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CMFO EXAM QUESTION BANK
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CMFO EXAM QUESTION BANK
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CMFO EXAM QUESTION BANKTrue - Answers- T/F: Due from State of New Jersey for Senior citizen Deductions can
be anticipated as a revenue in the current fund budget as non-cash surplus
retirement of serial bonds - Answers- Trust Assessment Fund cash is first pledged to:
quarterly basis - Answers- Municipal Library Levy is paid on a
True - Answers- T/F: budget transfers from Capital Improvement Fund are not
permitted
Corrective Action Plan - Answers- Finding/Condition; Recommendation; explanation &
corrective action; implementation date
tax collector - Answers- ___________ mails out local assessment bills
Department of Treasury - Answers- Oversight of PERS & PFRS is the
60 days - Answers- Corrective action must be adopted within _________ of receipt of
the audit reports
$1000 - Answers- Developer's Escrow monthly chargers greater than ________. The
CFO must provide an accounting statement to the developer on a monthly basis.
Local Finance Board intervention - Answers- Default on bonds, Tax Collection Rate is
less than 70%, Cash Deficit of the tax levy in excess of 4% for 2 consecutive years
immediately - Answers- Resident requested to inspect vouchers that were approved for
payment at the most recent governing body meeting. Inspection of vouchers must be
made available for inspection
$2000, $400, NJ - Answers- Finance Disclosure forms are required for Income greater
than________, gifts greater than ______, property within _________
$750000 - Answers- Federal Single Audit is required if Federal Grant expenditures
equals or exceeds
True - Answers- T/F: The cash management plan can be amended at any time.
Net Debt - Answers- Gross Debt - Deductions =
liquidity - Answers- Security can be converted into cash
Director of DLGS - Answers- Chairperson of the Local Finance Board is
,State of NJ as unclaimed property - Answers- Old escrow accounts escheat to
False - Answers- T/F: Interest on Utility Assessment Debt is appropriated in the Current
Fund
2/3 of governing body - Answers- Budget Transfers need a vote of
False - Answers- T/F: Pursuant to Local Budget Law municipalities are permitted to
overspend a legal line item appropriation if the overall Current Fund Budget remains in
a surplus
False - Answers- T/F: In regard to use of P-cards, under no circumstances may a
transaction exceed 15% of a municipality bid threshold.
True - Answers- T/F: Municipalities that carries a statutory excess in Reserve for an
Animal Control Fund at year end excess is Due to Current Fund and recorded as
MRNA.
True - Answers- T/F: Director does not approve budget transfers.
False - Answers- T/F: The unexpended balance of debt service must be cancelled by
resolution.
False - Answers- T/F: Capital Budget must be adopted by a majority of the governing
body.
True - Answers- T/F: Municipalities are permitted to negotiate with a vendor, after 2
attempts, responses to bids were too high and no bids were submitted.
False - Answers- T/F: The Supplemental Debt Statement must be filed between the 1st
and 2nd reading of a bond ordinance.
True - Answers- T/F: Three Different Bond ordinances are introduced at a public
meeting only 1 supplemental debt statement is required.
False - Answers- T/F: The anticipated revenue for Receipts from Delinquent Taxes is
limited to the amount of revenue realized in the previous year
False - Answers- T/F: The Annual Debt Statement is due upon introduction of a bond
ordinance.
True - Answers- T/F: If Trust Assessment Fund cash is less than the required budgeted
amount to retire debt service, a required appropriation in the Current Fund budget is
necessary to cover the deficit.
, performance based budgeting - Answers- The number miles of roads in terms of
expenditures would be an example of
maturity schedule for bonds - Answers- Which does not have to be included in the bond
ordinance?
2/3 of full membership - Answers- Budget appropriation transfers during the last 2
months of the calendar year requires which of the following votes?
DLGS approval of specification - Answers- Which of the following would not be included
in specifications for banking services?
True - Answers- T/F: Prepaid Taxes applied to Taxes Receivable does not create a
deferred charge
Items on municipal website for best practices - Answers- 3 years of adopted budgets,
proposed budget, most recent AFS
equalized valuation - Answers- Represents the true value of all taxable property in the
municipality
derivatives - Answers- Not a permissible investment
False - Answers- T/F: Budget transfers may be made to: Deferred Charges, Reserve
for Uncollected Taxes, Down Payment on Improvements and Capital Improvement Fund
40 years - Answers- Period of usefulness may not exceed
DLGS - Answers- ____________ must approve: petty cash fund, change in title and
text, dedication by rider, and emergency appropriations in excess of 3% of operating
appropriations
Net debt - Answers- Borrowing capacity is based on
Patrol cars - Answers- Not bondable assets
$1000000 - Answers- Local government bonds may be sold privately except when the
total of bonds is more than
eligible shared services - Answers- Joint collection of taxes, joint municipal court, joint
solid waste collection/disposal
False - Answers- T/F: Dedication by Rider must be accounted for in the current fund
governing body - Answers- Special Improvement District budgets must be approved by:
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