AAP Exam Questions With Correct
Answers
Which payment system is a real-time, gross settlement system?
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FedNow
2 multiple choice options
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First Bank is creating XCK entries due to a lost cash letter. According to the ACH
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Rules, how long must First Bank keep a copy of the item(s) to which each XCK
| | | | | | | | | | | | | | | |
entry relates? |
6 years
|
2 multiple choice options
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A U.S.-based money transmitter receives a payment order from a foreign
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customer at one of its foreign branch offices to send funds to a Receiver in the
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U.S. The money transmitter creates an ACH entry to send the funds to the
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Receiver at his bank in the U.S. What type of ACH transaction should the money
| | | | | | | | | | | | | | |
transmitter originate? |
IAT credit to the U.S. Receiver
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2 multiple choice options
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Stan's check he wrote to the local hardware store is returned as NSF. The
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hardware store has a policy to collect NSF items using RCK. According to the
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Nacha Operating Rules, the hardware store is required to keep a copy of the front
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and back of the check for how long?
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7 years
|
2 multiple choice options
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, Who is the Acquirer in the Card Payments System?
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A financial institution representing Merchants in the acceptance of POS
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transactions
2 multiple choice options
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ABC Manufacturing sends CCD credits to XYZ Bank to pay its vendors. XYZ Bank
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uses LMN Processors to transmit its clients' ACH files to the ACH Operator. What
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participant role does ABC Manufacturing play in this scenario?
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Originator
2 multiple choice options
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Which of the following is an example of a common ACH credit application?
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Shareholder dividends |
2 multiple choice options
| | |
Insurance-R-Us contracts with Creative Payments to generate an ACH debit file
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each month. Creative Payments then transmits the file to The Money Bank,
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whom Insurance-R-Us has an Origination Agreement with. What participant role
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does Creative Payments play in this scenario?
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Third-Party Service Provider | |
2 multiple choice options
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Which of the following is an example of Direct Payment via ACH?
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Collect a utility payment
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2 multiple choice options
| | |
Chris logs into his financial institution's online banking website and authorizes a
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one-time payment to his credit card company. Which SEC code would accompany
| | | | | | | | | | | |
his payment?
|
CIE
2 multiple choice options
| | |
Answers
Which payment system is a real-time, gross settlement system?
| | | | | | | |
FedNow
2 multiple choice options
| | |
First Bank is creating XCK entries due to a lost cash letter. According to the ACH
| | | | | | | | | | | | | | | |
Rules, how long must First Bank keep a copy of the item(s) to which each XCK
| | | | | | | | | | | | | | | |
entry relates? |
6 years
|
2 multiple choice options
| | |
A U.S.-based money transmitter receives a payment order from a foreign
| | | | | | | | | | |
customer at one of its foreign branch offices to send funds to a Receiver in the
| | | | | | | | | | | | | | | |
U.S. The money transmitter creates an ACH entry to send the funds to the
| | | | | | | | | | | | | |
Receiver at his bank in the U.S. What type of ACH transaction should the money
| | | | | | | | | | | | | | |
transmitter originate? |
IAT credit to the U.S. Receiver
| | | | |
2 multiple choice options
| | |
Stan's check he wrote to the local hardware store is returned as NSF. The
| | | | | | | | | | | | | |
hardware store has a policy to collect NSF items using RCK. According to the
| | | | | | | | | | | | | |
Nacha Operating Rules, the hardware store is required to keep a copy of the front
| | | | | | | | | | | | | |
and back of the check for how long?
| | | | | | | |
7 years
|
2 multiple choice options
| | |
, Who is the Acquirer in the Card Payments System?
| | | | | | | |
A financial institution representing Merchants in the acceptance of POS
| | | | | | | | | |
transactions
2 multiple choice options
| | |
ABC Manufacturing sends CCD credits to XYZ Bank to pay its vendors. XYZ Bank
| | | | | | | | | | | | | |
uses LMN Processors to transmit its clients' ACH files to the ACH Operator. What
| | | | | | | | | | | | | |
participant role does ABC Manufacturing play in this scenario?
| | | | | | | |
Originator
2 multiple choice options
| | |
Which of the following is an example of a common ACH credit application?
| | | | | | | | | | | |
Shareholder dividends |
2 multiple choice options
| | |
Insurance-R-Us contracts with Creative Payments to generate an ACH debit file
| | | | | | | | | | |
each month. Creative Payments then transmits the file to The Money Bank,
| | | | | | | | | | | |
whom Insurance-R-Us has an Origination Agreement with. What participant role
| | | | | | | | | |
does Creative Payments play in this scenario?
| | | | | |
Third-Party Service Provider | |
2 multiple choice options
| | |
Which of the following is an example of Direct Payment via ACH?
| | | | | | | | | | |
Collect a utility payment
| | |
2 multiple choice options
| | |
Chris logs into his financial institution's online banking website and authorizes a
| | | | | | | | | | | |
one-time payment to his credit card company. Which SEC code would accompany
| | | | | | | | | | | |
his payment?
|
CIE
2 multiple choice options
| | |
