AFIP TEST QUESTIONS & ACCURATE
COMPLETE SOLUTIONS PASSED
100%
Payment Packing - Correct Answer ✔✔ 1.Can't give leg
2. UDAP claim
3. Against the law in CA
4. Against AFIP code of ethics
PowerBooking - Correct Answer ✔✔ 1. violation of the dealer agreement
2. have to buy back the deal
3. problem if the car is repossessed
4. UDAP claim
5. Funding sources have software to identify equipment
6. Lose AFIP certification
3 Elements of a Contract - Correct Answer ✔✔ 1. Offer
2. Acceptance
3. Consideration
Spanish Language Transactions (Buyers Guide) - Correct Answer ✔✔ 1. In the English
version of the BG there is a setence in Spanish that tells a customer he can get a
Spanish BG if he wants one.
2. if the transaction is in the Spanish, the BG has to be in Spanish.
3. if your pursuing the Spanish market, you should have both English and Spanish
buyers guides on the cars.
Buyers Guide - Correct Answer ✔✔ The BG cannot be the sole source of warranty
information
Implied Warranty State - Correct Answer ✔✔ *In an implied warranty state, state law will
override the provisions of a service contract
2 Provisions on the BG - Correct Answer ✔✔ 1. a website to get the history on the
vehicle
2. a website about safety recalls
Car is on the lot marked AS-IS, but the sales person throws in a 3/3 warranty - Correct
Answer ✔✔ You have to redo the BG
Complaints after the Sale on BG - Correct Answer ✔✔ 1. Name of individual
2. Phone number of that individual
, 3. Title of individual
3rd Party Warranty Co. - Correct Answer ✔✔ 1. Dealer would record, "no dealer
warranty."
2. Check the box for "other used vehicle warranty."
The max penalty for violating the Used Car Rule - Correct Answer ✔✔ $43972
What is considered cash? - Correct Answer ✔✔ 1. cashier's check
2. Bank draft
3. Travelers check
4. money order
5. with a fact amount of less than $10k paid on a car costing more than $10k
6. Anything that represents cleared funds is not considered cash.
Buy Here Pay Here Dealer - Correct Answer ✔✔ total amount received in a 12 month
period that exceeds $10k cash
Standard for related purchase - Correct Answer ✔✔ total amt received in a 24 hour
period
Tax Payer ID number - Correct Answer ✔✔ 1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction - Correct Answer ✔✔ 1. Don't tell them that you are going to fill
out the form, even if they ask.
2. You don't send a letter to the customer
Non-Resident Alien - Correct Answer ✔✔ 1. DL
2. Passport Number
Penalty for negligent failure- Tax form - Correct Answer ✔✔ $270
Penalty for willful non-compliance- Tax Form - Correct Answer ✔✔ 1. minimum fine
$27350 up to $109000
2. Up to $500 for a corporation
Penalty for criminal intent- tax form - Correct Answer ✔✔ imprisonment of up to 5 years
plus the cost of prosecution.
Gramm-Leach Bliley Act - Correct Answer ✔✔ this implements the Financial Privacy
Rule and the Safeguards Rule.
Safeguards Rule - Correct Answer ✔✔ have to protect all non-public personal
information from unauthorized disclosure or theft.
COMPLETE SOLUTIONS PASSED
100%
Payment Packing - Correct Answer ✔✔ 1.Can't give leg
2. UDAP claim
3. Against the law in CA
4. Against AFIP code of ethics
PowerBooking - Correct Answer ✔✔ 1. violation of the dealer agreement
2. have to buy back the deal
3. problem if the car is repossessed
4. UDAP claim
5. Funding sources have software to identify equipment
6. Lose AFIP certification
3 Elements of a Contract - Correct Answer ✔✔ 1. Offer
2. Acceptance
3. Consideration
Spanish Language Transactions (Buyers Guide) - Correct Answer ✔✔ 1. In the English
version of the BG there is a setence in Spanish that tells a customer he can get a
Spanish BG if he wants one.
2. if the transaction is in the Spanish, the BG has to be in Spanish.
3. if your pursuing the Spanish market, you should have both English and Spanish
buyers guides on the cars.
Buyers Guide - Correct Answer ✔✔ The BG cannot be the sole source of warranty
information
Implied Warranty State - Correct Answer ✔✔ *In an implied warranty state, state law will
override the provisions of a service contract
2 Provisions on the BG - Correct Answer ✔✔ 1. a website to get the history on the
vehicle
2. a website about safety recalls
Car is on the lot marked AS-IS, but the sales person throws in a 3/3 warranty - Correct
Answer ✔✔ You have to redo the BG
Complaints after the Sale on BG - Correct Answer ✔✔ 1. Name of individual
2. Phone number of that individual
, 3. Title of individual
3rd Party Warranty Co. - Correct Answer ✔✔ 1. Dealer would record, "no dealer
warranty."
2. Check the box for "other used vehicle warranty."
The max penalty for violating the Used Car Rule - Correct Answer ✔✔ $43972
What is considered cash? - Correct Answer ✔✔ 1. cashier's check
2. Bank draft
3. Travelers check
4. money order
5. with a fact amount of less than $10k paid on a car costing more than $10k
6. Anything that represents cleared funds is not considered cash.
Buy Here Pay Here Dealer - Correct Answer ✔✔ total amount received in a 12 month
period that exceeds $10k cash
Standard for related purchase - Correct Answer ✔✔ total amt received in a 24 hour
period
Tax Payer ID number - Correct Answer ✔✔ 1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction - Correct Answer ✔✔ 1. Don't tell them that you are going to fill
out the form, even if they ask.
2. You don't send a letter to the customer
Non-Resident Alien - Correct Answer ✔✔ 1. DL
2. Passport Number
Penalty for negligent failure- Tax form - Correct Answer ✔✔ $270
Penalty for willful non-compliance- Tax Form - Correct Answer ✔✔ 1. minimum fine
$27350 up to $109000
2. Up to $500 for a corporation
Penalty for criminal intent- tax form - Correct Answer ✔✔ imprisonment of up to 5 years
plus the cost of prosecution.
Gramm-Leach Bliley Act - Correct Answer ✔✔ this implements the Financial Privacy
Rule and the Safeguards Rule.
Safeguards Rule - Correct Answer ✔✔ have to protect all non-public personal
information from unauthorized disclosure or theft.
