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AFIP FINAL EXAM PREP QUESTIONS WITH 100% SOLVED ANSWERS!!
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AFIP FINAL EXAM PREP QUESTIONS WITH 100% SOLVED ANSWERS!!
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AFIP FINALEXAM PREP
QUESTIONS
WITH 100%
SOLVED
Evatee 9/10/24 AFIP
,AFIP FINAL EXAM PREP QUESTIONS WITH
100% SOLVED ANSWERS!!
What are the three elements of a contract Answer - 1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide Answer - 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 Answer - you must
indicated on the contract that it is eligible for the service contract
There are two websites on the buyers guide Answer - 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 Answer - You must have an updated
condition report on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: Answer - 1)
the dealership rep name
2) Phone number
, 3) Job Title
Third party warranty company disclosures: Answer - 1) check "no dealer
warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: Answer - $43,792
IRS 8300 Form: What is Cash? Answer - 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: Answer - - The customer paid
$15,000 cash down but the sale did not take place
Buy Here Pay Here 8300: Answer - 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? Answer - - SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: Answer - - You cannot tell
the customer you filled out the 8300 form
- you do not send the customer a letter explaining the form was submitted
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