AFIP Certification questions with verfied answers
_____ is not a required disclosure on a lease because it uses a
_________ Ans✓✓✓ APR; money factor
________ waives the deficiency; _______ pays the deficiency Ans✓✓✓
GAP waiver; GAP insurance
2 types of Negative Equity methods Ans✓✓✓ Gross & Net
2 ways to protect the finance source (involving insurance) Ans✓✓✓
Force-place insurance, Accelerate the balance
3 elements of a contract Ans✓✓✓ offer, acceptance, consideration
3 elements of a monthly lease payment Ans✓✓✓ Rent charge
Amortized amounts (such as taxes)
Depreciation
5 Documents that must have signatures Ans✓✓✓ 1) buyer order
2) lease order
3) co-signer notice
4) installment contract
5) lease agreement
,8300 Cash Reporting: penzlties Ans✓✓✓ - failure to file one form =
$270
- intentional disregard = $27,350 - $109k
- criminal intent = up to $500k, 5 years in jail
8300 Cash Reporting: Suspicious Transaction Ans✓✓✓ - checkmark
box at top
- do not tell customer
- no notice sent
8300 Cash Reporting: TIN Section - needs one of these 3 numbers
(*with 2 exceptions) Ans✓✓✓ - SSN, ITIN, EIN
-* if customer refuses to provide social, you write in the comments box
that they refused
-* if alien doesn't have a ITIN, you will record their ID information in
section #27
8300 Cash Reporting: what is cash? what isn't cash? Ans✓✓✓ - US or
foreign currency
- money instrument $10k or less
- not cash: personal check, wire, proceeds of loan, money instruments
over $10k
, 8300 Cash Reporting: when to file? Ans✓✓✓ - when receiving $10k or
more in "cash"
- related transaction = 24 hours
- ttl. amt. received in cash over a 12-mo period
- money received but sale doesn't happen/money refunds
- must be filed within 15 days
Accelerate the balance Ans✓✓✓ Make the full loan amount due &
payable
Advertising (Leases): if using any of the triggering terms, must include
(4 things) Ans✓✓✓ - state it's a lease
- disclose total amount due
- payment schedule
- whether a security deposit is required
Advertising (Leases): triggering terms (3 things) Ans✓✓✓ - amt. of any
pmt.
- "no pmt. required"
- any cap cost reduction
_____ is not a required disclosure on a lease because it uses a
_________ Ans✓✓✓ APR; money factor
________ waives the deficiency; _______ pays the deficiency Ans✓✓✓
GAP waiver; GAP insurance
2 types of Negative Equity methods Ans✓✓✓ Gross & Net
2 ways to protect the finance source (involving insurance) Ans✓✓✓
Force-place insurance, Accelerate the balance
3 elements of a contract Ans✓✓✓ offer, acceptance, consideration
3 elements of a monthly lease payment Ans✓✓✓ Rent charge
Amortized amounts (such as taxes)
Depreciation
5 Documents that must have signatures Ans✓✓✓ 1) buyer order
2) lease order
3) co-signer notice
4) installment contract
5) lease agreement
,8300 Cash Reporting: penzlties Ans✓✓✓ - failure to file one form =
$270
- intentional disregard = $27,350 - $109k
- criminal intent = up to $500k, 5 years in jail
8300 Cash Reporting: Suspicious Transaction Ans✓✓✓ - checkmark
box at top
- do not tell customer
- no notice sent
8300 Cash Reporting: TIN Section - needs one of these 3 numbers
(*with 2 exceptions) Ans✓✓✓ - SSN, ITIN, EIN
-* if customer refuses to provide social, you write in the comments box
that they refused
-* if alien doesn't have a ITIN, you will record their ID information in
section #27
8300 Cash Reporting: what is cash? what isn't cash? Ans✓✓✓ - US or
foreign currency
- money instrument $10k or less
- not cash: personal check, wire, proceeds of loan, money instruments
over $10k
, 8300 Cash Reporting: when to file? Ans✓✓✓ - when receiving $10k or
more in "cash"
- related transaction = 24 hours
- ttl. amt. received in cash over a 12-mo period
- money received but sale doesn't happen/money refunds
- must be filed within 15 days
Accelerate the balance Ans✓✓✓ Make the full loan amount due &
payable
Advertising (Leases): if using any of the triggering terms, must include
(4 things) Ans✓✓✓ - state it's a lease
- disclose total amount due
- payment schedule
- whether a security deposit is required
Advertising (Leases): triggering terms (3 things) Ans✓✓✓ - amt. of any
pmt.
- "no pmt. required"
- any cap cost reduction
