MCTA Treasurer Practice Exam

These questions are part of the practice quiz. Start practicing

• Which of the following is NOT an exemption from Social Security withholding under DUNES?
• What must be recorded at the Registry of Deeds when a tax title is paid off?
• How is a municipality's capacity for borrowing calculated?
• Which of the following is a complete list of items that a payroll voucher must include?
• Automatic lien on land expires in which time frame?
• In pension calculations, the maximum pension is based on which of the following averages?
• What is the weekly amount for the extra 2% retirement withholding if the annual base is $30,000?
• What is the body that ranks a city or town in terms of Offering Statement?
• On a semiweekly deposit schedule, if payday falls on Wednesday, Thursday, or Friday, by when must deposits be made?
• Which condition triggers an additional 2% withholding on excess wages?
• If your lookback period for 941 deposits was $50,000 or less, when are you required to make deposits?
• Debt that has been authorized but not yet issued is called?
• Direct Deposit Retiree NOT Local Option: which is correct?
• Levy ceiling under Proposition 2 1/2 is defined as 2.5 percent of the total full and fair cash value of all taxable real and personal property in the community.
• Prop 2 1/2 directs the Department of Revenue to annually adjust each community's levy limit by applying two statutory increases. Which description correctly identifies these increases?
• The Dates of employment on a payroll voucher refer to which period?
• Collector must pay over at least once each week or most often ______.
• Which item is NOT included in the contents of notes?
• Is the day of payment of tax title included in interest calculation?
• Treasurer must withhold payment of money owed to any person from whom are then due taxes, assessments, rates or other charges if request by ___________.
• A municipality doubles their debt limit to 10% valuations with approval of __________.
• Which statement describes the use of bond or note proceeds?
• Whom can the Treasurer pursue to recover deferred taxes and interest?
• Which item would appear as part of a Notice of Sale of Notes?
• Under Procurement Law, what action is required for purchases over $50,000?
• Internal borrowing advances can be made from which sources?
• Bond Anticipation Notes (BAN) must mature within how many years of their original date of issuance?
• In state taxation, OBRA Contributions are classified as which?
• What is the rate of interest that must be paid on refunds for abated taxes?
• Which item is NOT listed as required on a payroll voucher?
• What instrument must the treasurer obtain annually in the specified amount?
• GAN stands for which of the following?
• Who has the authority to remove a Treasurer?
• Medicare is withheld at what rate?
• For parcels valued not exceeding $22,862 where value is insufficient to meet taxes, after how many days must the treasurer apply for an affidavit to foreclose by public auction?
• Borrowing must be for less than how much to achieve bank qualified tax exemption status?
• Which statement correctly describes existing debt?
• What is Arbitrage?
• Among the required records, which item must include the purchaser's name?
• What are the requirements for stabilization funds to be expended?
• By when must the treasurer transmit deducted money to the appropriate officer of the financial institution?
• Debt limit is calculated how?
• Massachusetts state deposits use ACH for annual withholding exceeding what amount?
• After moving to Tax Possession, what is true about the sale requirement for foreclosed tax possessions?
• Can the Treasurer reject any bid deemed inadequate at a public auction for land of low value?
• What is the maximum length of a payment plan a Treasurer may offer for tax title accounts?
• What is the FDIC insurance cap per bank?
• What is the traditional document used for reporting receipts to the accountant for general ledger entry?
• Clothing allowance paid as reimbursement is classified as POST.
• If your lookback period for 941 deposits was more than $50,000, when are you required to make your deposits?
• Which category is Medicare taxable (POST)?
• What constitutes 'new growth' for levy limit adjustments?
• When must the Collector certify to the Treasurer Sub Taxes?
• Bond ratings reflect which aspect?
• Which item defines existing debt?
• For calendar year 2010, the 941 look-back period begins on July 1, 2008 and ends on June 30, 2009. Which option correctly states this period?
• The 5% retirement increase applies to which period?
• Which option represents the portion of debt under the debt limit?
• In Land Court Proceedings, what is the first step?
• Notice of an emergency meeting must be posted how far in advance?
• What program is available to municipalities for borrowing through the State of Massachusetts?
• How are owners and interested parties notified in Land Court Proceedings?
• Massachusetts (State deposits) must be deposited how often?
• Gross Debt is defined as which of the following?
• Which required record must specify the annual interest and due dates?
• What is the interest rate for tax title accounts?
• If the deferral is paid, what refund is available?
• What describes the Reimbursable method for unemployment compensation?
• When does the treasurer not pay interest on refunds for abated taxes?
• Which date range corresponds to an 8% retirement increase?
• Which statement is true about the maximum pension calculation?
• What describes the Contributory (FUTA) method for unemployment compensation?
• Which term defines capacity for borrowing?
