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AFIP Test Exam Sample Test -100 Questions with 100% CORRECT Answers | ESTUDY LATEST, ALL ANSWERED
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AFIP Test Exam Sample Test -100 Questions with 100% CORRECT Answers | ESTUDY LATEST, ALL ANSWERED
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AFIP Test Exam Sample Test -100 Questionswith 100% CORRECT Answers | ESTUDY
LATEST, ALL ANSWERED
Payment Packing
1. Can't give leg
2. UDAP claim
3. Against the law in CA
4. Against AFIP code of ethics
PowerBooking
1. Violation of the dealer agreement
2. Have to buy back the deal
3. Problem if the car is repossessed
4. UDAP claim
5. Funding sources have software to identify equipment
6. Lose AFIP certification
3 Elements of a Contract
1. Offer
2. Acceptance
3. Consideration
Spanish Language Transactions (Buyers Guide)
1. In the English version of the BG there is a sentence in Spanish that tells a customer he can get a
Spanish BG if he wants one.
2. If the transaction is in Spanish, the BG has to be in Spanish.
, 3. If you are pursuing the Spanish market, you should have both English and Spanish buyers guides
on the cars.
Buyers Guide
The BG cannot be the sole source of warranty information
Implied Warranty State
In an implied warranty state, state law will override the provisions of a service contract
2 Provisions on the BG
1. A website to get the history on the vehicle
2. A website about safety recalls
Car is on the lot marked AS-IS, but the salesperson throws in a 3/3 warranty
You have to redo the BG
Complaints after the Sale on BG
1. Name of individual
2. Phone number of that individual
3. Title of individual
3rd Party Warranty Co.
1. Dealer would record, "no dealer warranty."
2. Check the box for "other used vehicle warranty."
The max penalty for violating the Used Car Rule
$43,972
What is considered cash?
1. Cashier's check
2. Bank draft
3. Traveler's check
4. Money order
5. With a fact amount of less than $10k paid on a car costing more than $10k
, 6. Anything that represents cleared funds is not considered cash.
Buy Here Pay Here Dealer
Total amount received in a 12-month period that exceeds $10k cash
Standard for related purchase
Total amount received in a 24-hour period
Tax Payer ID number
1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction
1. Don't tell them that you are going to fill out the form, even if they ask.
2. You don't send a letter to the customer
Non-Resident Alien
1. DL
2. Passport Number
Penalty for negligent failure - Tax form
$270
Penalty for willful non-compliance - Tax Form
1. Minimum fine $27,350 up to $109,000
2. Up to $500 for a corporation
Penalty for criminal intent- tax form
ANSWER = imprisonment of up to 5 years plus the cost of prosecution.
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