APRP-Exam Comprehensive
Questions with Verified
Answers Graded A+
Prepaid/Stored Value Card - Answer: A card-based payment system that assigns a value to the
card; some cards can be "reloaded"through various methods and the others are designed to be
discarded.
Credit card - Answer: A card indicating the holder has been granted a line of credit to make
purchases or withdraw cash up to a prearranged ceiling.
Debit card - Answer: A payment card issued to a person for purchasing goods and services
through an electronic transfer of funds from a demand deposit account (DDA) rather than using
cash, checks drafts at the point of sale.
Credit entry - Answer: An entry to the record of an account that represents the transfer or
placement of funds into the account.
Debit entry - Answer: An entry to the record of an account that represents the transfer or
removal of funds from the account.
Electronically Created Item (ECI) - Answer: A check that never appears in paper form.
Remotely Created Check(RDC) - Answer: Check created by a payee based on the account
holder's authorization that does not bear a signature.
, Remote Deposit Capture (RDC) - Answer: Delivery system that enables paper checks to be
processed remotely.
Pay Before - Answer: Type of retail processing where a card payment is made for goods or
services with prepaid or stored-value cards,
Pay Now - Answer: Type of retail processing where a card payment is expected when the goods
or services are received; generally associated with debit payments(debit cards)
Pay Later - Answer: Type of retail processing where a card payment is expected after the goods
or services have been received; typically refers to credit payments(credit cards)
SWIFT - Answer: Global network messaging service supporting correspondent banking and
financial market utilities.
Financial Market Utilities(FMUs) - Answer: Multilateral systems that provide the infrastructure
for transferring, clearing and settling payments, securities and other financial transactions or
between financial institutions and the system.
Application Program Interface (API) - Answer: A list of specifications, standards or conventions
that enable computer programs to exchange information.
Payroll card account - Answer: A bank account established directly or indirectly by an employer
on behalf of an employee to which an employees wages are electronically transferred to.
Beneficiary - Answer: Person or entity to be paid in a funds transfer.
Questions with Verified
Answers Graded A+
Prepaid/Stored Value Card - Answer: A card-based payment system that assigns a value to the
card; some cards can be "reloaded"through various methods and the others are designed to be
discarded.
Credit card - Answer: A card indicating the holder has been granted a line of credit to make
purchases or withdraw cash up to a prearranged ceiling.
Debit card - Answer: A payment card issued to a person for purchasing goods and services
through an electronic transfer of funds from a demand deposit account (DDA) rather than using
cash, checks drafts at the point of sale.
Credit entry - Answer: An entry to the record of an account that represents the transfer or
placement of funds into the account.
Debit entry - Answer: An entry to the record of an account that represents the transfer or
removal of funds from the account.
Electronically Created Item (ECI) - Answer: A check that never appears in paper form.
Remotely Created Check(RDC) - Answer: Check created by a payee based on the account
holder's authorization that does not bear a signature.
, Remote Deposit Capture (RDC) - Answer: Delivery system that enables paper checks to be
processed remotely.
Pay Before - Answer: Type of retail processing where a card payment is made for goods or
services with prepaid or stored-value cards,
Pay Now - Answer: Type of retail processing where a card payment is expected when the goods
or services are received; generally associated with debit payments(debit cards)
Pay Later - Answer: Type of retail processing where a card payment is expected after the goods
or services have been received; typically refers to credit payments(credit cards)
SWIFT - Answer: Global network messaging service supporting correspondent banking and
financial market utilities.
Financial Market Utilities(FMUs) - Answer: Multilateral systems that provide the infrastructure
for transferring, clearing and settling payments, securities and other financial transactions or
between financial institutions and the system.
Application Program Interface (API) - Answer: A list of specifications, standards or conventions
that enable computer programs to exchange information.
Payroll card account - Answer: A bank account established directly or indirectly by an employer
on behalf of an employee to which an employees wages are electronically transferred to.
Beneficiary - Answer: Person or entity to be paid in a funds transfer.
