Module 1 - Session 1
Enter your name and email below to begin your quiz.
(To pass the quiz you must score a 90 or above. If
you fail you must retake the quiz before moving on. )
After passing the quiz, move on to session two of Module one.
After passing the second quiz, you will schedule a session with
your coach to review and discuss the next steps.
Questions and Answers
- 1.
Which business categories represent your target market?
- A.
Supermarkets
- B.
Restaurants
- C.
Every business
- D.
New businesses that don't yet process credit cards
Correct Answer
C. Every businessExplanation
The correct answer is "Every business" because it implies that the target market includes all types of businesses, not just specific categories like supermarkets or restaurants. This suggests that the product or service being offered is applicable and relevant to a wide range of businesses, making it a more comprehensive and inclusive target market.Rate this question:
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- 2.
What does ISO, as it relates to Credit Card processing, stand for?
- A.
International Standards Organization
- B.
Independent Sales Organization
- C.
In Search Of
- D.
Integral Support Organization
Correct Answer
B. Independent Sales OrganizationExplanation
ISO, as it relates to Credit Card processing, stands for Independent Sales Organization. This refers to a third-party company that is authorized by credit card associations to sell and set up merchant accounts for businesses. These ISOs act as intermediaries between merchants and payment processors, offering services such as equipment leasing, customer support, and transaction processing. They play a crucial role in facilitating credit card transactions and providing businesses with the necessary tools and support to accept card payments.Rate this question:
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- 3.
Why is it important that we collect information on the merchants equipment upfront?
- A.
To discover how his competitor set him up
- B.
To ensure that we can facilitate the communication to the transaction to the bank
- C.
To portray to the merchant that we are industry experts
- D.
All of the above
Correct Answer
B. To ensure that we can facilitate the communication to the transaction to the bankExplanation
Collecting information on the merchant's equipment upfront is important to ensure that we can facilitate the communication of the transaction to the bank. This information helps us understand the technical requirements and compatibility of the merchant's equipment with the bank's systems. By collecting this information in advance, we can ensure a smooth and successful transaction process, minimizing any potential issues or delays.Rate this question:
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- 4.
What type of business does David own?
- A.
Liquor store
- B.
Supermarket
- C.
Internet business
- D.
Shoe store
Correct Answer
D. Shoe storeExplanation
David owns a shoe store.Rate this question:
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- 5.
What is the first and most important piece of information you need to obtain from the merchant?
- A.
Name of their current processor
- B.
Processing statement
- C.
The business name
- D.
The business start date
Correct Answer
B. Processing statementExplanation
The processing statement is the first and most important piece of information you need to obtain from the merchant. It provides crucial details about the merchant's current payment processor, including the fees they are being charged, the types of transactions they are processing, and any potential issues or limitations they may be facing. This information is essential for understanding the merchant's current payment processing setup and determining the best course of action or solution for their business.Rate this question:
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- 6.
What information must you obtain before leaving the merchant?
- A.
Merchant statement
- B.
Industry and description of goods sold
- C.
Does statement represent an average monthly volume
- D.
Keyed vs Swipe percentage
- E.
Tips (if restaurant)
- F.
All of the above
Correct Answer
F. All of the aboveExplanation
Before leaving the merchant, it is important to obtain all of the information mentioned in the options. This includes the merchant statement, which provides details about their financial transactions. Knowing the industry and description of goods sold helps in understanding the nature of the business. Determining whether the statement represents an average monthly volume gives an idea of the merchant's sales patterns. Keyed vs Swipe percentage is important to understand the payment methods used by the merchant. Lastly, if it is a restaurant, obtaining tips information is crucial for accurate financial analysis.Rate this question:
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- 7.
A merchant can easily determine and understand their fees by simply looking at their monthly processing statement.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A merchant cannot easily determine and understand their fees by simply looking at their monthly processing statement. The statement may contain complex and confusing information, making it difficult for the merchant to accurately assess their fees. Instead, merchants often need to consult with their payment processor or financial advisor to fully understand the fees associated with their processing statement.Rate this question:
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- 8.
Why do we need to know the type of equipment the merchant is using
- A.
To see if the merchant has a warranty
- B.
To determine if we are compatible
- C.
To identify opportunities to sell additional equipment
- D.
