2008 Aap Exam Study Quiz

11 Questions | By Leigh | Last updated: Mar 21, 2022 | Total Attempts: 2144

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

Questions and Answers

1.

Which ACH applications require the check serial number to print on the consumer's statement?
- A.
  
  Internet-initiated entries and Point-of-Sale
- B.
  
  Prearranged Payment and Deposit and Death Notification Entries
- C.
  
  Corporate Cross Border and Telephone Initiated Entries
- D.
  
  Point-of-Purchase and Back Office Conversion
- E.
  
  Point of Sale and Back Office Conversion
2.

The RDFI is responsible for...
- A.
  
  Posting debit and credit transactions on effective entry date
- B.
  
  receipt and processing of return transactions
- C.
  
  Validating prenotifications
- D.
  
  Calculating the settlement totals owed to and by DFIs
- E.
  
  Retaining source documents for TRX transactions
3.

The Financial Organization Master File (FOMF) is
- A.
  
  A national financial institution directory maintained by the Federal Reserve Bank
- B.
  
  A list of Government only Receivers
- C.
  
  Department of Treasury list of financial institutions receiveing Federal Government ACH payments
- D.
  
  A NACHA directory that lists ACH contacts and telephone numbers
- E.
  
  A NACHA directory that lists Receiving Depository Financial Institutions
4.

When an ODFI utilizes a third-party processor in the origination process, which party warrants that the entries are authorized?
- A.
  
  The RDFI
- B.
  
  The ODFI
- C.
  
  The ACH Operator
- D.
  
  The Originator
- E.
  
  The third party
5.

The Originator must make the requested change within what time period following the receipt of an NOC/corrected NOC?
- A.
  
  Within 6 banking days or prior to the next entry, which ever is sooner
- B.
  
  Within 5 banking days or prior to the next entry, which ever is later
- C.
  
  Within 10 calendar days or prior to the next entry, which ever is sooner
- D.
  
  Within 6 banking days or prior to the next entry, which ever is later
- E.
  
  Within 5 banking days or prior to the next entry, which ever is sooner
6.

The trace number of a contested dishonored return will contain the RT number of which participant?
- A.
  
  ODFI
- B.
  
  RDFI
- C.
  
  Originator
- D.
  
  Receiver
- E.
  
  ACH Operator
7.

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:
- A.
  
  The opening of business on the banking day following the sixtieth calendar day following the settlement date of the original entry.
- B.
  
  The opening of business on the banking day following the thirtieth calendar day following the settlement date of the original entry.
- C.
  
  The opening of business on the banking day following the fifteenth calendar day following the effective entry date of the original entry.
- D.
  
  The opening of business on the banking day following the fifteenth banking day following the settlement entry date of the original entry.
- E.
  
  Midnight on the banking day following the sixtieth calendar day following the settlement date of the original entry.
8.

How many articles comprise the NACH Operating Rules?
- A.
  
  11
- B.
  
  12
- C.
  
  21
- D.
  
  31
- E.
  
  14
9.

Which ASC X12 Transaction Set applies to Lockbox?
- A.
  
  201
- B.
  
  250
- C.
  
  823
- D.
  
  813
- E.
  
  810
10.

The "Choice of Law" state specified in the ACH Rules is
- A.
  
  Washington
- B.
  
  Virginia
- C.
  
  California
- D.
  
  New York
- E.
  
  Georgia
11.

How long must each participating DFI retain records of all entries, incuding return adjustment entries, transmitted from or to an ACH Operator?
- A.
  
  Seven years
- B.
  
  1 year
- C.
  
  2 years
- D.
  
  Five years
- E.
  
  Six years