline for the clerk to publish a synopsis of the audit with recommendations - ✔✔30 days from
receipt of the audit
Who has authority to approve claims? - ✔✔Governing Body
What is the limit of available surplus a municipality may anticipate as revenue from a utility regulated
by the board of public utilities - ✔✔5% of the annual costs of operation of the utility
When must an obligation for purchase of municipal property be entered into in order to anticipate the
revenue in the municipal budget - ✔✔Prior to adoption of the budget
When must the temporary budget be in place? - ✔✔Within 30 days of the beginning of the fiscal year
Which of the following must be included in the bond ordinance:
a. The purpose of the obligation
b. The maximum amount of bonds or notes
c. That such statement shows that hte gross debt is increased by the authorization of such obligations
d. All of the above
e. None of the above - ✔✔d. All of the above
Vote to adopt a bond ordinance - ✔✔2/3 of the full membership
Minimum period of usefulness for debt authorized - ✔✔5 years
When governing bodies of two or more contracting units enter intoa joint agreement for the
provision of goods and services, the agreement shall include which of the following:
a. The categories of goods or services
b. The manner of advertising for bids
c. The manner for awarding contracts
d. All of the above - ✔✔d. All of the above
, What is the basic element of internal control in a finance officer?
a. Prompt deposit of all funds
b. Prohibition against cashing employees checks
c. Periodic surprise cash counts
d. a & b only
e. a, b & c - ✔✔e. a, b & c
Statutory expenditures contained in the budget may include:
a. Pensions
b. Social Security
c. Unemployment & Temporary Disability
d. a & b only
e. a, b & c - ✔✔e. a, b & c
In NJ, the budget system followed is known as - ✔✔Cash basis
Deadline for corrective action plan to be submitted to DLGS - ✔✔60 days from date the audit
is received by the governing body
The corrective action plan should be referenced in which legal notice that is published in the official
newspaper? - ✔✔Synopsis of audit report
Exemptions to the requirement of public advertisement for the award of agreements -
✔✔Advertised twice - no bids
All bids rejected as unreasonable twice
No bids once, bids rejected once
T/F - In multi year lease agreements, unless excepted by statute, a clause is required making the
agreement subject to the availability and appropriation annually of sufficient funds - ✔✔True
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