AFIP Test Final Exam and Practice Exam
Questions 2026/2027 – Newest Actual
Exam | Complete 450 Questions with
Detailed Verified Answers
What are the three elements of a contract -CORRECTANSWER 1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide -CORRECTANSWER 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 -CORRECTANSWER you must
indicated on the contract that it is eligible for the service contract
There are two websites on the buyers guide -CORRECTANSWER 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 -CORRECTANSWER You must have an
updated condition report on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: -
CORRECTANSWER 1) the dealership rep name
2) Phone number
3) Job Title
Third party warranty company disclosures: -CORRECTANSWER 1) check "no dealer
warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: -CORRECTANSWER $43,792
IRS 8300 Form: What is Cash? -CORRECTANSWER 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: -CORRECTANSWER - The customer paid
$15,000 cash down but the sale did not take place
, Buy Here Pay Here 8300: -CORRECTANSWER 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? -CORRECTANSWER - SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: -CORRECTANSWER - 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 -CORRECTANSWER - Passport number
- Drivers License number
What happens when a customer refuses to give SSN number: -CORRECTANSWER
write on the form "customer refused to give SSN" and get their drivers license number
negligent failure to fill out form IRS8300: -CORRECTANSWER Fined $280 per return
Criminal Penalties with regards to a material matter (IRS8300): -CORRECTANSWER -
Fines up to $100,000 (individual) and $500,000 (corporation)
- up to 5 years in jail
- Costs of prosecution
Questions 2026/2027 – Newest Actual
Exam | Complete 450 Questions with
Detailed Verified Answers
What are the three elements of a contract -CORRECTANSWER 1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide -CORRECTANSWER 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 -CORRECTANSWER you must
indicated on the contract that it is eligible for the service contract
There are two websites on the buyers guide -CORRECTANSWER 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 -CORRECTANSWER You must have an
updated condition report on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: -
CORRECTANSWER 1) the dealership rep name
2) Phone number
3) Job Title
Third party warranty company disclosures: -CORRECTANSWER 1) check "no dealer
warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: -CORRECTANSWER $43,792
IRS 8300 Form: What is Cash? -CORRECTANSWER 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: -CORRECTANSWER - The customer paid
$15,000 cash down but the sale did not take place
, Buy Here Pay Here 8300: -CORRECTANSWER 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? -CORRECTANSWER - SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: -CORRECTANSWER - 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 -CORRECTANSWER - Passport number
- Drivers License number
What happens when a customer refuses to give SSN number: -CORRECTANSWER
write on the form "customer refused to give SSN" and get their drivers license number
negligent failure to fill out form IRS8300: -CORRECTANSWER Fined $280 per return
Criminal Penalties with regards to a material matter (IRS8300): -CORRECTANSWER -
Fines up to $100,000 (individual) and $500,000 (corporation)
- up to 5 years in jail
- Costs of prosecution
