CMFO NJ Verified Multiple Choice and
Conceptual Actual Emended Exam Questions
With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
1. Which of the following is a valid anticipated revenue in the current fund?
A. Uncollected taxes
B. State Aid certified by DLGS
C. Unbudgeted grant awards
D. Prior year encumbrances
2. What is required before including a non-cash surplus in the current fund
budget?
A. Approval from DLGS
B. Approval from the Local Finance Board
C. Council resolution only
D. Prior year audit report
3. The budget must be introduced no later than:
A. January 15
B. March 1
C. Date set annually by DLGS
D. February 10
4. Which item may be anticipated as revenue only with prior certification
from DLGS?
A. User fees
B. PILOT revenue
C. State Senior Citizen deductions
D. Deferred charges
,5. What is the legal basis for the current fund budget in New Jersey?
A. N.J.S.A. 40A:4 – Local Budget Law
B. OPRA
C. GAAP manual
D. The Municipal Charter
6. What is the "CAP" in current fund budgeting?
A. A ceiling on local taxation
B. A statutory limit on certain appropriations growth
C. A formula for tax rate increases
D. A debt ceiling regulation
7. Revenue from delinquent taxes is budgeted based on:
A. The amount levied
B. Prior year collection trends
C. Council discretion
D. DLGS-set minimums
8 Fund balance used as revenue in the current fund budget is referred to as:
A. Surplus anticipated
B. Deferred revenue
C. Trust transfer
D. Appropriation reserve
Which of the following is considered inside CAP?
A. Reserve for uncollected taxes
B. Salaries and wages
C. Debt service
D. Capital improvement fund
,8. The reserve for uncollected taxes (RUT) is calculated based on:
A. State tax tables
B. Flat percentage
C. Prior year tax collection rate
D. County levy
9. The budget may be amended after public hearing under which condition?
A. If the amendment increases total appropriations by less than
10%
B. Only after re-introduction
C. Only with LFB intervention
D. Only to reduce appropriations
10.The current fund budget covers:
A. Utility operations
B. Capital projects
C. General operating expenditures
D. Grant awards only
11.Unexpended appropriations at year-end generally become:
A. Trust fund assets
B. Appropriation reserves
C. Non-cash surplus
D. Deferred charges
12.A budget cannot be adopted unless:
A. It is certified by the Chief Financial Officer
B. Approved by the County
C. Audited by DLGS
D. Fund balance is included
, 13.What term refers to budgeted amounts left unspent by year-end?
A. Encumbrances
B. Appropriation transfers
C. Lapsed appropriations
D. Amended reserves
14.True or False: Non-cash surplus revenue from the State of NJ for Senior
Citizen Deductions may be anticipated in the current fund budget with DLGS
approval.
A. True
B. False
15.Which of the following cannot be anticipated as revenue without prior
written consent from DLGS?
A. Tax revenue
B. State aid
C. Non-cash surplus
D. Miscellaneous revenues
16.Trust Assessment Fund cash is first pledged to which of the following?
A. General taxpayers
B. Retirement of serial bonds
C. General capital projects
D. Municipal operations
17.Who is responsible for mailing out local assessment bills?
A. Chief Financial Officer
B. Tax Collector
C. Municipal Clerk
D. Assessor
Conceptual Actual Emended Exam Questions
With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
1. Which of the following is a valid anticipated revenue in the current fund?
A. Uncollected taxes
B. State Aid certified by DLGS
C. Unbudgeted grant awards
D. Prior year encumbrances
2. What is required before including a non-cash surplus in the current fund
budget?
A. Approval from DLGS
B. Approval from the Local Finance Board
C. Council resolution only
D. Prior year audit report
3. The budget must be introduced no later than:
A. January 15
B. March 1
C. Date set annually by DLGS
D. February 10
4. Which item may be anticipated as revenue only with prior certification
from DLGS?
A. User fees
B. PILOT revenue
C. State Senior Citizen deductions
D. Deferred charges
,5. What is the legal basis for the current fund budget in New Jersey?
A. N.J.S.A. 40A:4 – Local Budget Law
B. OPRA
C. GAAP manual
D. The Municipal Charter
6. What is the "CAP" in current fund budgeting?
A. A ceiling on local taxation
B. A statutory limit on certain appropriations growth
C. A formula for tax rate increases
D. A debt ceiling regulation
7. Revenue from delinquent taxes is budgeted based on:
A. The amount levied
B. Prior year collection trends
C. Council discretion
D. DLGS-set minimums
8 Fund balance used as revenue in the current fund budget is referred to as:
A. Surplus anticipated
B. Deferred revenue
C. Trust transfer
D. Appropriation reserve
Which of the following is considered inside CAP?
A. Reserve for uncollected taxes
B. Salaries and wages
C. Debt service
D. Capital improvement fund
,8. The reserve for uncollected taxes (RUT) is calculated based on:
A. State tax tables
B. Flat percentage
C. Prior year tax collection rate
D. County levy
9. The budget may be amended after public hearing under which condition?
A. If the amendment increases total appropriations by less than
10%
B. Only after re-introduction
C. Only with LFB intervention
D. Only to reduce appropriations
10.The current fund budget covers:
A. Utility operations
B. Capital projects
C. General operating expenditures
D. Grant awards only
11.Unexpended appropriations at year-end generally become:
A. Trust fund assets
B. Appropriation reserves
C. Non-cash surplus
D. Deferred charges
12.A budget cannot be adopted unless:
A. It is certified by the Chief Financial Officer
B. Approved by the County
C. Audited by DLGS
D. Fund balance is included
, 13.What term refers to budgeted amounts left unspent by year-end?
A. Encumbrances
B. Appropriation transfers
C. Lapsed appropriations
D. Amended reserves
14.True or False: Non-cash surplus revenue from the State of NJ for Senior
Citizen Deductions may be anticipated in the current fund budget with DLGS
approval.
A. True
B. False
15.Which of the following cannot be anticipated as revenue without prior
written consent from DLGS?
A. Tax revenue
B. State aid
C. Non-cash surplus
D. Miscellaneous revenues
16.Trust Assessment Fund cash is first pledged to which of the following?
A. General taxpayers
B. Retirement of serial bonds
C. General capital projects
D. Municipal operations
17.Who is responsible for mailing out local assessment bills?
A. Chief Financial Officer
B. Tax Collector
C. Municipal Clerk
D. Assessor