• What vote is required for long-term borrowing?
• Short-term borrowing (RAN, TAN) requires countersignature by which body?
• Which statement describes a duty of the Treasurer?
• Which of the following is NOT a required record that must be kept when issuing debt?
• What is the standard fee for bad checks over $2,500?
• Direct Deposit (Local Option) which description is correct?
• Under 30B, purchases between $10,000 and $50,000 require what?
• Serial Bonds or Notes are generally required to be paid in equal or diminishing annual principal amounts when?
• When can Land Court Proceedings begin?
• In federal taxation, Clothing Allowance if stipend is which classification?
• The collector has 60 days from the day of taking to record the Instrument of Taking.
• Clothing Allowance if reimbursed is classified as which under state taxes?
• Under 30B, purchases over $50,000 require what?
• What is the value threshold for land classified as 'land of low value'?
• Who hires a title examiner in Land Court Proceedings?
• Which option represents the portion of debt outside the debt limit?
• Federal Tax deposit schedule for a calendar year is determined from?
• Which statement identifies the permanent payroll records?
• In state taxation, Retirement is classified as which?
• All monies received shall be paid into which account?
• The treasurer must obtain an annual bond in an amount set by whom?
• 125 Cafeteria Plan Deductions are classified as which under state taxes?
• Tax title accounts are maintained by the Treasurer.
• Which statement about the relationship between gross debt and existing debt is true?
• Which individuals comprise the State Municipal Finance Oversight Board?
• Which item is included in gross debt but not in existing debt?
• On a semiweekly deposit schedule, if payday falls on Saturday, Sunday, Monday, or Tuesday, by when must deposits be made?
• Treasurer may appoint an assistant treasurer with approval of whom?
• Which statement captures the Board's role in borrowing?
• What is the limitation on how much a town can deposit to one bank?
• What program is available to municipalities for borrowing through the State of Massachusetts?
• Who is responsible for monitoring debt and should be consulted for long and short term borrowing procedures?
• Direct Deposit (Local Option) statements: which is true?
• When do you add collectors' interest and fees to a tax title?
• For short-term borrowing, the amount needed must be shown on which document?
• A Library Board may choose its own Treasurer under what condition?
• For tax titles with value over $1,000 ripe for foreclosure, the annual budget must include at least how much per title?
• Which item is NOT a component of Non Revenue Receipts?
• Which item is included among the six required records that must be kept when issuing debt?
• Medical Reimbursement Plans are classified as which under state taxes?
• Which statement is true about the Stabilization Fund?
• Can a Treasurer appoint an Assistant Treasurer?
• Social Security is withheld at what rate unless a member of a retirement plan or mandatory Deferred Compensation plan (OBRA)?
• GANs allow municipalities to borrow in advance of which grants?
• Gross debt is made up of what?
• Payment of salary or compensation is made when?
• Who retains any surplus from the sale of a tax possession?
• What is the Capacity for Borrowing?
• The 2% retirement date occurs on which date?
• What is the next step after a foreclosure judgment is issued in Land Court Proceedings?
• In federal taxation, Union Dues are classified as which?
• Under Procurement Law Level 2, how many written quotes are required?
• In the DUNES acronym for Social Security exemptions, which letter represents full-time students?
• Which of the following is NOT one of the three investment considerations?
• Which item is a Pre-Tax deduction (PRE)?
• Procurement Level 1 applies for purchases under what amount?
• What must the taxpayer do annually to maintain the tax deferral?
• How many hours does an employee need to work to enroll in the retirement system?
• What is the primary objective of arbitrage rebate requirements?
• BAN may be refunded up to how many years from issuance?
• Which item must be included specifically to describe the debt instrument's start and end?
• Under the Two Year Rule safe harbor, which spending schedule is correct?
• Which of the following qualifications are required to defer payment of property taxes?
• Election workers paid less than what calendar year amount are exempt from Social Security withholdings?
• Which of the following is NOT a member of the State Municipal Finance Oversight Board?
• Which term represents the net amount to be raised by taxation?
• The use of borrowed money is limited to which of the following?
• Grant Anticipation Notes (GAN) generally mature within how many years?
• Under Procurement Law (30B), what is the minimum purchase amount that requires sound business practice?
• What amount is the levy intended to raise?
• What is the maximum term for Town investments in a Certificate of Deposit?
• Which item describes the loan itself as part of the required debt issuance records?
• What was the 2020 Land of Low Value threshold?
• What are the requirements to appropriate money to the stabilization fund?
• If the look-back period for 941 deposits is exactly $50,000, which schedule applies?
• What is the standard debt limit percentage?
• Which forms are considered permanent records in payroll?
• Investments in United States treasury bonds are limited to ______.
• Which forms must be kept on file for employees?
