2008 Aap Exam Study Quiz

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Leigh
L
Leigh
Community Contributor
Quizzes Created: 1 | Total Attempts: 2,555
| Attempts: 2,555
SettingsSettings
Please wait...
  • 1/11 Questions

    Which ACH applications require the check serial number to print on the consumer's statement?

    • Internet-initiated entries and Point-of-Sale
    • Prearranged Payment and Deposit and Death Notification Entries
    • Corporate Cross Border and Telephone Initiated Entries
    • Point-of-Purchase and Back Office Conversion
    • Point of Sale and Back Office Conversion
Please wait...
About This Quiz

This is a study quiz for taking the 2008 AAP Exam.

2008 Aap Exam Study Quiz - Quiz

Quiz Preview

  • 2. 

    The "Choice of Law" state specified in the ACH Rules is

    • Washington

    • Virginia

    • California

    • New York

    • Georgia

    Correct Answer
    A. New York
    Explanation
    The correct answer is New York because the ACH Rules specify that New York is the choice of law state. This means that any legal disputes or issues related to the ACH Rules will be governed by the laws of New York.

    Rate this question:

  • 3. 

    When an ODFI utilizes a third-party processor in the origination process, which party warrants that the entries are authorized?

    • The RDFI

    • The ODFI

    • The ACH Operator

    • The Originator

    • The third party

    Correct Answer
    A. The ODFI
    Explanation
    When an ODFI (Originating Depository Financial Institution) utilizes a third-party processor in the origination process, the ODFI warrants that the entries are authorized. This means that the ODFI takes responsibility for ensuring that the transactions initiated by the third-party processor are authorized and legitimate. The ODFI is ultimately responsible for the accuracy and validity of the entries being processed through the ACH (Automated Clearing House) system.

    Rate this question:

  • 4. 

    For a consumer debit entry that was not authorized, the RDFI must transmit the return by its ACH Operator's deadline for the return to be made available to the ODFI no later than:

    • The opening of business on the banking day following the sixtieth calendar day following the settlement date of the original entry.

    • The opening of business on the banking day following the thirtieth calendar day following the settlement date of the original entry.

    • The opening of business on the banking day following the fifteenth calendar day following the effective entry date of the original entry.

    • The opening of business on the banking day following the fifteenth banking day following the settlement entry date of the original entry.

    • Midnight on the banking day following the sixtieth calendar day following the settlement date of the original entry.

    Correct Answer
    A. The opening of business on the banking day following the sixtieth calendar day following the settlement date of the original entry.
    Explanation
    The correct answer is that the RDFI must transmit the return by its ACH Operator's deadline for the return to be made available to the ODFI no later than the opening of business on the banking day following the sixtieth calendar day following the settlement date of the original entry. This means that the return must be processed and made available to the ODFI within 60 calendar days after the settlement date of the original entry.

    Rate this question:

  • 5. 

    Which ASC X12 Transaction Set applies to Lockbox?

    • 201

    • 250

    • 823

    • 813

    • 810

    Correct Answer
    A. 823
    Explanation
    201 - Residential Loan Application
    250 - Purchase Order Shipment Managment Document
    810 - Invoice
    813 - Electronic Filing of Tax Return Data
    823 - Lockbox

    Rate this question:

  • 6. 

    How long must each participating DFI retain records of all entries, incuding return adjustment entries, transmitted from or to an ACH Operator?

    • Seven years

    • 1 year

    • 2 years

    • Five years

    • Six years

    Correct Answer
    A. Six years
    Explanation
    Each participating DFI must retain records of all entries, including return adjustment entries, transmitted from or to an ACH Operator for a period of six years. This is necessary to ensure compliance with regulations and to provide a record of all transactions for auditing and dispute resolution purposes. By retaining these records, DFIs can maintain a comprehensive history of their ACH activities and have access to important information if any issues or discrepancies arise in the future.

    Rate this question:

  • 7. 

