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AFIP Test Latest 2025-2026. Questions & Correct Answers. Graded A, Exams of Business Systems

Aberystwyth UniversityBusiness Systems

AFIP Test Latest 2025-2026. Questions & Correct Answers. Graded A

Typology: Exams

2024/2025

Available from 04/26/2025

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AFIP Test Latest 2025-2026. Questions &
Correct Answers. Graded A
2 Provisions on the BG – ANS
1. a website to get the history on the vehicle
2. a website about safety recalls
2 regulations that implement the Adverse Action Notice – ANS
- Fair Credit Reporting Act (FCRA)
- Equal Credit Opportunity Act (ECOA)
3 Elements of a Contract - ANS1. Offer
2. Acceptance
3. Consideration
3 Elements of a Lease - ANS1. Rent charge
2. depreciation
3. any advertised amounts
3rd Party Warranty Co. - ANS1. Dealer would record, "no dealer warranty."
2. Check the box for "other used vehicle warranty."
Actual OFAC Hit - ANS- can't delivery the car
- notify OFAC in writing within 10 business days.
- keep copies of all paperwork.
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AFIP Test Latest 2025-2026. Questions &

Correct Answers. Graded A

2 Provisions on the BG – ANS

  1. a website to get the history on the vehicle
  2. a website about safety recalls 2 regulations that implement the Adverse Action Notice – ANS
  • Fair Credit Reporting Act (FCRA)
  • Equal Credit Opportunity Act (ECOA) 3 Elements of a Contract - ANS1. Offer
  1. Acceptance
  2. Consideration 3 Elements of a Lease - ANS1. Rent charge
  3. depreciation
  4. any advertised amounts 3rd Party Warranty Co. - ANS1. Dealer would record, "no dealer warranty."
  5. Check the box for "other used vehicle warranty." Actual OFAC Hit - ANS- can't delivery the car
  • notify OFAC in writing within 10 business days.
  • keep copies of all paperwork.

Adverse Action Notices - ANS- if the dealer is the creditor, he has to send the notice

  • you have to send it within 30 days of a completed request for credit. An Ad - ANSanything that you intend for only 1 person, is not an Ad. Bird Dog Program - ANSCan't call them without getting their permission BK - ANSstays on your credit report for 10 years Bona Fide Error - ANSa legitimate mistake as a defense in a civil law suit. Buy Here Pay Here Dealer - ANStotal amount received in a 12 month period that exceeds $10k cash Buyers Guide - ANSThe BG cannot be the sole source of warranty information Car is on the lot marked AS-IS, but the sales person throws in a 3/ warranty - ANSYou have to redo the BG Commercial E-mail (Can-SPAM) - ANS1. you can't send something with a fraudulent FROM line.
  1. you can't have a fraudulent SUBJECT line.
  2. you have to have ADV. Stands for advertising.
  3. you have to have an OPT-OUT provision.
  1. stays in force forever until it is thawed.
  2. if you contact the credit reporting agency by phone or online, they will release within 1 hour. Credit Practices Rule/Late Charges - ANS- you can charge a late charge when a payment is made late.
  • can't change a late charge on a late charge (no pyramiding)
  • payment missed entirely
  1. Can charge a late charge on all subsequent payments until it is brought current.
  2. payment can be deferred to the end of the contract. Credit Practices/Co-Signer Rule - ANS- must be in writing
  • must be in the same language as the installment sale agreement
  • a co-signer and co-buyer are not the same thing. Customer disputes the accuracy of the info on a credit report - ANS- file a brief statement with the reporting agency
  • agency must conduct a reasonable investigation
  • within 30 days they must confirm it or remove it. Customer says "Don't call me again." - ANS1. If on the National Do-not-Call list, you can't call them forever.
  1. If NOT on the Do-Not-Call List, you can't call them for 60 months. Customer sues the dealer, what can he get? - ANS- plaintiff's actual monetary damages
  • statutory damages
  • attorney's fee and court costs Deferred Down Payment/Hold Check - ANS1. whatever side deal you cut with the customer, all hold checks have to be cashed before the 2nd monthly payment.
  1. Can't charge a finance charge on the hold check money.
  2. The hold check money is not recorded in the amount financed.
  3. it's a deferred down payment.
  4. only in CA, do you record it on the contract. Do-not-call List - ANS1.If you have an established business relationship, you can call the customer within 18 months of the last transaction.
  5. Customer leaves the name and phone number at the dealership, you can call them within 90 days of being in the store. Failure to comply with the Privacy Rule or Safeguards Rule - ANS1. enforcement by the Federal Trade Commission (FTC)
  6. UDAP claim
  7. an individual cannot sue you under the rule. Federal Emissions - ANS1. everything is covered for 2/
  8. Major components covered 8/
  9. Major compenents include- cats, ECU )Electronic Emissions Control unit) and Onboard Emissions Diagnostic Device (OBD)

Holder in Due Course Rule - ANS1. whatever the customer can do to the selling dealer, he can do to the lienholder.

