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MCTA Treasurers Exam With Complete Solution
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MCTA Treasurers Exam With Complete Solution...
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MCTA Treasurers Exam WithComplete Solution
Injured on Duty Leave: Police and Fire - ANSWER Not Taxed
Can Library Board Choose Their Own Treasurer? - ANSWER Yes, If Town
Meeting Voted to allow them to have that form of government
What kind of vote is required for LONG Term Borrowing - ANSWER 2/3 Vote
of Town Meeting - 2/3
What is the weekly amount for the extra 2% Retirement Withholding -
ANSWER 576.92 (30,000/52)
What is the 2018 Land of Low Value Threshhold - ANSWER $21,910.00
Within what time frame do you need to submit "Other Deductions (Payroll) -
ANSWER 14 Days
How many hours does an employee need to work to enroll in the retirement
system - ANSWER 20
What are the threeforms that are considered permanent record in payroll -
ANSWER I9, W4(M-4) and Cafeteria Plan Records
What is the body that ranks a city or town in terms of Offering Statement? -
ANSWER Bond Rating Agency
What is the program available to municipalities for borrowing through the
State of Massachusetts? - ANSWER State House Notes
When do you add collectors interest and fees to a tax title? - ANSWER When
, Certified by the Collector
How long do you have to post a public meeting before it is held - ANSWER
48 Hours - Excluding Saturday, Sunday and Legal Holidays
Does a Municipality Have to refund a prior owner if they sell/auction a
foreclosed property for more than the tax owed? - ANSWER No, No refund is
given
What are the 6 Required Records That Have to Be Kept When Issuing Debt? -
ANSWER 1. Loan Description. 2. Name of Purchaser. 3. Dates of Issuance and
Maturity. 4. Annual interest with Due Dates. 5. Annual Principal Amortization
with Due Dates. 6. Loan Balances
Can Treasurer Appoint an Assistant Treasurer? - ANSWER Yes, With Approval
From Selectmen
Who can remove Treasurer - ANSWER Commissioner of Revenue?
How often Should Treasurer receive turnover from Collector? - ANSWER At
Least Once Per Week
What are the 4 Parameters of a Stablization Fund - ANSWER 1. Interest
Accrues to the Fund. 2. Balance can be used for ANY lawful purpose. 3.
Requires 2/3 vote to expend (take out) 4. Requires Majority Vote to
appropriate money into (put in)
How often must a treasurer obtain a bond - ANSWER Annually
What are the Duties of a treasurer? - ANSWER 1. Safekeeping of Municpal
funds and the investment of those funds. 2. Receives and Disburses town
funds
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