Aap Study Quiz #2

35 Questions | By Tmarkey | Last updated: Mar 21, 2022 | Total Attempts: 386

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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

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