2025-2026 AFIP Final and Practice Tests – Complete Realistic Questions
with Accurate and verified - Detailed Answers Keys for Exam Success
Graded A+.
What are the three elements of a contract - - ANS - -1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide - - ANS - -1)There is a statement at the back of the buyers
guide that explains the customer to ask for a spanish guide if needed
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 contract - - ANS - -you must indicated on the
contract that it is eligible for the service contract
There are two websites on the buyers guide - - ANS - -1) how to get the history on the
vehicle
2) How to find out if any open recalls have been issued
Vehicle conditions on the buyers guide - - ANS - -You must have an updated condition report
on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: - - ANS - -1) the
dealership rep name
2) Phone number
3) Job Title
,Third party warranty company disclosures: - - ANS - -1) check "no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: - - ANS - -$43,792
IRS 8300 Form: What is Cash? - - ANS - -1) Cashiers Check
2) Bank Draft
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: - - ANS - -- The customer paid $15,000 cash down
but the sale did not take place
Buy Here Pay Here 8300: - - ANS - -The total amount received in cash in a 12 month period
that is over $10,000 needs to be listed on the IRS 8300
How to identify the customer on the IRS 8300 Form? - - ANS - -- SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: - - ANS - -- You cannot tell the
customer you filled out the 8300 form
- you do not send the customer a letter explaining the form was submitted
Non-resident alien identification - - ANS - -- Passport number
, - Drivers License number
What happens when a customer refuses to give SSN number: - - ANS - -write on the form
"customer refused to give SSN" and get their drivers license number
negligent failure to fill out form IRS8300: - - ANS - -Fined $280 per return
Criminal Penalties with regards to a material matter (IRS8300): - - ANS - -- Fines up to
$100,000 (individual) and $500,000 (corporation)
- up to 5 years in jail
- Costs of prosecution
The Financial Privacy Rule States: - - ANS - -You give a privacy notice to all Customers
financial privacy safe harbor requirement - - ANS - -Dealer must print the privacy notice on
a form bill
financial privacy safegaurds rule states: - - ANS - -the seller must protect the information
given by the customer
any information found on the internet is: - - ANS - -public information
financial privacy safegaurds rule requirements: - - ANS - -- ensure the security and
confidentiality of customer information
- ensure the protection of this information from anticipated threats and hazards
- ensure the protection against unauthorized access
with Accurate and verified - Detailed Answers Keys for Exam Success
Graded A+.
What are the three elements of a contract - - ANS - -1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide - - ANS - -1)There is a statement at the back of the buyers
guide that explains the customer to ask for a spanish guide if needed
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 contract - - ANS - -you must indicated on the
contract that it is eligible for the service contract
There are two websites on the buyers guide - - ANS - -1) how to get the history on the
vehicle
2) How to find out if any open recalls have been issued
Vehicle conditions on the buyers guide - - ANS - -You must have an updated condition report
on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: - - ANS - -1) the
dealership rep name
2) Phone number
3) Job Title
,Third party warranty company disclosures: - - ANS - -1) check "no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: - - ANS - -$43,792
IRS 8300 Form: What is Cash? - - ANS - -1) Cashiers Check
2) Bank Draft
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: - - ANS - -- The customer paid $15,000 cash down
but the sale did not take place
Buy Here Pay Here 8300: - - ANS - -The total amount received in cash in a 12 month period
that is over $10,000 needs to be listed on the IRS 8300
How to identify the customer on the IRS 8300 Form? - - ANS - -- SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: - - ANS - -- You cannot tell the
customer you filled out the 8300 form
- you do not send the customer a letter explaining the form was submitted
Non-resident alien identification - - ANS - -- Passport number
, - Drivers License number
What happens when a customer refuses to give SSN number: - - ANS - -write on the form
"customer refused to give SSN" and get their drivers license number
negligent failure to fill out form IRS8300: - - ANS - -Fined $280 per return
Criminal Penalties with regards to a material matter (IRS8300): - - ANS - -- Fines up to
$100,000 (individual) and $500,000 (corporation)
- up to 5 years in jail
- Costs of prosecution
The Financial Privacy Rule States: - - ANS - -You give a privacy notice to all Customers
financial privacy safe harbor requirement - - ANS - -Dealer must print the privacy notice on
a form bill
financial privacy safegaurds rule states: - - ANS - -the seller must protect the information
given by the customer
any information found on the internet is: - - ANS - -public information
financial privacy safegaurds rule requirements: - - ANS - -- ensure the security and
confidentiality of customer information
- ensure the protection of this information from anticipated threats and hazards
- ensure the protection against unauthorized access
