That form you fill out is nothing more than a background check. However, what a lot do not know. If you purchase more than one gun at a time (say 2) you just moved up on the ATF's list. If you purchase more than 2 at a time you really jump up on the list and become a "watched" purchaser (in other words dont do this, buy one today and come and get the other in two weeks). But, yes people. When you purchase a gun and fill that paperwork out. That serial number does go on the paper work... Every time. Or your store will end up like Buckeye outdoors and be owned by someone else. Now, for what some of you may not know. The ATF see's that paperwork for your background check. Do they really want to keep that paperwork and serial number on file? Not really. So they make the seller or store do it. Part of having a FFL. The bad for the dealer is. It is heavily critiqued. Must be on file at all times and be ready for inspection at all times. Must be properly kept up on or they will pull your FFL and have the right to do so at any time they feel it necessary do to your said poor record keeping abilities. So do they keep a record of every firearm you have purchased (legally) you better believe they do! Do they always have it readily available to them. Yep, in most cases they can have the list of "most" every gun you have purchased in a matter of hours. What I was told comes up when they want to check you is this. ATF pulls your records to see. Billybob gun nut, has purchased 4 guns this year. 1 rifle at buckeye outdoors. 1 handgun from woodbury oudoors. 2 shotguns from T&K guns and archery. Then if they really have a urgency to know exactly what you got. They will call each individual dealer and say we need the records for 2010 and 2011 for billybob gun nut.