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AFIP CERTIFICATION EXAM LATEST 2025/2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
The Statute of Frauds - ANSWER-Generally requires that all
contracts involving the sale of goods for a price of $500 or more
be in writing.
The Statute of Frauds requires a written contract for the sale of
goods for a price of _______ or more. - ANSWER-$500
What is required in order for the parties (the individuals entering
into the contract) to have "legal capacity?" - 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: -
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
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3. The act of fraudulent inducement
What is "consideration" as it applies to a contract? - ANSWER-
The requirement that each party to the contract receives
something of value in exchange for what is given.
Finance Charge - 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.
How the Itemization of Amount Financed is completed -
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 - ANSWER-Section
A) General Information -- Identifies the parties to the agreement.
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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 - ANSWER-Promise to Pay -
This section outlines the purpose of the transaction and the
primary obligations that will be incurred from signing the contract.
The difference between full or partial recourse and no recourse
assignments. - ANSWER-Essentially determines the length of
time, if any, the seller is responsible for the actions of the buyer.
Warranty disclaimers do not apply to _______ warranties on new
or used vehicles to which that warranty still applies. - ANSWER-
Manufacturer's
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A(n) _______ clause allows the creditor to declare the entire
outstanding balance due and payable. - ANSWER-Acceleration
As recorded on an installment sale agreement, the total sale price
or deferred contract price would be the total of the ________. -
ANSWER--Payments
-Downpayment
-Net Trade-In
Which is NOT listed as a mandated TILA box disclosure? -
ANSWER-Holder-in-Due Course Notice
In most states, the _______ is deemed to be part of the purchase
agreement. - ANSWER-Buyer's Guide
(True/False) Because the late charges that may be imposed on
an installment sale agreement are regulated at the state level, the
amount of the late charge is NOT a required disclosure item. -
ANSWER-False
AFIP CERTIFICATION EXAM LATEST 2025/2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
The Statute of Frauds - ANSWER-Generally requires that all
contracts involving the sale of goods for a price of $500 or more
be in writing.
The Statute of Frauds requires a written contract for the sale of
goods for a price of _______ or more. - ANSWER-$500
What is required in order for the parties (the individuals entering
into the contract) to have "legal capacity?" - 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: -
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
,2|Page
3. The act of fraudulent inducement
What is "consideration" as it applies to a contract? - ANSWER-
The requirement that each party to the contract receives
something of value in exchange for what is given.
Finance Charge - 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.
How the Itemization of Amount Financed is completed -
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 - ANSWER-Section
A) General Information -- Identifies the parties to the agreement.
,3|Page
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 - ANSWER-Promise to Pay -
This section outlines the purpose of the transaction and the
primary obligations that will be incurred from signing the contract.
The difference between full or partial recourse and no recourse
assignments. - ANSWER-Essentially determines the length of
time, if any, the seller is responsible for the actions of the buyer.
Warranty disclaimers do not apply to _______ warranties on new
or used vehicles to which that warranty still applies. - ANSWER-
Manufacturer's
, 4|Page
A(n) _______ clause allows the creditor to declare the entire
outstanding balance due and payable. - ANSWER-Acceleration
As recorded on an installment sale agreement, the total sale price
or deferred contract price would be the total of the ________. -
ANSWER--Payments
-Downpayment
-Net Trade-In
Which is NOT listed as a mandated TILA box disclosure? -
ANSWER-Holder-in-Due Course Notice
In most states, the _______ is deemed to be part of the purchase
agreement. - ANSWER-Buyer's Guide
(True/False) Because the late charges that may be imposed on
an installment sale agreement are regulated at the state level, the
amount of the late charge is NOT a required disclosure item. -
ANSWER-False
