AFIP Basic Certification Study Guide Questions and
accurate Answers Update 2027 Grade A+(100%
Correct)
Car is on the lot marked AS-IS, but the sales person throws in a 3/3 warranty
You have to redo the BG
Complaints after the Sale on BG
1. Name of individual
2. Phone number of that individual
3. Title of individual
3rd Party Warranty Co.
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
$43972
What is considered cash?
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
total amount received in a 12 month period that exceeds $10k cash
Standard for related purchase
total amt received in a 24 hour period
Tax Payer ID number
1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction
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
1. DL
2. Passport Number
Penalty for negligent failure- Tax form
$270
, Penalty for willful non-compliance- Tax Form
1. minimum fine $27350 up to $109000
2. Up to $500 for a corporation
Penalty for criminal intent- tax form
imprisonment of up to 5 years plus the cost of prosecution.
Gramm-Leach Bliley Act
this implements the Financial Privacy Rule and the Safeguards Rule.
Safeguards Rule
have to protect all non-public personal information from unauthorized disclosure or theft.
Public Information
1. what I can find in the phone book.
2. or on the internet
Requirements of the Safeguards Rule
1. to insure the security and confidentiality of both consumer and customer info.
2. protect against anticipated threats or hazards.
accurate Answers Update 2027 Grade A+(100%
Correct)
Car is on the lot marked AS-IS, but the sales person throws in a 3/3 warranty
You have to redo the BG
Complaints after the Sale on BG
1. Name of individual
2. Phone number of that individual
3. Title of individual
3rd Party Warranty Co.
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
$43972
What is considered cash?
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
total amount received in a 12 month period that exceeds $10k cash
Standard for related purchase
total amt received in a 24 hour period
Tax Payer ID number
1. SSN
2. Individual Taxpayer Number (ITN)
3. Employer ID Number (EIDN)
Suspension Transaction
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
1. DL
2. Passport Number
Penalty for negligent failure- Tax form
$270
, Penalty for willful non-compliance- Tax Form
1. minimum fine $27350 up to $109000
2. Up to $500 for a corporation
Penalty for criminal intent- tax form
imprisonment of up to 5 years plus the cost of prosecution.
Gramm-Leach Bliley Act
this implements the Financial Privacy Rule and the Safeguards Rule.
Safeguards Rule
have to protect all non-public personal information from unauthorized disclosure or theft.
Public Information
1. what I can find in the phone book.
2. or on the internet
Requirements of the Safeguards Rule
1. to insure the security and confidentiality of both consumer and customer info.
2. protect against anticipated threats or hazards.
