CMCA PRACTICE EXAM (ACTUAL 2025)
QUESTIONS WITH VERIFIED ANSWERS
what does coinsurance obligate the association to do? -
<<<<Answers>>>> maintain certain limits of insurance
to provide a payment to the insurance deductible, you would:
-<<<<Answers>>>> allow for costs in the operating budget
directors and officers liability insurance is designed to cover
claims resulting from -<<<<Answers>>>> wrongful acts of
employees of the association
the purpose of a personnel manual or employee handbook is
to: -<<<<Answers>>>> explain employee rights and
responsibilities
the manager is not usually responsible for preparing the: -
<<<<Answers>>>> tax returns
what is the purpose of a management letter? -
<<<<Answers>>>> to note the problem areas in an
associations financial operations and recommed modifications
and improvements
a significant decline in the amount of investments is mist
likely the result of: -<<<<Answers>>>> expenditures out of
reserve funds
, CMCA PRACTICE EXAM (ACTUAL 2025)
QUESTIONS WITH VERIFIED ANSWERS
if you want to know the difference between the actual and the
budget figures for a revenue account, to which documents
should you refer? -<<<<Answers>>>> statement of income
and expenses and budget
on what basis is the community association reporting its
finances when the financial reports indicate income when
received and expenses when paid? -<<<<Answers>>>> cash
basis
your association just completed its eighth month in the fiscal
year. which financial report would be most useful to project
year end expenses? -<<<<Answers>>>> statement of revenue
and expenses
what is the best way to communicate managements
expectation for an employee to complete regular and special
tasks during a certain time period? -<<<<Answers>>>>
establishing performance goals
discipline as a part of HR management can include: -
<<<<Answers>>>> counseling the employees
which tool is the most effective for defining employees
duties? -<<<<Answers>>>> job description
QUESTIONS WITH VERIFIED ANSWERS
what does coinsurance obligate the association to do? -
<<<<Answers>>>> maintain certain limits of insurance
to provide a payment to the insurance deductible, you would:
-<<<<Answers>>>> allow for costs in the operating budget
directors and officers liability insurance is designed to cover
claims resulting from -<<<<Answers>>>> wrongful acts of
employees of the association
the purpose of a personnel manual or employee handbook is
to: -<<<<Answers>>>> explain employee rights and
responsibilities
the manager is not usually responsible for preparing the: -
<<<<Answers>>>> tax returns
what is the purpose of a management letter? -
<<<<Answers>>>> to note the problem areas in an
associations financial operations and recommed modifications
and improvements
a significant decline in the amount of investments is mist
likely the result of: -<<<<Answers>>>> expenditures out of
reserve funds
, CMCA PRACTICE EXAM (ACTUAL 2025)
QUESTIONS WITH VERIFIED ANSWERS
if you want to know the difference between the actual and the
budget figures for a revenue account, to which documents
should you refer? -<<<<Answers>>>> statement of income
and expenses and budget
on what basis is the community association reporting its
finances when the financial reports indicate income when
received and expenses when paid? -<<<<Answers>>>> cash
basis
your association just completed its eighth month in the fiscal
year. which financial report would be most useful to project
year end expenses? -<<<<Answers>>>> statement of revenue
and expenses
what is the best way to communicate managements
expectation for an employee to complete regular and special
tasks during a certain time period? -<<<<Answers>>>>
establishing performance goals
discipline as a part of HR management can include: -
<<<<Answers>>>> counseling the employees
which tool is the most effective for defining employees
duties? -<<<<Answers>>>> job description
