2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!
APRP Exam Review Sample Test
Questions and Correct Answers the Latest
Update and Recommended Version
A check is not considered a negotiable instrument under Regulation CC if it...
→ Is not printed with MICR Ink
FedWire Funds are final and irrevocable upon completion of processing by the...
→ Federal Reserve Banks
A security procedure is not considered commercially reasonable for a wire transfer if...
→ The security procedure is only compared to a signature
Real-time Payments (RTP) allows a financial institution to limit its exposure risk by...
→ Utilizing prefunding
The duration of exposure risk for a financial institution when originating ACH debit entries is
→ the period from when entries are released to the ACH Operator, through the time
entries can no longer be returned by the RDFI
Establishes net debit caps on the amount of Reserve Bank daylight credit that a depository
institution may use during a single day or over a 2 week reserve maintenance period.
→ Payment System Risk Policy
Requires a paying bank return a check such that it is received by the BOFD by 2:00pm local
time on the 2nd business day following the date of presentment?
1|Page| GradeA+ | 2 0 0 2 5
, 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!
→ Reg CC expeditious return
Enterprise Risk Management is (COSO)
→ The culture, capabilities, and practices that organizations integrate within their
strategy to manage risk and preserve and realize value
an effective BSA/AML/OFAC compliance program consists of...
→ Board approved written policies, procedures and processes to prevent money
laundering and terrorist financing
The amount of risk, on a broad level, an entity is willing to accept in the pursuit of value
→ Risk appetite
UCC: BOFD is liable for a warranty breach claim for forged/missing endorsement for how
long?
→ 3 years from cash letter date
FFIEC: First step in business continuity process
→ Development of a Business Impact Analysis
Scope of required Physical and Information Security Procedures depends on...
→ Size and complexity of the institutions IT operations and the variety of functions
performed by IT operations.
IT and Security Policy should address...
→ Key areas such as personnel, capital investment, physical and logical security, change
management, strategic planning, business continuity
1|Page| GradeA+ | 2 0 0 2 5
APRP Exam Review Sample Test
Questions and Correct Answers the Latest
Update and Recommended Version
A check is not considered a negotiable instrument under Regulation CC if it...
→ Is not printed with MICR Ink
FedWire Funds are final and irrevocable upon completion of processing by the...
→ Federal Reserve Banks
A security procedure is not considered commercially reasonable for a wire transfer if...
→ The security procedure is only compared to a signature
Real-time Payments (RTP) allows a financial institution to limit its exposure risk by...
→ Utilizing prefunding
The duration of exposure risk for a financial institution when originating ACH debit entries is
→ the period from when entries are released to the ACH Operator, through the time
entries can no longer be returned by the RDFI
Establishes net debit caps on the amount of Reserve Bank daylight credit that a depository
institution may use during a single day or over a 2 week reserve maintenance period.
→ Payment System Risk Policy
Requires a paying bank return a check such that it is received by the BOFD by 2:00pm local
time on the 2nd business day following the date of presentment?
1|Page| GradeA+ | 2 0 0 2 5
, 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!
→ Reg CC expeditious return
Enterprise Risk Management is (COSO)
→ The culture, capabilities, and practices that organizations integrate within their
strategy to manage risk and preserve and realize value
an effective BSA/AML/OFAC compliance program consists of...
→ Board approved written policies, procedures and processes to prevent money
laundering and terrorist financing
The amount of risk, on a broad level, an entity is willing to accept in the pursuit of value
→ Risk appetite
UCC: BOFD is liable for a warranty breach claim for forged/missing endorsement for how
long?
→ 3 years from cash letter date
FFIEC: First step in business continuity process
→ Development of a Business Impact Analysis
Scope of required Physical and Information Security Procedures depends on...
→ Size and complexity of the institutions IT operations and the variety of functions
performed by IT operations.
IT and Security Policy should address...
→ Key areas such as personnel, capital investment, physical and logical security, change
management, strategic planning, business continuity
1|Page| GradeA+ | 2 0 0 2 5
