MCTA Treasurer Practice Exam

These questions are part of the practice quiz. Start practicing

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