AFIP Basic Certification Practice Exam

These questions are part of the practice quiz. Start practicing

• What defines the "highest income bracket" category in Argentine taxes?
• Which types of invoices are recognized by AFIP?
• What is a duty in the context of international trade?
• What consequence may arise from violating advertising rules?
• How can taxpayers access their tax records through AFIP?
• What is the best practice for providing TILA disclosures?
• Which regulation implements the Truth in Lending Act?
• What is the typical outcome if disclosures are not provided before the consumer signs a lease?
• What kind of information can be found on the AFIP website?
• Can a creditor ask for a consumer’s social security number on a credit application?
• Is the statement “The term 'APR' should always be used when discussing the cost of credit” true or false?
• What does "consideration" mean in a contract?
• If a customer has declared a Chapter 7 bankruptcy, how long will that information remain on their credit bureau?
• True or False: A violation of advertising rules can lead to potential state-level UDAP actions.
• What does the term "fiscal residence" refer to?
• Who is primarily responsible for the accuracy of the information provided in the customer's credit application to lenders?
• What is the implication of "fiscalización"?
• Which statement is true regarding FTC and UDAP?
• What is the purpose of an electronic invoicing system?
• Which of the following is a method AFIP offers for taxpayer education?
• What is the "Régimen Simplificado"?
• Which of the following statements is NOT true regarding deferred down payments under TILA/Reg Z?
• What is the primary purpose of AFIP?
• What must be clearly disclosed during a retail installment sale?
• Which agency issues UDAP violations to dealers?
• What is the maximum criminal liability for a willful and knowing violation of TILA Reg Z?
• What is the main legislation governing tax issues in Argentina?
• When quoting a monthly payment before assessing credit worthiness, what is the industry standard for the APR?
• How does AFIP differentiate between different income sources?
• Which statement is true regarding the responsibilities of car dealerships and lenders in the credit application process?
• What does "internacionalización" refer to in a tax context?
• What does "exempt income" refer to?
• What is the effect of capitalized cost reduction on a lease agreement?
• Which dollar amounts are included in the Total Sale Price according to TILA box disclosures?
• Which of the following is NOT typically included in an adverse action notice?
• What should a dealership do if they receive mixed information about a customer's credit?
• What is the purpose of disclosing the terms of repayment when an advertisement contains triggering terms?
• What does the Acceleration Clause in contract provisions allow?
• How frequently do "monotributistas" file their taxes?
• True or False: Consumers have the right to rescind a vehicle installment sale contract under TILA/Reg. Z and CFA/Reg. M.
• True or False: If a customer requires a second lease agreement, it must be recontracted with the date of the original contract.
• What is the maximum daily fine if a cease and desist order is ignored?
• What does "tax evasion" mean?
• What is the maximum jail time for a criminal violation of TILA/Reg. Z?
• According to the Used Car Rule, what classification covers a "used vehicle"?
• What are the main types of taxes collected by AFIP?
• Which of the following describes a "credit sale" under TILA/Reg Z?
• Which of the following statements is true regarding AFIP?
• True or False: It is permissible to omit certain details in advertisements as long as the main features are clear.
• What could be the consequences of misleading customers regarding APR and total costs?
• In contract law, what is typically required from each party?
• What is the main advantage of registering as a "monotributista"?
• According to various acts, how long must dealers maintain copies of disclosures?
• As of 2023, what is the VAT rate in Argentina?
• If a customer is quoted a payment based on an average APR, what variability might they experience?
• What role does the "representante legal" serve in relation to AFIP?
• How does AFIP ensure compliance among registered taxpayers?
• What is the purpose of the Fair Credit Reporting Act (FCRA)?
• What is the primary focus of the Tax Code of Argentina?
• What does "impugnar" mean in relation to tax disputes?
• In cases where a subprime financing source is used, what happens to an acquisition fee charged?
• Under which of the following circumstances does the FCRA allow someone to pull a credit report?
• Which of the following is included in the disclosures required under the Truth in Lending Act?
• When is a dealership required to keep records of the adverse action notices sent?
• Is it allowable for dealers to alter financing terms to hide the real cost of a vehicle?
• Which item is part of the Truth in Lending Act disclosure requirements?
• How can a contract be defined?
• Is the statement "The Truth in Lending Act (TILA) is implemented by Regulation Z" true or false?
• In financing advertisements, which of the following must be accurately stated?
• If a customer is re-contracted, how should the second agreement be recorded?
• Can taxpayers appeal AFIP's decisions?
• What might trigger the need for a Risk-based Pricing Notice?
• The total price recorded on an installment sale agreement includes which of the following?
• In the event of a miscalculation in a lease agreement, which party is generally held accountable?
• What is the penalty for tax evasion in Argentina?
• Are the Risk Based Pricing Notice, Credit Score Disclosure Notice, and Exception Notice all the same?