    The Financial Organization Master File (FOMF) is

    • A national financial institution directory maintained by the Federal Reserve Bank

    • A list of Government only Receivers

    • Department of Treasury list of financial institutions receiveing Federal Government ACH payments

    • A NACHA directory that lists ACH contacts and telephone numbers

    • A NACHA directory that lists Receiving Depository Financial Institutions

    Correct Answer
    A. Department of Treasury list of financial institutions receiveing Federal Government ACH payments
    Explanation
    The Financial Organization Master File (FOMF) is a Department of Treasury list of financial institutions receiving Federal Government ACH payments. This means that it is a comprehensive directory maintained by the Department of Treasury that includes all the financial institutions that receive ACH payments from the Federal Government.

    Rate this question:

  • 8. 

    The RDFI is responsible for...

    • Posting debit and credit transactions on effective entry date

    • receipt and processing of return transactions

    • Validating prenotifications

    • Calculating the settlement totals owed to and by DFIs

    • Retaining source documents for TRX transactions

    Correct Answer
    A. Validating prenotifications
    Explanation
    The RDFI, or Receiving Depository Financial Institution, is responsible for validating prenotifications. Prenotifications are notifications sent by an Originating Depository Financial Institution (ODFI) to inform the RDFI of an upcoming debit or credit transaction. The RDFI validates these prenotifications to ensure that the transaction is authorized and can be processed. This helps prevent unauthorized transactions and ensures the accuracy and security of the payment system.

    Rate this question:

  • 9. 

    The trace number of a contested dishonored return will contain the RT number of which participant?

    • ODFI

    • RDFI

    • Originator

    • Receiver

    • ACH Operator

    Correct Answer
    A. RDFI
    Explanation
    The trace number of a contested dishonored return will contain the RT number of the RDFI. The RDFI, or Receiving Depository Financial Institution, is the bank or financial institution that receives the ACH transaction. The trace number is a unique identifier assigned to each ACH transaction, and it is used to track and identify the transaction throughout the payment process. In the case of a contested dishonored return, the trace number will contain the RT number of the RDFI, allowing for easy identification and resolution of the issue.

    Rate this question:

  • 10. 

    The Originator must make the requested change within what time period following the receipt of an NOC/corrected NOC?

    • Within 6 banking days or prior to the next entry, which ever is sooner

    • Within 5 banking days or prior to the next entry, which ever is later

    • Within 10 calendar days or prior to the next entry, which ever is sooner

    • Within 6 banking days or prior to the next entry, which ever is later

    • Within 5 banking days or prior to the next entry, which ever is sooner

    Correct Answer
    A. Within 6 banking days or prior to the next entry, which ever is later
    Explanation
    The Originator must make the requested change within 6 banking days or prior to the next entry, whichever is later. This means that the Originator has a maximum of 6 banking days to make the change, but if there is another entry scheduled before the 6 days are up, they must make the change before that entry.

    Rate this question:

  • 11. 

    How many articles comprise the NACH Operating Rules?

    • 11

    • 12

    • 21

    • 31

    • 14

    Correct Answer
    A. 14
    Explanation
    The NACH Operating Rules consist of a set of guidelines and regulations for the Automated Clearing House (ACH) network. The question asks for the number of articles that make up these rules. The correct answer is 14, indicating that there are 14 individual articles within the NACH Operating Rules.

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 17, 2008
    Quiz Created by
    Leigh

Recent Quizzes

Patent Agent USPTO Registration Exam Prep Patent Agent USPTO Registration Exam Prep
FPGEE Pharmacy Exam Prep FPGEE Pharmacy Exam Prep
Dental Board Exam Prep, Part II Dental Board Exam Prep, Part II
Common Proficiency Test Assessment Test Common Proficiency Test Assessment Test
Veterinary College Admission Test (VCAT) Veterinary College Admission Test (VCAT)
SMA 4051 SOA Exam FM Test 1 SMA 4051 SOA Exam FM Test 1
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.