I cannot give a satisfying answer, but I had a look in Neustrev's book which convinced me that the author's exposition in not really clear.
Quote from Chapter 3:
Here we give a detailed answer to the following fundamental question: Given an abstract $\mathbb R$-algebra $\mathcal F$, find a set (smooth manifold) $M$ whose $\mathbb R$-algebra of (smooth) functions can be identified with $\mathcal F$.
I guess he considers two questions:
Find a set $M$ such that $\mathcal F(M) =$ algebra of functions $f : M \to \mathbb R$ can be identified with $\mathcal F$.
Find a smooth manifold $M$ such that $C^\infty(M)$ can be identified with $\mathcal F$.
In the first case one can regard $M$ as a discrete topological space so that $\mathcal F(M) = C^0(M) =$ algebra of continuous functions $f : M \to \mathbb R$. We may also regard $M$ as $0$-dimensional smooth manifold, at least if $M$ is countable.
Neustrev's approach to smooth manifold is a bit unusual. He introduces them by an algebraic definiton (Chapter 4). In Chapter 5 he gives the "standard" definition (5.8. Coordinate definition of manifolds).
Now consider Example 3.2. The author asks
Can this algebra $\mathcal F$ be realized as an algebra of nice functions on some set $M$?
His answer is
Thus any sequence $\{a_i\} \in \mathcal F$ may be viewed as the function on $M = \mathbb R$ given by $x \mapsto \sum_{i=0}^\infty a_ix^i$.
This is false. It can be regarded as an element of the polynomial algebra $\mathbb R[x]$, but in general not as function $\mathbb R \to \mathbb R$ because $\sum_{i=0}^\infty a_ix^i$ does in general not convergence (only for $x = 0$ we can be sure).
But even if it were true, we would only get an isomorphism between $\mathcal F$ and a subalgebra of $C^\infty(\mathbb R)$. But perhaps one could accept it as a positive answer in a generalized sense to "Can this algebra $\mathcal F$ be realized as an algebra of nice functions on some set $M$?"
In Exercise 3.3 the answer is clear for $\mathcal F_1$. Take a two-point set $M = \{a, b\}$. Then $\mathcal F_1 \approx \mathcal F(M)$. Concerning $\mathcal F_2$ : I did not check whether multiplication is associative and distributive, but let us assume it (you can do the checkings). I think you wanted to have the complex multiplication here, but also other multiplications producing an algebra are legit.
In 3.4 and 3.5 a general method is developped how to find candidates for solving the general problem. In Example 3.6 he comes back to $\mathcal F_2$ and shows that there is no solution.