CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
The effective date of a bond ordinance 20 days after first publication after adoption
T/F - All matters not required to be contained in a bond ordinance may be acted on by
subsequent resolutions passed by the affirmative votes of a majority of the full membership of
the governing body True
An increase in anticipated revenue from a known and recurring source will have what effect on
the appropriation for the RUT Would decrease the appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be shown on the resolution with the
certification of funds in order to enter a contract True
The NJ Budget Law requires that the budget shall consist of a tabulated statement of:
, CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding debt
c. All anticipated revenues applicable to expenditures for which appropriations are made
d. All of the above
e. None of the above c. All anticipated revenues applicable to expenditures for which
appropriations are made
Four classifications of revenue Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by: Referendum
held at general or special election
, CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
Alternate calculation for the RUT Average of the prior three years collection rates -
allowable with a resolution of the governing body
Debt limit 3.5% prior three years average equalized assessed valuation
Pay to play threshold $17,500
How long can a BAN be issued for 1 year
When must BANs fully mature 1st day of the 5th month following the close of the 10th
fiscal year
Who is responsible for change orders? Governing Body
, CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
Any deficit in expenditures to which dedicated revenues are applicable shall be provided for by
an appropriation in which budget? Current Fund
Threshold for Tax Court appeal $1,000,000
Who has the authority to approve the establishment of a petty cash fund? The Director of
the DLGS
Who is responsible to bill the special assessment levy Tax Collector
Levy Cap 2%
Questions With Solutions 100% Correct
The effective date of a bond ordinance 20 days after first publication after adoption
T/F - All matters not required to be contained in a bond ordinance may be acted on by
subsequent resolutions passed by the affirmative votes of a majority of the full membership of
the governing body True
An increase in anticipated revenue from a known and recurring source will have what effect on
the appropriation for the RUT Would decrease the appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be shown on the resolution with the
certification of funds in order to enter a contract True
The NJ Budget Law requires that the budget shall consist of a tabulated statement of:
, CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding debt
c. All anticipated revenues applicable to expenditures for which appropriations are made
d. All of the above
e. None of the above c. All anticipated revenues applicable to expenditures for which
appropriations are made
Four classifications of revenue Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by: Referendum
held at general or special election
, CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
Alternate calculation for the RUT Average of the prior three years collection rates -
allowable with a resolution of the governing body
Debt limit 3.5% prior three years average equalized assessed valuation
Pay to play threshold $17,500
How long can a BAN be issued for 1 year
When must BANs fully mature 1st day of the 5th month following the close of the 10th
fiscal year
Who is responsible for change orders? Governing Body
, CMFO Exam - Practice Questions
Questions With Solutions 100% Correct
Any deficit in expenditures to which dedicated revenues are applicable shall be provided for by
an appropriation in which budget? Current Fund
Threshold for Tax Court appeal $1,000,000
Who has the authority to approve the establishment of a petty cash fund? The Director of
the DLGS
Who is responsible to bill the special assessment levy Tax Collector
Levy Cap 2%