• What is one key area of support AFIP provides to international taxpayers?
• What is the significance of "padrón de contribuyentes"?
• What is the correct procedure for recording negative equity in an installment sale agreement?
• What is one of the key obligations of lenders when they receive customer credit applications?
• Which term does NOT qualify as a triggering term under TILA regulations?
• True or False: It's considered best practice to abide by TILA/Reg. Z or CFA/Reg M regulations when a purchase or lease exceeds $58,300.
• At the point of disclosing the retail installment sale agreement, who are the parties to the contract?
• Which of the following is considered a criminal violation under CFA/Reg. M?
• What does AFIP stand for?
• The criminal penalties for violating TILA/Reg. Z can include a fine of up to how much?
• What is a "resolución" in the context of AFIP regulations?
• If a dealership violates a cease and desist order, what are the potential fines per violation?
• What does AFIP require from businesses to issue a CUIT?
• According to Regulation Z, is it necessary to disclose the APR and the Finance Charge?
• What is the tax identification number referred to in Argentina?
• The Risk-based Pricing Rule applies to which of the following entities?
• Which of the following is NOT a Truth in Lending Act disclosure box item?
• What types of invoices are not recognized by AFIP?
• The total sale price is always related to which aspect of the installment contract?
• If a request for credit is rejected based on the terms originally submitted and new terms are agreed upon, what must happen?
• Which of the following is NOT a credit activity alert you could receive when running a customer's credit?
• What information may a creditor inquire about from a customer related to their credit application?
• What does the Used Car Rule prohibit?
• According to the FCRA, an adverse action is what?
• How soon must an adverse action notice be sent after a credit application is denied?
• Regulation B prohibits neutral credit practices that negatively impact which of the following?
• According to the FTC's Disposal Rule, what are reasonable measures for disposing of consumer report information?
• If the appraised value of a vehicle traded-in is less than the outstanding balance on the installment sale agreement, which action is permissible?
• What is required of a dealership when finalizing a sale with the buyer regarding the Buyer's Guide?
• True or False: The Consumer Leasing Act/Reg. M disclosures must be made prior to consummation in a form the lessee can keep.
• What is the purpose of the Risk-Based Pricing Rule?
• What is the "ganancias" tax in Argentina?
• What information must be provided to customers at the time of financing regarding their loan terms?
• When should the Risk-based Pricing Notice be provided to a consumer applying for credit?
• Which of the following elements is NOT found on the Used Car Buyer's Guide?
• Under what condition can a dealership remove the Buyer's Guide for a test drive?
• What is the AFIP’s platform for online tax compliance?
• What does AFIP encourage through its workshops and seminars?
• When discussing warranties, what should a dealer be clear about when selling a vehicle without an express warranty?
• Under the ECOA, credit applications must be kept on file for how many months after notice of action?
• What may happen if a creditor fails to disclose a negative credit score to the consumer?
• What can an entity expect from appointing a "representante legal" to deal with AFIP?
• In TILA, which of the following would require a separate disclosure?
• In which situation must dealers provide Adverse Action Notices?
• If a vehicle transaction occurs in Spanish, must the Spanish Buyer's Guide be posted on the vehicle?
• Which of the following is NOT a responsibility of AFIP?
• According to Regulation M, what must be disclosed regarding early termination information?
• What are "retenciones" as understood in tax terminology?
• What is the typical timeline for tax audits conducted by AFIP?
• True or False: A dealer can use the "bona fide error defense" in a civil lawsuit for a minor error in APR due to a programming issue.
• What is the main reason for requiring adverse action notices?
• Which of the following is considered a "best practice" step prior to disclosure?
• In which situation would a dealership NOT need to send an adverse action notice?
• Is it permissible to remove the Buyer's Guide for a test drive, with the requirement of replacing it afterward?
• How frequently must businesses in Argentina submit their tax returns?
• What are the potential liabilities for a dealer if a court finds against them for a civil violation of TILA/Reg Z or CLA/Reg M?
• What is the primary focus of the TILA regulation?
• What is the purpose of "plataforma web AFIP"?
• What is the significance of "notas de crédito" in accounting?
• What is a principal purpose of TILA?
• How does AFIP combat tax fraud?
• Which of the following is a primary aim of the Equal Credit Opportunity Act (ECOA)?
• Is it illegal for a dealer to only provide sub-prime auto finance information to minority applicants?
• Which statement accurately describes the role of fiscal residence?
• What type of order may be issued for repeated violations of advertising rules?
• What role does AFIP play in tax compliance?
• What can result from criminal violations of TILA/Reg. Z?
• What is the maximum penalty for the violation of the Used Car Rule?
• Which tax is considered a social security contribution?
• Which statement is true regarding the APR?
• What is one requirement of lessees under CSA/Reg. M?
• Which of the following items is considered a triggering term in an advertisement for an installment sale?
• Which document must be provided to a consumer if their loan application is denied?
