Aap Study Quiz #2
This quiz is a tool to help study the ACH Material for the 2008 AAP Exam.
- 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
Questions: 10 | Attempts: 35777 | Last updated: Nov 10, 2020
-
Sample QuestionIn which setting do you concentrate more?
Questions: 8 | Attempts: 32637 | Last updated: Apr 16, 2021
-
Sample QuestionWhich type of rhetoric is most strongly used in this advertisement?
Questions: 5 | Attempts: 26929 | Last updated: Aug 7, 2020
-
Sample QuestionWhat is your favorite pass time?
Back to top