APRP-Exam questions with answers
Prepaid/Stored Value Card - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔An entry to the
record of an account that represents the transfer or
placement of funds into the account.
Debit entry - CORRECT ANSWERS ✔✔An entry to the
record of an account that represents the transfer or
removal of funds from the account.
,Electronically Created Item (ECI) - CORRECT ANSWERS
✔✔A check that never appears in paper form.
Remotely Created Check(RDC) - CORRECT ANSWERS
✔✔Check created by a payee based on the account
holder's authorization that does not bear a signature.
Remote Deposit Capture (RDC) - CORRECT ANSWERS
✔✔Delivery system that enables paper checks to be
processed remotely.
Pay Before - CORRECT ANSWERS ✔✔Type of retail
processing where a card payment is made for goods or
services with prepaid or stored-value cards,
Pay Now - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Global network
messaging service supporting correspondent banking and
financial market utilities.
Financial Market Utilities(FMUs) - CORRECT ANSWERS
✔✔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) - CORRECT ANSWERS
✔✔A list of specifications, standards or conventions that
enable computer programs to exchange information.
Payroll card account - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Person or entity to
be paid in a funds transfer.
Beneficiary's bank - CORRECT ANSWERS ✔✔Financial
institution identified in a funds transfer to be credited
pursuant to the payment order.
Prepaid/Stored Value Card - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔An entry to the
record of an account that represents the transfer or
placement of funds into the account.
Debit entry - CORRECT ANSWERS ✔✔An entry to the
record of an account that represents the transfer or
removal of funds from the account.
,Electronically Created Item (ECI) - CORRECT ANSWERS
✔✔A check that never appears in paper form.
Remotely Created Check(RDC) - CORRECT ANSWERS
✔✔Check created by a payee based on the account
holder's authorization that does not bear a signature.
Remote Deposit Capture (RDC) - CORRECT ANSWERS
✔✔Delivery system that enables paper checks to be
processed remotely.
Pay Before - CORRECT ANSWERS ✔✔Type of retail
processing where a card payment is made for goods or
services with prepaid or stored-value cards,
Pay Now - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Global network
messaging service supporting correspondent banking and
financial market utilities.
Financial Market Utilities(FMUs) - CORRECT ANSWERS
✔✔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) - CORRECT ANSWERS
✔✔A list of specifications, standards or conventions that
enable computer programs to exchange information.
Payroll card account - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Person or entity to
be paid in a funds transfer.
Beneficiary's bank - CORRECT ANSWERS ✔✔Financial
institution identified in a funds transfer to be credited
pursuant to the payment order.