• If a municipality sells a foreclosed property for more than the tax owed, does it have to refund the prior owner the excess amount?
• What is the formula for calculating interest on deferred taxes?
• Surplus Bond proceeds up to $50,000 can be applied to what?
• The treasurer may deliver payroll checks to the head of department or designee with approval of which authority?
• What is the maximum pension as a percentage of the highest three-year average?
• Which option defines existing debt?
• The look-back period begins __ and ends __?
• By what date must the Statement of Indebtedness be filed annually before certifying the tax rate?
• If your accumulated federal tax liability (941) is $100,000 or more, when must your deposits be made?
• Under the Community Preservation Act (CPA), appropriations must be tracked separately and reported annually to which entity?
• Emergency Borrowing can be used for which purposes?
• Which metric directly defines capacity for borrowing in relation to the debt limit?
• Which option shows the correct Two Year Rule safe harbor spending schedule?
• Investment from the general fund permits investment in certificates of deposit (CDs) for up to ______.
• How many days prior must notice by publication be given before a sale of land of low value at public auction?
• Which of the following is a duty of the Treasurer?
• A school committee or board of trustees may enter into a written agreement with any employee to purchase or make payments to an annuity contract or custodial account when?
• Which statement best describes what the Statement of Indebtedness contains?
• If you are on a monthly 941 deposit schedule, by when must your deposits be made?
• Which statement describes the primary use of bond or note proceeds?
• Taking Title (Instrument of Taking) must be filed by which date?
• Proceeds from bonds or notes may be used only for which of the following?
• Levy limit under Proposition 2 1/2 is the maximum allowed increase, which is 2.5 percent of the prior fiscal year's levy.
• The amount of borrowing shall not exceed which of the following?
• Which date range corresponds to a 7% retirement percentage increase?
• Which item is NOT a component of Non Revenue Receipts?
• Which item is a component of a long-term borrowing official statement?
• Which of the following is a typical element included in the records for a municipal borrowing?
• When do you add collectors interest and fees to a tax title?
• State House Notes are payable when?
• Which option describes the net amount to be raised by taxation?
• Revenues are classified under which accounting system?
• Injured-on-duty pay is exempt from which taxes?
• Assistant Treasurer's Bond is what percentage of the Treasurer's Bond?
• Under Procurement Law (30B), which threshold requires advertising and either an invitation for Bids or a Request for Proposals?
• Which statement best distinguishes levy ceiling from levy limit under Prop 2 1/2?
• Which items are required on every payroll voucher?
• Which statement best describes the penalty for not following payroll laws?
• Which option equals gross debt outside the debt limit?
• Internal Borrowing must be repaid by the end of which period?
• The Payroll Medicare Date refers to employees hired after which date being paid into Medicare?
• When can the Treasurer deliver payroll?
• What does the tax levy consist of?
• Tax Sheltered Annuities are categorized as PRE or POST?
• How often must the collector turn over all money received?
• Which function describes the State Municipal Finance Oversight Board's role?
• RAN and TAN are examples of what type of borrowing?
• State House Notes are payable when?
• Who certifies the amount deferred to the Treasurer?
• Arbitrage must be rebated to the United States IRS except for what exceptions?
• Which entity has authority to approve borrowing under specific conditions?
• What is the standard fee for bad checks under $2,500?
• In the DUNES acronym for Social Security exemptions, which letter represents Election workers paid less than $1,100/calendar year?
• What is the annual interest rate charged on deferred taxes unless a lesser rate is determined?
• Notes on Demand: Which statement is true?
• The Treasurer must maintain records of all municipal borrowings that contain what information for EACH ISSUE?
• Bond ratings are established by which type of organizations?
• What is the per diem interest formula?
• Which entity ranks a city or town for Offering Statement purposes?
• Can the prior owner redeem property after a foreclosure by a land of low value sale?
• Is the day of taking included in interest calculation?
• Which combination describes the two statutory increases applied to levy limit under Prop 2 1/2?
• When does the dollar value for land of low value increase?
• Except in cases of emergency, a public body must provide the public with notice of its meeting how far in advance?
• A fine for not following payroll laws (willfully or negligently) can be set to each appointing, employing, or other officer of what amount?
• Municipalities must notify DES of a change before December 1 of the year preceding the changeover year, and the changeover must remain in force for at least how many calendar years?
• Net Interest Cost is calculated as which formula?
• Long Term Borrowing ALWAYS requires what vote of the legislative authority?
• Existing Debt is made up of what?
• What is the retirement withholding rate for someone hired in 1980?
• Local bodies meeting notices must be filed with the municipal clerk with enough time to permit posting of the notice at least how many hours in advance of the public meeting?
• Direct Deposit Retiree (NOT local option) describes which arrangement?
• When does the treasurer not pay interest on refunds for abated taxes?