Aap Study Quiz #2

35 Questions | Total Attempts: 331

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Study Quizzes & Trivia

This quiz is a tool to help study the ACH Material for the 2008 AAP Exam.


Questions and Answers
  • 1. 
    An ACH Operator must retain a record of all entries for a period of ___ years.
    • A. 

      1

    • B. 

      2

    • C. 

      6

    • D. 

      7

  • 2. 
    "Simplified Enrollment" is _______.
    • A. 

      Written Statement Under Penalty of Perjury

    • B. 

      A letter

    • C. 

      A call

    • D. 

      Written notification

  • 3. 
    __________ to the Consumer prior to reciept of a check is required by and Merchant/Biller wishing to use the RCK application.
    • A. 

      An Email only

    • B. 

      Notice

    • C. 

      A Telephone Call only

    • D. 

      A Letter only

  • 4. 
    You are allowed ________ days to return an XCK entry.
    • A. 

      2

    • B. 

      60

    • C. 

      30

    • D. 

      15

  • 5. 
    ________ and individual FED Operating Circulars govern the check collection process.
    • A. 

      Regulation J

    • B. 

      Regulation CC

    • C. 

      UCC A4

    • D. 

      Regulation E

  • 6. 
    __________ was amended in 1990 by the American Law Institute and National Conference of Commissioners of Uniform State Laws to reflect changes in state law.
    • A. 

      UCC 3A

    • B. 

      UCC 4A

    • C. 

      Regulation E

    • D. 

      Regulation J

  • 7. 
    ___________ was promulgated by the FED Board in 1988 to implement the Expedited Funds Availability Act for check collection.
    • A. 

      Regulation CC

    • B. 

      Regulation J

    • C. 

      Regulation E

    • D. 

      Regulation F

  • 8. 
    __________ laid the groundwork for ACH in _____.
    • A. 

      FOMF, 1974

    • B. 

      FOMF, 1972

    • C. 

      SCOPE, 1974

    • D. 

      SCOPE, 1972

  • 9. 
    ______________ governs the clearing and settlement of ACH debit and credit entries.
    • A. 

      FRB Operating Circular 4

    • B. 

      UCC 4A

    • C. 

      Part 210 of the Greenbook

    • D. 

      Regulation E

  • 10. 
    A ________ entry will not be sent through the ACH Network.
    • A. 

      Government

    • B. 

      On-Us

    • C. 

      Corporate

    • D. 

      Two-sided

  • 11. 
    Correct Terminology: A Fraudulent Transaction Detection System is used to _________ the Receiver.
    • A. 

      Authenticate

    • B. 

      Validate

    • C. 

      Detect

    • D. 

      Recognize

  • 12. 
    A legal agreement should bind the Originator to ______________.
    • A. 

      The receiver

    • B. 

      The NACHA Operating Rules

    • C. 

      The entry

    • D. 

      Regulation E

  • 13. 
    An Access Device is:
    • A. 

      Used in ACH Network; iniate a ARC transaction

    • B. 

      Used in ACH Network; initiate a POP transaction

    • C. 

      Used in Card Network; access ATM

    • D. 

      Used in the Card Network; access consumer Account to iniate EFT

  • 14. 
    Addenda Records begin with_________ and ____________.
    • A. 

      BPR, BPS

    • B. 

      EFT, ACH

    • C. 

      PBR, PBS

    • D. 

      HIA, HIS

  • 15. 
    The Standard Entry Class codes used for Acknowledgement Entries.
    • A. 

      TCK and TTX

    • B. 

      ACK and CTX

    • C. 

      ECK and ETX

    • D. 

      TCK and ACK

  • 16. 
    ANSI 103
    • A. 

      Abandoned Propert

    • B. 

      Remittance Detail

    • C. 

      Electronic Tax Filing

    • D. 

      Lockbox

  • 17. 
    ANSI 521
    • A. 

      Lockbox

    • B. 

