APRP-EXAM 2025 QUESTIONS AND
ANSWERS.
1. Prepaid/Stored Value Card - correct 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.
2. Credit card - correct answer - A card indicating the holder has been
granted a line of credit to make purchases or withdraw cash up to a
prearranged ceiling.
3. Debit card - correct 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.
4. Credit entry - correct answer - An entry to the record of an account that
represents the transfer or placement of funds into the account.
5. Debit entry - correct answer - An entry to the record of an account that
represents the transfer or removal of funds from the account.
,6. Electronically Created Item (ECI) - correct answer - A check that
never appears in paper form.
7. Remotely Created Check(RDC) - correct answer - Check created by a
payee based on the account holder's authorization that does not bear a
signature.
8. Remote Deposit Capture (RDC) - correct answer - Delivery system that
enables paper checks to be processed remotely.
9. Pay Before - correct answer - Type of retail processing where a card
payment is made for goods or services with prepaid or stored-value
cards,
10. Pay Now - correct 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)
11. Pay Later - correct 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)
12. SWIFT - correct answer - Global network messaging
service supporting correspondent banking and financial
, market utilities.
13. Financial Market Utilities(FMUs) - correct 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.
14. Application Program Interface (API) - correct answer - A list of
specifications, standards or conventions that enable computer programs
to exchange information.
15. Payroll card account - correct 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.
16. Beneficiary - correct answer - Person or entity to be paid in a
funds transfer.
17. Beneficiary's bank - correct answer - Financial institution identified
in a funds transfer to be credited pursuant to the payment order.
18. Federal Reserve Bank - correct answer - Entity that process and
settles Fedwire Funds
ANSWERS.
1. Prepaid/Stored Value Card - correct 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.
2. Credit card - correct answer - A card indicating the holder has been
granted a line of credit to make purchases or withdraw cash up to a
prearranged ceiling.
3. Debit card - correct 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.
4. Credit entry - correct answer - An entry to the record of an account that
represents the transfer or placement of funds into the account.
5. Debit entry - correct answer - An entry to the record of an account that
represents the transfer or removal of funds from the account.
,6. Electronically Created Item (ECI) - correct answer - A check that
never appears in paper form.
7. Remotely Created Check(RDC) - correct answer - Check created by a
payee based on the account holder's authorization that does not bear a
signature.
8. Remote Deposit Capture (RDC) - correct answer - Delivery system that
enables paper checks to be processed remotely.
9. Pay Before - correct answer - Type of retail processing where a card
payment is made for goods or services with prepaid or stored-value
cards,
10. Pay Now - correct 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)
11. Pay Later - correct 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)
12. SWIFT - correct answer - Global network messaging
service supporting correspondent banking and financial
, market utilities.
13. Financial Market Utilities(FMUs) - correct 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.
14. Application Program Interface (API) - correct answer - A list of
specifications, standards or conventions that enable computer programs
to exchange information.
15. Payroll card account - correct 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.
16. Beneficiary - correct answer - Person or entity to be paid in a
funds transfer.
17. Beneficiary's bank - correct answer - Financial institution identified
in a funds transfer to be credited pursuant to the payment order.
18. Federal Reserve Bank - correct answer - Entity that process and
settles Fedwire Funds