  1. you don't gain any warranty protection.
  2. The most amount of money you can get is only what the customer paid. How long can you extend a lease? - ANSmax term extension is 6 months How long do you keep credit apps on woman owned/minority owned/ small businesses - ANS36 months Implied Warranty State - ANS*In an implied warranty state, state law will override the provisions of a service contract Medical information - ANS- stays on credit report for 7 years
  • only shows if you are past due
  • cannot identify the nature of the illness or the services provided. Negative Equity - ANS1. you can't have a negative down payment.
  1. you can't increase the price of the vehicle or trade in order to bury the negative equity.
  2. you can show the negative equity as either gross or net. Non-Resident Alien - ANS1. DL
  3. Passport Number OFAC - ANScannot do business with anybody on the Specially Designated Nationals List (SDNL) or Blocked Person's List

OFAC Hit - ANS- follow the CRM process

  • make sure that you are looking at the official list.
  • inspect the quality of the hit
  • do what you need to do to clear the hit Payment Packing - ANS1.Can't give leg
  1. UDAP claim
  2. Against the law in CA
  3. Against AFIP code of ethics Penalty for criminal intent- tax form - ANSimprisonment of up to 5 years plus the cost of prosecution. Penalty for negligent failure- Tax form - ANS$ Penalty for willful non-compliance- Tax Form - ANS1. minimum fine $ up to $
  4. Up to $500 for a corporation PowerBooking - ANS1. violation of the dealer agreement
  5. have to buy back the deal
  6. problem if the car is repossessed
  7. UDAP claim
  8. Funding sources have software to identify equipment
  9. Lose AFIP certification

Statute of Limitations - ANS- 1 year from the date of disclosure on a sales agreement

  • 1 year from the end of a lease agreement. Suspension Transaction - ANS1. Don't tell them that you are going to fill out the form, even if they ask.
  1. You don't send a letter to the customer Tax Liens and Civil Judgements - ANSno longer show up on the credit report Tax Payer ID number - ANS1. SSN
  2. Individual Taxpayer Number (ITN)
  3. Employer ID Number (EIDN) The max penalty for violating the Used Car Rule - ANS$ Total Sale Price - ANS1. always the largest number on the contract.
  4. it included the total of the payments
  5. cash or cash equivalent down and the net trade in. Triggering terms for a Consumer Lease Ad - ANS- statement of any cap cost reduction due at delivery.
  • no payment is due at delivery
  • amount of any payment. Triggering terms for an Ad - ANS1. amount or % of any down payment
  1. the number of payments or contract term.
  2. the amount of any finance charge. VSC - ANS1. its an agreement between the customer and an obligor.
  3. Obligor can be the selling dealer, service contract admin, vehicle manufacturer or funding source. It's can't be an insurance company. What can you ask a customer about a spouse or former spouse? - ANS- are you co-buyers
  • household income
  • if the vehicle or customer is in a community property state.
  • relying on alimony, child support, or separate banks. What is considered cash? - ANS1. cashier's check
  1. Bank draft
  2. Travelers check
  3. money order
  4. with a fact amount of less than $10k paid on a car costing more than $10k
  5. Anything that represents cleared funds is not considered cash. What is the Red Flags Program? - ANS1. identify relevant Red Flags
  6. detect and evaluate Red Flags.
  7. respond to detected Red Flags What must be in the Ad? - ANS1. Amount or % of any down payment.
  8. the terms of repayment.
  1. mechanical repairs When will GAP pay? - ANS1. Ins. company declares it a total loss.
  2. Been stolen and gone for more than 30 days after you file the police report.
  3. Costs more to fix the car than it was worth to start with. Who gets a copy of the Risk-Based Pricing Notice - ANS1. Buyer
  4. Co-buyer
  5. Co-signer Who is on the List - ANS- individuals
  • companies
  • entities You are criminally liable for violating RegZ/Reg M, and penalties are: - ANS- fined up to $
  • jail for 1 year
  • combination of both You can get a copy of your credit report on request - ANS- free one every 12 months
  • free if credit has been denied.
  • if have been a victim of ID theft or fraud. -if you file an initial fraud alert or active duty fraud alert.
  • 2 free copies if you file an extended fraud alert.