      Income /Asset Offset

    • C. 

      Remittance Detail

    • D. 

      Electronic Tax Filing

  • 18. 
    ANSI 813
    • A. 

      Remittance Detail

    • B. 

      Electronic Tax Filing

    • C. 

      Health Care Claim/Advice

    • D. 

      Lockbox

  • 19. 
    ANSI 820
    • A. 

      Remittance Detail

    • B. 

      Electronic Tax Filing

    • C. 

      Remittance Detail

    • D. 

      Health Care Claim/Advice

  • 20. 
    ANSI 835
    • A. 

      Remittance Detail

    • B. 

      Electronic Tax Filing

    • C. 

      Lockbox

    • D. 

      Health Care Claim/Advice

  • 21. 
    ANSI 823
    • A. 

      Remittance Detail

    • B. 

      Electronic Tax Filing

    • C. 

      Health Care Claim/Advice

    • D. 

      Lockbox

  • 22. 
    XCK entries should be retained for _____ years.
    • A. 

      3

    • B. 

      4

    • C. 

      6

    • D. 

      7

  • 23. 
    Application used by Merchants/Billers to collect funds from a check returned as NSF or Uncollected Funds.
    • A. 

      RCK

    • B. 

      XCK

    • C. 

      CCD

    • D. 

      PPD

  • 24. 
    Approximately _______ DFIs use FEDwire Funds Service.
    • A. 

      6,000

    • B. 

      6,500

    • C. 

      7,000

    • D. 

      7,500

  • 25. 
    Approximately ________ FIs used FEDwire Securities.
    • A. 

      6,000

    • B. 

      6,400

    • C. 

      7,000

    • D. 

      7,400

  • 26. 
    (Appendix 10) The Arbitration Process can be filed if the amount of damage/loss is __________ .
    • A. 

    • B. 

      >=$500.00

    • C. 

    • D. 

      >= $250.00

  • 27. 
    Alternate terms used for Authentication and Authorization:
    • A. 

      Notify and Agreement

    • B. 

      Identify and Agreement

    • C. 

      Written Statement and Signature

    • D. 

      Written Statement and Comercially Reasonable

  • 28. 
    Authentication Process has to be ___________. 
    • A. 

      Commercially Reasonanable

    • B. 

      Written Agreement

    • C. 

      Written Authorization

    • D. 

      Telephone Authorization

  • 29. 
    Authorization for ARC entries are on the Receiver's __________.
    • A. 

      Statement

    • B. 

      Receipt

    • C. 

      At the register

    • D. 

      On the sales receipt

  • 30. 
    Authorizations for WEB entries are signed using ____________.
    • A. 

      Comercially reasonable standards

    • B. 

      Comercially written proceedures

    • C. 

      Similarly authenticated procedures

    • D. 

      Pen and paper

  • 31. 
    By who is settlement not defined by the ACH Operating Rules?
    • A. 

      ODFI and ACH Operator

    • B. 

      Originator and ODFI

    • C. 

      Receiver and RDFI

    • D. 

      ODFI and RDFI

  • 32. 
    BOC conversion entries are able to be Originated from the Receiver's source document as long as the check contains ______________.
    • A. 

      A pre-printed serial number

    • B. 

      An Auxillary On-Us field

    • C. 

      No image on the check

    • D. 

      Dollar amount less than $999,999,999.99

  • 33. 
    A Business Stop Payment is only valid for _______ days unless the Stop Payment is in writing.
    • A. 

      14

    • B. 

      30

    • C. 

      35

    • D. 

      60

  • 34. 
    You have the ability to represent an RCK item ________ days.
    • A. 

      60

    • B. 

      80

    • C. 

      100

    • D. 

      180

  • 35. 
    Operating Circular 235 addresses:
    • A. 

      Marketing

    • B. 

      Risk

    • C. 

      Converted ACH items

    • D. 

      Check Collection Process