CMCA EXAM 2024 REAL EXAM 180 QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS)
|AGRADE
what is the best way to communicate managements expectation for an employee to complete regular and special tasks during a certain time period? - ANSWER- establishing performance goals
discipline as a part of HR management can include: - ANSWER-counseling the
employees which tool is the most effective for defining employees duties? - ANSWER-job description
when staff members help to develop policies and procedures, they are more: -
ANSWER-committed to implement them what is the primary source of requirements when developing the associations annual maintenance budget? - ANSWER-governing documents when the board reviews the proposed budget for approval, what should it consider? - ANSWER-the financial position of the association what method is the best alternative to increasing association assessments? - ANSWER- increasing income by charging higher user fees why are special meetings held? - ANSWER-to conduct specific business if an owner fails to receive notice of a meeting, the association is not responsible if the
owner: - ANSWER-did not notify the association of their current address
if the governing docs and laws present conflicting notice periods, follow: - - ANSWER- State laws if a proxy vote needs to be approved, the best option for an approver would be: - ANSWER-the secretary
board meeting minutes should include: - ANSWER-exact wording of each motion
what is a duty of a manager attending a board meeting? - ANSWER-be the time keeper executive sessions should be used for discussing what? - ANSWER-members delinquency 1 / 2
what are the two essential financial documents the BOD should use to determine the amount of funds available for an unbudgeted expense? - ANSWER-balance sheet and statement of revenue and expense the best reasoning for recommendation the modified accrual basis of accounting method is that, compared to cash accounting, it: - ANSWER-more accurately reflects the associations financial condition managers must be familiar with federal income tax requirements and options because: - ANSWER-under federal tax code, all organizations are taxable unless specifically exempted the interim financial report should, at a minimum, include: - ANSWER-statement of income and expenses, account balance, and a balance sheet
the manager is not usually responsible for preparing the: - ANSWER-tax returns
what is the purpose of a management letter? - ANSWER-to note the problem areas in an associations financial operations and recommed modifications and a significant decline in the amount of investments is mist likely the result of: - ANSWER- expenditures out of reserve funds if you want to know the difference between the actual and the budget figures for a revenue account, to which documents should you refer? - ANSWER-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? - ANSWER-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? - ANSWER-statement of revenue and expenses
Preparing a bid request includes which of the following:
- Verifying References.
- Identifying potential contractors.
- Recommending a contractor to the board.
- Verifying contractor insurance. - ANSWER-B. Identifying potential contractors.
- A subcontractor is used.
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Legal review prior to executing a contract will assist the association in the event that: