AFIP FINAL EXAM PREP ACTUAL EXAM QUESTIONS WITH
CORRECT ANSWERS & RATIONALES WITH |VERIFIED &
REVISED ANSWERS (NEW) 2025/VERIFIED AND GRADED A+
QUESTIONS VERIFIED ANSWERS GRADED A+
1. Offer
What are the three elements of a contract 2. Acceptance
3. Consideration
1)There is a statement at the back of the buyers
guide that explains the customer to ask for a
spanish guide if needed
Spanish rules for buyers guide 2) if the sales transaction is in spanish, the buyers
guide must be as well
3) if you are going after the hispanic market, you
must have both english/spanish buyers guides
,if a vehicle on the lot qualifies for a you must indicated on the contract that it is eligible
service contract for the service contract
1) how to get the history on the vehicle
There are two websites on the buyers
2) How to find out if any open recalls have been
guide
issued
You must have an updated condition report on the
Vehicle conditions on the buyers guide
buyers guide
1) the dealership rep name
on the back of the buyers guide:
2) Phone number
complaints after sale contact lists:
3) Job Title
1) check "no dealer warranty" Box
Third party warranty company disclosures:
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the
$43,792
used car rule is:
1) Cashiers Check
2) Bank Draft
IRS 8300 Form: What is Cash? 3) Travelers Check
4)the amount of $9,500 but this is not required to be
submitted to the 8300
, - The customer paid $15,000 cash down but the sale
Which of the following requires IRS 8300:
did not take place
The total amount received in cash in a 12 month
Buy Here Pay Here 8300: period that is over $10,000 needs to be listed on the
IRS 8300
- SSN
How to identify the customer on the IRS
- ITIN
8300 Form?
- EIN
- You cannot tell the customer you filled out the
Suspicious Transaction IRS 8300 Form 8300 form
requirements: - you do not send the customer a letter explaining
the form was submitted
- Passport number
Non-resident alien identification
- Drivers License number
What happens when a customer refuses to write on the form "customer refused to give SSN"
give SSN number: and get their drivers license number
negligent failure to fill out form IRS8300: Fined $280 per return
- Fines up to $100,000 (individual) and $500,000
Criminal Penalties with regards to a
(corporation)
material matter (IRS8300):
- up to 5 years in jail
CORRECT ANSWERS & RATIONALES WITH |VERIFIED &
REVISED ANSWERS (NEW) 2025/VERIFIED AND GRADED A+
QUESTIONS VERIFIED ANSWERS GRADED A+
1. Offer
What are the three elements of a contract 2. Acceptance
3. Consideration
1)There is a statement at the back of the buyers
guide that explains the customer to ask for a
spanish guide if needed
Spanish rules for buyers guide 2) if the sales transaction is in spanish, the buyers
guide must be as well
3) if you are going after the hispanic market, you
must have both english/spanish buyers guides
,if a vehicle on the lot qualifies for a you must indicated on the contract that it is eligible
service contract for the service contract
1) how to get the history on the vehicle
There are two websites on the buyers
2) How to find out if any open recalls have been
guide
issued
You must have an updated condition report on the
Vehicle conditions on the buyers guide
buyers guide
1) the dealership rep name
on the back of the buyers guide:
2) Phone number
complaints after sale contact lists:
3) Job Title
1) check "no dealer warranty" Box
Third party warranty company disclosures:
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the
$43,792
used car rule is:
1) Cashiers Check
2) Bank Draft
IRS 8300 Form: What is Cash? 3) Travelers Check
4)the amount of $9,500 but this is not required to be
submitted to the 8300
, - The customer paid $15,000 cash down but the sale
Which of the following requires IRS 8300:
did not take place
The total amount received in cash in a 12 month
Buy Here Pay Here 8300: period that is over $10,000 needs to be listed on the
IRS 8300
- SSN
How to identify the customer on the IRS
- ITIN
8300 Form?
- EIN
- You cannot tell the customer you filled out the
Suspicious Transaction IRS 8300 Form 8300 form
requirements: - you do not send the customer a letter explaining
the form was submitted
- Passport number
Non-resident alien identification
- Drivers License number
What happens when a customer refuses to write on the form "customer refused to give SSN"
give SSN number: and get their drivers license number
negligent failure to fill out form IRS8300: Fined $280 per return
- Fines up to $100,000 (individual) and $500,000
Criminal Penalties with regards to a
(corporation)
material matter (IRS8300):
- up to 5 years in jail
