APRP EXAMINATION TEST 2026 QUESTIONS
WITH ANSWERS GRADED A+
◉ 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.
◉ Beneficiary's bank . Answer: Financial institution identified in a
funds transfer to be credited pursuant to the payment order.
◉ Federal Reserve Bank . Answer: Entity that process and settles
Fedwire Funds
◉ Originating/Sender Bank . Answer: Financial Institution that initiates
a funds transfer on behalf of the Originator.
◉ Originator . Answer: Sender of the payment order in a funds or
securities transfer.
◉ Reconverting Bank . Answer: Financial institution that produces the
substitute check or Image replacement documents(IRD)
WITH ANSWERS GRADED A+
◉ 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.
◉ Beneficiary's bank . Answer: Financial institution identified in a
funds transfer to be credited pursuant to the payment order.
◉ Federal Reserve Bank . Answer: Entity that process and settles
Fedwire Funds
◉ Originating/Sender Bank . Answer: Financial Institution that initiates
a funds transfer on behalf of the Originator.
◉ Originator . Answer: Sender of the payment order in a funds or
securities transfer.
◉ Reconverting Bank . Answer: Financial institution that produces the
substitute check or Image replacement documents(IRD)
