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Wespay AAP Practice Exams (Full)
Questions and Correct Answers/ Latest
Update / Already Graded
1. The ____________________ is a processing and delivery system that
provides for the distribution and settlement of electronic credits and
debits among financial institutions.
Ans: ACH Network
2. The ACH movement began in the early ____________________ when
a group of California bankers formed the Special Committee on
Paperless Entries (SCOPE).
Ans: 1970s
3. In 1974, __________________was formed to coordinate the ACH
movement nationwide.
Ans: (National Automated Clearing House Association)
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4. The main benefits associated with the use of the ACH network are
__________________________ and improved productivity over paper
check transactions.
Ans: cost reduction
5. ACH Operators may be private companies or the Federal Reserve
Bank. The current private sector operator is the
______________________________________.
Ans: Electronic Payments Network.
6. ______________________________________provide management,
education, assistance, and services to link all types of financial
institutions (commercial banks, savings banks and credit unions)
across the United States.
Ans: Regional Payments Associations
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7. The ACH system is a __________________________________, store-
and-forward system. Transactions received by the financial institution
during the day are stored and processed later in a batch mode.
Ans: batch processing
8. The ____________________________ is the entity that agrees to initiate
ACH Entries into the payment system according to an arrangement
with a Receiver.
Ans: Originator
9. An ___________________________________ is the central clearing
facility operated by a private organization or a Federal Reserve Bank
(FRB) on behalf of DFIs to or from which participating DFIs transmit or
receive ACH Entries.
Ans: Automated Clearing House Operator
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10. The _________________________________________ is the institution
that receives payment instructions from the
____________________________________and forwards Entries to the ACH
Operator.
Ans: Originating Depository Financial Institution
Originator
11. A ______________________ is a natural person or an organization
that has authorized an Originator to initiate an ACH Entry to its
account with the RDFI. A ____________________________ can either be
a company or a consumer, depending on the type of transaction.
Ans: Receiver
12. Unlike a check, which is always a debit instrument, an ACH Entry
may be either a ________________________ or a
____________________________ Entry.
Wespay AAP Practice Exams (Full)
Questions and Correct Answers/ Latest
Update / Already Graded
1. The ____________________ is a processing and delivery system that
provides for the distribution and settlement of electronic credits and
debits among financial institutions.
Ans: ACH Network
2. The ACH movement began in the early ____________________ when
a group of California bankers formed the Special Committee on
Paperless Entries (SCOPE).
Ans: 1970s
3. In 1974, __________________was formed to coordinate the ACH
movement nationwide.
Ans: (National Automated Clearing House Association)
,2 | Page
4. The main benefits associated with the use of the ACH network are
__________________________ and improved productivity over paper
check transactions.
Ans: cost reduction
5. ACH Operators may be private companies or the Federal Reserve
Bank. The current private sector operator is the
______________________________________.
Ans: Electronic Payments Network.
6. ______________________________________provide management,
education, assistance, and services to link all types of financial
institutions (commercial banks, savings banks and credit unions)
across the United States.
Ans: Regional Payments Associations
,3 | Page
7. The ACH system is a __________________________________, store-
and-forward system. Transactions received by the financial institution
during the day are stored and processed later in a batch mode.
Ans: batch processing
8. The ____________________________ is the entity that agrees to initiate
ACH Entries into the payment system according to an arrangement
with a Receiver.
Ans: Originator
9. An ___________________________________ is the central clearing
facility operated by a private organization or a Federal Reserve Bank
(FRB) on behalf of DFIs to or from which participating DFIs transmit or
receive ACH Entries.
Ans: Automated Clearing House Operator
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10. The _________________________________________ is the institution
that receives payment instructions from the
____________________________________and forwards Entries to the ACH
Operator.
Ans: Originating Depository Financial Institution
Originator
11. A ______________________ is a natural person or an organization
that has authorized an Originator to initiate an ACH Entry to its
account with the RDFI. A ____________________________ can either be
a company or a consumer, depending on the type of transaction.
Ans: Receiver
12. Unlike a check, which is always a debit instrument, an ACH Entry
may be either a ________________________ or a
____________________________ Entry.
