Municipal 1

Question 1

T/F Duties of the CFO include all of the following: preparation of the annual budget, maintenance of books and records, custody of all public funds

Answer 1

TRUE

Question 2

T/F Duties of the municipal tax collector include receiving and collecting all funds raise by taxation

Answer 2

TRUE

Question 3

T/F The five basic types of municipalities in New Jersey are: Borough, Village, City, Township and Town

Answer 3

TRUE

Question 4

T/F Every municipality, except those with a population under 2,500 must maintain an encumbrance accounting system

Answer 4

FALSE

Question 5

T/F Municipal revenues may not normally be anticipated above the amount collected in the previous year for each type of revenue

Answer 5

TRUE

Question 6

T/F N.J.S.A. 40A:4-87 provided that a Chapter 159 Resolution is a method of amending the budget.

Answer 6

TRUE

Question 7

T/F a municipality must provide as a down payment 5% of the obligations authorized.

Answer 7

TRUE

Question 8

T/F a bond ordinance takes effect immediately upon passage.

Answer 8

FALSE (20 days to take effect)

Question 9

The major revenue items in the include:

Answer 9

1. Tax
2. Miscellaneous Revenues
3. Delinquent taxes
4. Surplus

Question 10

A municipal budge must be published a least ___ days prior to the public hearing which must be at least ____ days after introduction.

Answer 10

published at least 10 days

public hearing 28 days after introduction

Question 11

The Statutory deadline for adopting of the municipal budget is _____

Answer 11

March 20 (3/20)

Question 12

Transfers between appropriations (salaries and wages and other expenses) are permitted during ______ of fiscal year and during the _____ of the succeeding year.

Answer 12

last 2 months of fiscal yr

first 3 months of succeeding year

Question 13

Name the 5 types or levels of local Goverments

Answer 13

1. Counties
2. Municipalities
3. School Districts
4. Local Authorities
5. Special districts

Question 14

The term ________ refers to the complete appraisal of all land building by competent firm experienced in mass appraisal techniques for property tax purposes

Answer 14

Revaluation

Question 15

T/F The DLGS reviews and approves cooperative purchasing systems together w/guidance on the local public contracts law.

Answer 15

TRUE

Question 16

The __________ exercises regulatory and services functions and provides financial aid to municipalities.

Answer 16

DLGS - division of local government services

Question 17

_______provide government units with requirements of law and regulations along with recommendations for improvements through out the year by notification through an automated notification process administered by the DLGS.

Answer 17

Local Finance Board

Question 18

A municipality may authorize ____% of their debt

Answer 18

3.5%