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CMFO Review Exam with Questions with Complete Solutions
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CMFO Review Exam withQuestions with Complete Solutions
The Local Government CAP Law addressed that permitted transfer of current year appropriations and
reserve year appropriations. The statute prohibits the transfer of funds from an appropriation that is
not subject to limitation to an appropriation that is subject to limitation. - ✔✔true
The Local Government Ethics Law requires the filing of an annual financial disclosure statement. The
disclosure statement shall include the name, address and each source of income earned by the local
government employee or member of their immediate family in excess of what amount -
✔✔2000
Although there are exceptions for specific situations, the Local Bond Law, required that the sale
of bonds shall be sold at which type of sale - ✔✔public
No bond ordinance shall be adopted unless it appropriate to the purpose, or ratably to the respective
purposes to be financed, in addition to the obligations there by authorized, a sum as down payment
which is no less that what percent of the amount of the obligations - ✔✔5
The Local Bond Law permit the source of the downpayment to be made from which of the following -
✔✔CIF, moneys held by the local unit and previously contributed for such purpose other than by the
local unit, emergency appropriation
The Local Budget Law requires that all municipal budgets be advertised in full or in a summary format
prior to the date of a public hearing on said budget. The advertisement shall be published at least
how many days prior to the date of the public hearing - ✔✔10
The Local Fiscal Affairs Law required the Municipal Clerk to publish a synopsis of the audit including
recommendations in the official local newspaper. This must be done within how many days after receipt
of the annual audit? - ✔✔30
,The Local Fiscal Affairs Law grants authority for the approval of claims. The authority is given to: -
✔✔governing body
To the extent there is available surplus revenue collected by a municipality supplying a utility service
which is regulated by the BPU an amount not to exceed what percentage of the annual costs of
operation of the utility may be transferred from the accounts of the municipal utility and included in
the local budget as surplus revenue? - ✔✔none of the above
The Local Budget Law permits a local unit to anticipate as miscellaneous revenue the total amount of all
payment due and payable to the local unit during the fiscal year s a result of the sale of property by the
local until. The obligation to make such payment must be entered into prior to which event? -
✔✔prior to adoption of the budget
Within how many days of the beginning of the fiscal year shall a governing body adopt temporary
appropriations to provide for the period between the beginning of the fiscal year and the adoption of
the budget? - ✔✔30
The contents of a bond ordinance are specified by Local Bond Law. Which of the following is required? -
✔✔purpose of obligation, maximum amount of bonds or notes, statement showing gross debt is
increased by the authorization of obligation
A bond ordinance shall be finally adopted by what vote of the governing body? - ✔✔2/3 of
full membership
The Local Bond Law specifies the minimum period of usefulness for any improvement for which
obligations are authorized, said time shall not be less that how many years? - ✔✔5
The Local Public Contracts Law authorizes the governing bodies of two or more contracting units to
enter into a joint agreement for the provisions of goods and services for use by their respective
jurisdictions. The agreement shall be entered into by resolution of each jurisdiction and shall
included which of the following? - ✔✔categories of good and services, manner of advertising,
manner for awarding
What is the basic element of internal control in a finance office? - ✔✔prompt deposit of funds,
no cashing of checks, periodic surprise cash counts
, Statutory expenditures as contained in the budget may include payments to: - ✔✔pensions,
social security, unemployement
In New Jersey the budget system followed is known as - ✔✔cash basis
A corrective action plan must be submitted to the DLGS within __ days from the date the audit is
received by the governing body? - ✔✔60
The corrective action plan should be referenced in which legal notice that is published in the
offical newspaper? - ✔✔synopsis of audit report
The Local Public Contract Law provides exceptions to the requirement of public advertisement for the
award of agreements. Circumstances that would allow for the negotiation of a contract award are: -
✔✔two advertisements with no bids, two times rejecting bids because prices was unreasonable,
one with no bid and one with unreasonable price
Multi-year lease agreements must contain a clause making the agreement subject to the availability
and appropriation annually of sufficient funds. - ✔✔true
An award of a contract, except for professional services, may be awarded for a period of how
many consecutive months? - ✔✔24
All advertisement for bids on contracts for the collection and disposal of municipal solid waste shall
be published not less than how many days prior to the receipt of said bids? - ✔✔60
According to Local Bond Law, bond anticipation notes may be sold at what type of sale? - ✔✔private
When selling bonds, all bidders shall be required to deposit a certified or cashier's check equal to
not less than what percentage of the bonds? - ✔✔2
The Local Bond Law limits the amount of premium bid for bonds, which shall not exceed - ✔✔1000
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