JACKLINE
AFIP FINAL EXAM PREP WITH QUESTIONS AND 100% SURE ANSWERS
Terms in this set (113)
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 service you must indicated on the contract that it is eligible for the service contract
contract
1) how to get the history on the vehicle
There are two websites on the buyers guide
2) How to find out if any open recalls have been issued
Vehicle conditions on the buyers guide You must have an updated condition report on the buyers guide
1) the dealership rep name
on the back of the buyers guide: complaints after
2) Phone number
sale contact lists: 3) Job Title
AFIP FINAL EXAM PREP
1/9
, 1) check "no dealer warranty" Box
Third party warranty company disclosures:
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car $43,792
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
Which of the following requires IRS 8300: - The customer paid $15,000 cash down but the sale did not take place
The total amount received in cash in a 12 month period that is over $10,000 needs to be listed on
Buy Here Pay Here 8300:
the IRS 8300
- SSN
How to identify the customer on the IRS 8300
- ITIN
Form?
- EIN
Suspicious Transaction IRS 8300 Form - You cannot tell the customer you filled out the 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 give write on the form "customer refused to give SSN" and get their drivers license number
SSN number:
negligent failure to fill out form IRS8300: Fined $280 per return
- Fines up to $100,000 (individual) and $500,000 (corporation)
Criminal Penalties with regards to a material
- up to 5 years in jail
matter (IRS8300):
- Costs of prosecution
The Financial Privacy Rule States: You give a privacy notice to all Customers
financial privacy safe harbor requirement Dealer must print the privacy notice on a form bill
financial privacy safegaurds rule states: the seller must protect the information given by the customer
any information found on the internet is: public information
AFIP FINAL EXAM PREP
2/9
AFIP FINAL EXAM PREP WITH QUESTIONS AND 100% SURE ANSWERS
Terms in this set (113)
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 service you must indicated on the contract that it is eligible for the service contract
contract
1) how to get the history on the vehicle
There are two websites on the buyers guide
2) How to find out if any open recalls have been issued
Vehicle conditions on the buyers guide You must have an updated condition report on the buyers guide
1) the dealership rep name
on the back of the buyers guide: complaints after
2) Phone number
sale contact lists: 3) Job Title
AFIP FINAL EXAM PREP
1/9
, 1) check "no dealer warranty" Box
Third party warranty company disclosures:
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car $43,792
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
Which of the following requires IRS 8300: - The customer paid $15,000 cash down but the sale did not take place
The total amount received in cash in a 12 month period that is over $10,000 needs to be listed on
Buy Here Pay Here 8300:
the IRS 8300
- SSN
How to identify the customer on the IRS 8300
- ITIN
Form?
- EIN
Suspicious Transaction IRS 8300 Form - You cannot tell the customer you filled out the 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 give write on the form "customer refused to give SSN" and get their drivers license number
SSN number:
negligent failure to fill out form IRS8300: Fined $280 per return
- Fines up to $100,000 (individual) and $500,000 (corporation)
Criminal Penalties with regards to a material
- up to 5 years in jail
matter (IRS8300):
- Costs of prosecution
The Financial Privacy Rule States: You give a privacy notice to all Customers
financial privacy safe harbor requirement Dealer must print the privacy notice on a form bill
financial privacy safegaurds rule states: the seller must protect the information given by the customer
any information found on the internet is: public information
AFIP FINAL EXAM PREP
2/9
