AFIP Final Exam Prep – Questions With Accurate
Solutions
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Terms in this set (113)
1. Offer
What are the three
2. Acceptance
elements of a contract
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
2) if the sales transaction is in spanish, the buyers
guide
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 you must indicated on the contract that it is eligible
qualifies for a service for the service contract
contract
1) how to get the history on the vehicle
There are two websites on
2) How to find out if any open recalls have been
the buyers guide
issued
Vehicle conditions on the You must have an updated condition report on the
buyers guide buyers guide
on the back of the buyers 1) the dealership rep name
guide: complaints after 2) Phone number
sale contact lists: 3) Job Title
Third party warranty 1) check "no dealer warranty" Box
company disclosures: 2) Check "Other used vehicle warranty" Box
, The maximum penalty for $43,792
violating the used car rule
is:
1) Cashiers Check
2) Bank Draft
IRS 8300 Form: What is
3) Travelers Check
Cash?
4)the amount of $9,500 but this is not required to be
submitted to the 8300
Which of the following - The customer paid $15,000 cash down but the sale
requires IRS 8300: did not take place
The total amount received in cash in a 12 month
Buy Here Pay Here 8300: period that is over $10,000 needs to be listed on the
IRS 8300
How to identify the - SSN
customer on the IRS 8300 - ITIN
Form? - EIN
- You cannot tell the customer you filled out the 8300
Suspicious Transaction IRS form
8300 Form requirements: - you do not send the customer a letter explaining the
form was submitted
Non-resident alien - Passport number
identification - Drivers License number
What happens when a write on the form "customer refused to give SSN" and
customer refuses to give get their drivers license number
SSN number:
negligent failure to fill out Fined $280 per return
form IRS8300:
- Fines up to $100,000 (individual) and $500,000
Criminal Penalties with
(corporation)
regards to a material
- up to 5 years in jail
matter (IRS8300):
- Costs of prosecution
Solutions
Save
Terms in this set (113)
1. Offer
What are the three
2. Acceptance
elements of a contract
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
2) if the sales transaction is in spanish, the buyers
guide
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 you must indicated on the contract that it is eligible
qualifies for a service for the service contract
contract
1) how to get the history on the vehicle
There are two websites on
2) How to find out if any open recalls have been
the buyers guide
issued
Vehicle conditions on the You must have an updated condition report on the
buyers guide buyers guide
on the back of the buyers 1) the dealership rep name
guide: complaints after 2) Phone number
sale contact lists: 3) Job Title
Third party warranty 1) check "no dealer warranty" Box
company disclosures: 2) Check "Other used vehicle warranty" Box
, The maximum penalty for $43,792
violating the used car rule
is:
1) Cashiers Check
2) Bank Draft
IRS 8300 Form: What is
3) Travelers Check
Cash?
4)the amount of $9,500 but this is not required to be
submitted to the 8300
Which of the following - The customer paid $15,000 cash down but the sale
requires IRS 8300: did not take place
The total amount received in cash in a 12 month
Buy Here Pay Here 8300: period that is over $10,000 needs to be listed on the
IRS 8300
How to identify the - SSN
customer on the IRS 8300 - ITIN
Form? - EIN
- You cannot tell the customer you filled out the 8300
Suspicious Transaction IRS form
8300 Form requirements: - you do not send the customer a letter explaining the
form was submitted
Non-resident alien - Passport number
identification - Drivers License number
What happens when a write on the form "customer refused to give SSN" and
customer refuses to give get their drivers license number
SSN number:
negligent failure to fill out Fined $280 per return
form IRS8300:
- Fines up to $100,000 (individual) and $500,000
Criminal Penalties with
(corporation)
regards to a material
- up to 5 years in jail
matter (IRS8300):
- Costs of prosecution
