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Aap Rules & Regs

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This is a practice test regarding the AAP Examination for 2008. This quiz reflects the ACH Rules & Regulations that will be coveredon the exam.

Questions and Answers
  • 1. 
    NACHA, Operating Rules: Article 1
    • A. 

      General information

    • B. 

      Check Truncation

    • C. 

      Originators

    • D. 

      None of the above

  • 2. 
    NACHA, Operating Rules: Article 10
    • A. 

      Receivers

    • B. 

      Originators

    • C. 

      Check Truncation

    • D. 

      Checks

    • E. 

      None of the above

  • 3. 
    NACHA, Operating Rules: Article 11
    • A. 

      Receipt of Entries

    • B. 

      Cross Border Payments

    • C. 

      Originating Entries

    • D. 

      None of the above

  • 4. 
    NACHA, Operating Rules: Article 12
    • A. 

      Requirements of Receivers

    • B. 

      Requirements of Originators

    • C. 

      Requirements of Associations

    • D. 

      None of the above

  • 5. 
    NACHA, Operating Rules: Article 13
    • A. 

      Cross Border Payments

    • B. 

      Requirements of Associations

    • C. 

      Amendment of the Rules

    • D. 

      None of the above

  • 6. 
    NACHA, Operating Rules: Article 14
    • A. 

      Recall, Stop Payment

    • B. 

      Definition of Terms

    • C. 

      Cross Border entries

    • D. 

      None of the above

  • 7. 
    NACHA, Operating Rules: Article 2
    • A. 

      Origination of Entries

    • B. 

      Defnitions of Terms

    • C. 

      Receiving Entries

    • D. 

      None of the above

  • 8. 
    NACHA, Operating Rules: Article 3
    • A. 

      Obligations of Receivers

    • B. 

      Originators

    • C. 

      Obligations of Originators

    • D. 

      None of the above

  • 9. 
    NACHA, Operating Rules: Article 4
    • A. 

      Obligations of Originators

    • B. 

      Obligations of thrid party senders

    • C. 

      Receipt of Entries

    • D. 

      None of the above

  • 10. 
    NACHA, Operating Rules: Article 5
    • A. 

      Obligations of third party senders

    • B. 

      Returns, Adjustments, Corrections

    • C. 

      Recall, Stop Payment

    • D. 

      None of the above

  • 11. 
    NACHA, Operating Rules: Article 6
    • A. 

      Recall, Stop Payments

    • B. 

      Returns, Adjustments, Corrections

    • C. 

      Obligations of Originators

    • D. 

      None of the above

  • 12. 
    NACHA, Operating Rules: Article 7
    • A. 

      Settlement & Accountability

    • B. 

      Recall, Stop Payment

    • C. 

      Receipt of Entries

    • D. 

      None of the above

  • 13. 
    NACHA, Operating Rules: Article 8
    • A. 

      Obligations of third party senders

    • B. 

      Recall, Stop Payment

    • C. 

      Settlement & Accountability

    • D. 

      None of the above

  • 14. 
    NACHA, Operating Rules: Article 9
    • A. 

      Obligations of third party senders

    • B. 

      Obligations of Originators

    • C. 

      Obligations of ACH Operators

    • D. 

      None of the above

  • 15. 
    Notice posted to Consumer - Comes from Regulation ___.
  • 16. 
    OCC 235 addresses large payment system risk that applies to_________________.
  • 17. 
    Recurring Payment - Notice to stop payment in ___ days.
  • 18. 
    REG E allows ____ days to dispute an error.
  • 19. 
    Reg ____ permits 6 payments for a month period with 3 out of the 6 being ACH. If this is not the case, the account needs to be __________.
  • 20. 
    Reg E does not cover _________ and ___________.
  • 21. 
    Regulation _____ is rights to the consumer. Does not cover __________ accounts.
    • A. 

      E., Consumer

    • B. 

      D., Transaction

    • C. 

      E., Business

    • D. 

      None of the above

  • 22. 
    Regulation _______ governs certain aspects of check collectio such as funds avialability to the check depositor.
  • 23. 
    Regulation CC was created by ____________ in _______.
  • 24. 
    Regulation _____ includes reserve requirements of Depository Institutions
  • 25. 
    Regulation E can be modified by:
    • A. 

      Member Financial Institutions

    • B. 

      Board of Governors of Federal Reserve

    • C. 

      Payments Associations

    • D. 

      None of the above

  • 26. 
    What Regulation encompasses the check collection process when the Federal Reserve is used?
    • A. 

      Regulation E

    • B. 

      Regulation CC

    • C. 

      Regulation J

    • D. 

      None of the above

  • 27. 
    UCC - Wholesale = corporate/commercial entries in ACH with what SEC codes:
    • A. 

      PPD, CCD

    • B. 

      CCD, CTX

    • C. 

      PPD, SHR

    • D. 

      None of the above

  • 28. 
    UCC 4A is wholesale  ________ transfers, wire transfers, and wholesale ACH ________ entries.
  • 29. 
    Under what rule, does liability occur after the acceptance of an entry. "If you accept you have to post, can't later reject or vice versus"
    • A. 

      Regulation CC

    • B. 

      Regulation J

    • C. 

      UCC 4A

    • D. 

      None of the above

  • 30. 
    UCC4A - Acceptance does not occur at the RDFI if the Receiver does not _______, _________, or ____________.
  • 31. 
    What Regulation has comercially Reasonable Security Procedures?
    • A. 

      UCC 4A

    • B. 

      Regulation E

    • C. 

      FRB Operating Circular 4

    • D. 

      None of the above

  • 32. 
    The only rule applicable to On-Us entries
  • 33. 
    UCC 4A Section _________ is notice by the ODFI to Originator
  • 34. 
    UCC 4A Section __________ is Notice by RDFI to Receiver.
  • 35. 
    UCC 4A is adopted by all states except: 
  • 36. 
    UFF 4A - When does acceptance occur for the ODFI?
    • A. 

      When ODFI executes/transmits file/entry to ACH Operator

    • B. 

      With final settlement of item

    • C. 

      When RDFI sends notification item was accepted

    • D. 

      None of the above

  • 37. 
    Entries subject to REG ___ are not covered by ___________ and vice versa.
  • 38. 
    4A covers ___________ transactions; commercial and wholesale
  • 39. 
    UCC4A: ____________ is obligated to pay the ODFI if the entry is accepted.
  • 40. 
    UCC 4A - Credit given by the RDFI to the Receiver is provisional until___________. 
  • 41. 
    UCC4A: If settlement does not occur _______ is entitled to a refund.
  • 42. 
    UCC4A - RDFI not required to provide:
  • 43. 
    UCCA3 Governs:
  • 44. 
    Under Reg E, how long does an institution have to resolve the error without providing a provisional recredit of the amount in question?
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