• What is the minimum required notice period after denial of a credit application?
• Is it true that at the time of the sale, the dealer is considered a "creditor"?
• What does UDAAP stand for?
• Under what conditions is it permitted to mark up the interest rate offered to a customer?
• Under which circumstance must a dealership send an adverse action notice?
• Under which circumstance must a dealer provide a lease disclosure?
• What is the purpose of a tax clearance certificate?
• What must the window sticker indicate if a dealer sells a car voluntarily without an express written warranty?
• What is the purpose of an adverse action notice in the context of credit applications?
• How does AFIP simplify the tax process for small businesses?
• What is the potential penalty for a dealer who continues to run an ad after receiving a cease and desist order?
• What does the term "sanción" mean in the context of tax compliance?
• What is the purpose of the TILA box statement regarding Contract Provisions?
• Must a dealership offer a Buyer's Guide in Spanish if negotiations are conducted in that language?
• Which of the following best describes the composition of the "Régimen Simplificado"?
• Can GAP insurance cover physical damage to a vehicle due to an accident occurring before lease termination?
• True or False: The amount of the deferred down payment is included in the amount financed on the installment sale agreement.
• In Argentina, what is an invoice commonly called?
• Which of the following can lead to a UDAAP violation?
• How does AFIP manage taxpayer data privacy?
• True or False: Hold check money constitutes a deferred down payment and is included in the amount paid down.
• Does any communication to an individual meet the standards for advertisement?
• How long is an extended fraud alert active?
• Which practice is advisable when making promises during a vehicle sale?
• How long does the "military active-duty alert" remain on a military consumer's credit bureau?
• What is one benefit of the online portal offered by AFIP?
• How does AFIP impact businesses in Argentina?
• If an installment sale advertisement includes any triggering terms, what must also be included in the ad?
• Can state law require additional disclosures beyond those mandated by TILA, Reg. Z?
• Which disclosure is NOT required by the CSA/Reg. M on a lease agreement?
• What is a withholding tax?
• What is the primary focus of AFIP's enforcement actions?
• What is an "afiliación" in the context of AFIP?
• What is an acceleration clause in an installment sale contract?
• Which ministry oversees the operation of AFIP?
• Which is a requirement for using AFIP's online services?
• Who can apply for exemptions under Argentine tax law?
• Regulation B implements which significant act?
• In what way does AFIP assist international taxpayers?
• Which type of educational resources does AFIP provide for taxpayers?
• What information does the Used Car Buyer's Guide typically NOT provide?
• A lessee who is not responsible for the difference between the residual value and the actual cash value has entered into what type of lease?
• According to Regulation Z, is the disclosure of down payment and total sale price required?
• What does "monotributo" refer to in Argentina?
• Who is required to register for VAT in Argentina?
• Which term describes the practice of charging higher rates to certain consumers based on perceived risk?
• True or False: TILA/Reg Z treats loans and credit sales the same.
• What does "declaración jurada" mean in a tax context?
• Are dealerships required to provide the original or a copy of the Buyer's Guide at the sale?
• What does the APR represent in financing agreements?
• What must happen before a customer takes possession of the Retail Installment Sale Agreement?
• How many months must credit applications be kept on file after notifying the consumer regarding approval or adverse action?
• True or False: The liability for advertisement actions lies solely with the advertisement agency.
• What educational resource is least likely to be found through AFIP?
• When is the Exception/Credit Score Disclosure/Risk Based Pricing Notice not required?
• Which of the following is considered an advertisement triggering term for a lease ad?
• How long is an initial fraud alert active?
• What is an event that can terminate an offer?
• In the context of lease agreements, when is a new agreement necessary?
• Which law requires lenders and dealerships to provide an adverse action notice?
• True or False: A situation exists that requires the customer to be re-contracted and sign a new Retail Installment Sale Agreement five days after consummating the deal.
• What must consumers do before entering a lease agreement to ensure disclosure compliance?
• What primary benefit does an electronic invoicing system provide?
• Under Regulation B, what must creditors inform applicants about regarding their credit requests?
• What does the gross capitalized cost amount on a lease agreement include?
• Do phrases like "Zero APR" meet the standards for an advertisement according to the regulations?
• Which of the following is a component of AFIP's tax compliance platform?
• Who is liable for the actions of the advertisement agency?
• What is a consequence of failing to comply with the ECOA regarding credit application documentation?
• What can a customer do if they believe the adverse action notice was issued in error?
• What is the effect of an adverse action notice on the customer's credit report?
• What is the role of the General Directorate of Customs?
• Must a dealer who is the original creditor provide a Risk Based Pricing Notice or Exception Notice?
• What is the implication of a dealership ignoring a cease and desist order?
• What is the tax audit process in AFIP?
• Does the Used Car Rule apply to ALL vehicles regardless of their weight?
• Which type of information is considered most sensitive in the credit application process?