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Exam (elaborations)

AFIP Basic Certification Practice Exam With Complete Questions And Correct Answers

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complete study material for the AFIP Basic Certification, focusing on payroll compliance, tax obligations, and employer responsibilities. It covers key topics such as Argentine tax regulations, social security contributions, payroll documentation, reporting procedures, and compliance standards required for certification. The material is structured to support exam preparation and practical application, including regulatory frameworks and procedural guidelines relevant for payroll and HR professionals. It is suitable for candidates preparing for the AFIP basic certification assessment.

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AFIP Basic Certification Practice
Exam With Complete Questions
And Correct Answers


(True/False): Ignorance of the law will shield you from liability if you are
noncompliant.-correct-answer-False




(True/False): As an F&I manager working directly with customers, you are
individually responsible for your actions and what you say to each customer.-
correct-answer-True




In a typical credit transaction the (bank)/(dealer) is the creditor.-correct-answer-
The dealer is the creditor




What is a contract?-correct-answer-A contract is an agreement involving a
promise or set of promises that the law enforces or protects.




The formation of a contract requires three elements:-correct-answer-1. Offer

2. Acceptance

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3. Consideration




An offer consists of three elements:-correct-answer-1. An expression of a promise
or commitment (intent) to enter a contract
2. An expression of definite and certain terms
3. The communication of the offer to the offeree (in this case, the customer)




An offer may be terminated by:-correct-answer-1. An act of the parties

2. The operation of law




There are three criteria for the acceptance of an offer:-correct-answer-1. The offer
is accepted by one who is entitled to accept
2. The acceptance takes the proper form and is timely
3. The terms of acceptance reflect closely the terms of the offer and, therefore, do
not amount to a counteroffer




The Statute of Frauds-correct-answer-Generally requires that all contracts
involving the sale of goods for a price of $500 or more be in writing.

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The Statute of Frauds requires a written contract for the sale of goods for a price
of_______ or more.-correct-answer-$500




What is required in order for the parties (the individuals entering into the
contract) to have "legal capacity?"-correct-answer-The parties to the contract
must be of legal age under the laws of the state in which the contract is written.




Criteria that can block the formation of a valid contract:-correct-answer-1. The
need for a written agreement under the Statute of Frauds and certain provisions
of the Uniform Commercial Code (U.C.C.)

2. The need for legal capacity of a party to contract
3. The act of fraudulent inducement




What is "consideration" as it applies to a contract?-correct-answer-The
requirement that each party to the contract receives something of value in
exchange for what is given.




Finance Charge-correct-answer-The Finance Charge is the resulting dollar amount
calculated by applying the Annual Percentage Rate to the Amount Financed over
the term of the contract.

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How the Itemization of Amount Financed is completed-correct-answer-1. Cash
Price (Agreed to price of vehicle)
2. Total Downpayment

3. Unpaid Balance of Cash Price(Cash Price-Downpayment)

4. Other Charges (GAP, VSC, Etc.)
5. Amount Financed




4 Key Sections of an installment sale contract-correct-answer-Section A) General
Information -- Identifies the parties to the agreement.



Section B) Mandated Disclosures -- Disclosures required by TILA


Section C) Insurance-Related Disclosures --Credit insurance is optional


Section D) Signature Blocks - Notice to Buyer Disclosures --Bind all parties to
contract




The introductory information and promise to pay contained in Section A of Retail
Installment Form-correct-answer-Promise to Pay - This section outlines the
purpose of the transaction and the primary obligations that will be incurred from
signing the contract.

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Number of pages
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