APRP-Exam Questions With Correct Answers

APRP-Exam Questions With Correct Answers

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.



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.



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.



Credit |entry |- |CORRECT |ANSWER✔✔-An |entry |to |the |record |of |an |account |that |represents |the
|transfer |or |placement |of |funds |into |the |account.




Debit |entry |- |CORRECT |ANSWER✔✔-An |entry |to |the |record |of |an |account |that |represents |the |
transfer |or |removal |of |funds |from |the |account.



Electronically |Created |Item |(ECI) |- |CORRECT |ANSWER✔✔-A |check |that |never |appears |in |paper |
form.



Remotely |Created |Check(RDC) |- |CORRECT |ANSWER✔✔-Check |created |by |a |payee |based |on |
the |account |holder's |authorization |that |does |not |bear |a |signature.



Remote |Deposit |Capture |(RDC) |- |CORRECT |ANSWER✔✔-Delivery |system |that |enables |paper |
checks |to |be |processed |remotely.

, Pay |Before |- |CORRECT |ANSWER✔✔-Type |of |retail |processing |where |a |card |payment |is |made |
for |goods |or |services |with |prepaid |or |stored-value |cards,



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)



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)



SWIFT |- |CORRECT |ANSWER✔✔-Global |network |messaging |service |supporting |correspondent |
banking |and |financial |market |utilities.



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.



Application |Program |Interface |(API) |- |CORRECT |ANSWER✔✔-A |list |of |specifications, |standards |
or |conventions |that |enable |computer |programs |to |exchange |information.



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.



Beneficiary |- |CORRECT |ANSWER✔✔-Person |or |entity |to |be |paid |in |a |funds |transfer.



Beneficiary's |bank |- |CORRECT |ANSWER✔✔-Financial |institution |identified |in |a |funds |transfer |
to |be |credited |pursuant |to |the |payment |order.