Municipal Finance Administration Questions With
Complete Solutions
/3 of a mil on every dollar of assessable property within the
municipality on the equalized valuations Correct Answers The
minimum amount which shall be annually appropriated and
raised by taxes for Free Public Libraries is a sum equal to:
$1,000,000 Correct Answers Bonds may be sold at private sale
except when the total amount of bonds is more than:
$100,000 Correct Answers NJSA 40A:11-21 mandates a bid
guarantee on all construction projects in excess of
$1000 Correct Answers The custodian of a petty cash account
must be bonded for _____________ or the amount of the fund
whichever is larger.
$15,444 Correct Answers The prevailing wage for
municipalities, threshold for public construction contracts is
$150,000 Correct Answers The governing body may raise and
appropriate funds to an fire district or volunteer fire company up
to:
$17,500 Correct Answers Local government units that do not
have a QPA have a bid threshold of
$2,000 Correct Answers The Local Government Ethics Law
Financial Disclosure Statement requires certain elected and
,appointed officials disclose each source of income received in
excess of
$40,000 Correct Answers Local government units that do have
a QPA have a bid threshold of
$5,000 Correct Answers At a minimum all capital goods must
be listed in the fixed assets inventory when their cumulative
value is
$50,000 Correct Answers All businesses must file a political
contribution disclosure statement for 12 months prior to the
deadline for filing with ELEC if they have received public
contracts in the aggregate in excess of
$50,000 Correct Answers Premiums for group life over
____________ are taxable based on the amount of group life
over____________ and the employee's age
$750,000 or more Correct Answers A municipal audit must
comply with the federal requirements of the Single Audit Act of
1984 when the municipality has state and federal grants totaling
1 year Correct Answers Bond anticipation notes may be issued
for a period not exceeding:
1/5 per year Correct Answers How over-expenditures of
appropriations required to be raised
, 1%, 10% 5% Correct Answers No amendment of budget can
become effective without a public hearing and publication of the
amendment, if the amendment:
a. Adds a new item of appropriation in an amount in excess of
_____%of the total appropriations as stated in the approved
budget, or
b. Increases or decrease any item of appropriations by more than
______% or
c. Increases the amount to be raised by taxation by more than
______% unless the same is made to include an emergency
temporary appropriation.
10% not exceeding $20,000 Correct Answers The amount to be
deposited as a bid guarantee as required by state law shall be
120 days Correct Answers TANS must mature no later than:
14 days Correct Answers Bond ordinances must be published
how many days prior to the public hearing
15 years Correct Answers Local governmental units may enter
into contracts for renewable energy sources, power purchase
agreements, with private vendors for
15% Correct Answers Informal quotes must be received for like
or similar goods in excess of __________ of the bid threshold
2 Correct Answers The tax levy cap is _____% subject to
limited exceptions
Complete Solutions
/3 of a mil on every dollar of assessable property within the
municipality on the equalized valuations Correct Answers The
minimum amount which shall be annually appropriated and
raised by taxes for Free Public Libraries is a sum equal to:
$1,000,000 Correct Answers Bonds may be sold at private sale
except when the total amount of bonds is more than:
$100,000 Correct Answers NJSA 40A:11-21 mandates a bid
guarantee on all construction projects in excess of
$1000 Correct Answers The custodian of a petty cash account
must be bonded for _____________ or the amount of the fund
whichever is larger.
$15,444 Correct Answers The prevailing wage for
municipalities, threshold for public construction contracts is
$150,000 Correct Answers The governing body may raise and
appropriate funds to an fire district or volunteer fire company up
to:
$17,500 Correct Answers Local government units that do not
have a QPA have a bid threshold of
$2,000 Correct Answers The Local Government Ethics Law
Financial Disclosure Statement requires certain elected and
,appointed officials disclose each source of income received in
excess of
$40,000 Correct Answers Local government units that do have
a QPA have a bid threshold of
$5,000 Correct Answers At a minimum all capital goods must
be listed in the fixed assets inventory when their cumulative
value is
$50,000 Correct Answers All businesses must file a political
contribution disclosure statement for 12 months prior to the
deadline for filing with ELEC if they have received public
contracts in the aggregate in excess of
$50,000 Correct Answers Premiums for group life over
____________ are taxable based on the amount of group life
over____________ and the employee's age
$750,000 or more Correct Answers A municipal audit must
comply with the federal requirements of the Single Audit Act of
1984 when the municipality has state and federal grants totaling
1 year Correct Answers Bond anticipation notes may be issued
for a period not exceeding:
1/5 per year Correct Answers How over-expenditures of
appropriations required to be raised
, 1%, 10% 5% Correct Answers No amendment of budget can
become effective without a public hearing and publication of the
amendment, if the amendment:
a. Adds a new item of appropriation in an amount in excess of
_____%of the total appropriations as stated in the approved
budget, or
b. Increases or decrease any item of appropriations by more than
______% or
c. Increases the amount to be raised by taxation by more than
______% unless the same is made to include an emergency
temporary appropriation.
10% not exceeding $20,000 Correct Answers The amount to be
deposited as a bid guarantee as required by state law shall be
120 days Correct Answers TANS must mature no later than:
14 days Correct Answers Bond ordinances must be published
how many days prior to the public hearing
15 years Correct Answers Local governmental units may enter
into contracts for renewable energy sources, power purchase
agreements, with private vendors for
15% Correct Answers Informal quotes must be received for like
or similar goods in excess of __________ of the bid threshold
2 Correct Answers The tax levy cap is _____% subject to
limited exceptions