All of the above
Correct Answer
B. To determine if we are compatibleExplanation
Knowing the type of equipment the merchant is using is important to determine if we are compatible. This means that we need to check if our equipment is compatible with the merchant's equipment, in terms of functionality, technical specifications, and compatibility with any software or systems. If we are not compatible, it may not be feasible to work together or provide our services. Therefore, knowing the type of equipment helps us assess the compatibility and make informed decisions.Rate this question:
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- 9.
What information do you need to collect from a merchant who is processing through a terminal?
- A.
Terminal make and model number
- B.
Adapter type
- C.
What he paid for it
- D.
All of the above
Correct Answer
A. Terminal make and model numberExplanation
When processing through a terminal, it is important to collect the terminal's make and model number. This information is necessary for troubleshooting, maintenance, and ensuring compatibility with the merchant's system. The adapter type and what the merchant paid for it are not directly related to the terminal's functionality and are therefore not required information in this context.Rate this question:
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- 10.
Which of the following are the main equipment types you will come across?
- A.
Terminals
- B.
Software and POS
- C.
Gateways
- D.
Websites
- E.
All of the above
Correct Answer
E. All of the aboveExplanation
The correct answer is "All of the above" because the question asks about the main equipment types that one will come across, and all the options mentioned - terminals, software and POS, gateways, and websites - are commonly encountered equipment types in various industries.Rate this question:
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- 11.
Which of the following is not a gateway?
- A.
Authorize.net
- B.
Magento
- C.
FideliPay (white label USA ePay)
- D.
CardKnox
Correct Answer
B. MagentoExplanation
Magento is not a gateway because it is an e-commerce platform, specifically a content management system for online stores. It provides the infrastructure and tools for businesses to build and manage their online stores, but it does not process payment transactions directly. In contrast, the other options listed (Authorize.net, FideliPay, and CardKnox) are all payment gateways that facilitate online payment processing for businesses.Rate this question:
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- 12.
Which of the following are features of a gateway?
- A.
Virtual terminal
- B.
Swiping transactions through USB
- C.
Mobile payment portal
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above". A gateway is a software or hardware that connects different networks, enabling communication between them. It acts as a bridge between different payment systems and allows various features such as virtual terminal, swiping transactions through USB, and mobile payment portal. These features facilitate different payment methods and enhance the flexibility and convenience of payment processing.Rate this question:
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- 13.
What information do you need to collect from a merchant who is processing through a gateway?
- A.
Name of gateway
- B.
Does he have a customer database
- C.
If he is willing to change gateways?
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
When processing through a gateway, it is important to collect various information from the merchant. Firstly, knowing the name of the gateway is crucial as it helps in identifying the specific platform being used. Secondly, determining whether the merchant has a customer database is important as it allows for a more efficient and personalized payment process. Lastly, understanding if the merchant is willing to change gateways is essential as it helps in assessing their flexibility and potential for future improvements. Therefore, all of the above information is necessary to collect from a merchant processing through a gateway.Rate this question:
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- 14.
How many different types of POS systems are there?
- A.
< 50
- B.
50 - 100
- C.
101 - 499
- D.
Over 500
Correct Answer
D. Over 500Explanation
The answer "Over 500" suggests that there are more than 500 different types of POS systems available. This indicates that the market for POS systems is diverse and there are numerous options for businesses to choose from. The wide range of options allows businesses to select a POS system that best suits their specific needs and requirements.Rate this question:
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- 15.
Which industries do not use a POS system?
- A.
Fast food
- B.
Retailers
- C.
Online merchants
- D.
Restaurants
Correct Answer
C. Online merchantsExplanation
Online merchants do not use a POS (Point of Sale) system because they primarily operate their businesses online, selling products or services through their websites or other online platforms. Unlike fast food, retailers, and restaurants, which typically have physical locations and require a POS system to process in-person transactions, online merchants rely on e-commerce platforms and online payment gateways to handle their sales and transactions. These platforms offer built-in payment processing and inventory management features, eliminating the need for a separate POS system.Rate this question:
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- 16.
The two ways a POS system can process transactions are by communicating with the bank directly or communicating through a gateway.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
A POS system can process transactions in two ways: by communicating directly with the bank or by communicating through a gateway. This means that when a customer makes a purchase, the POS system can either establish a direct connection with the bank to process the transaction or it can use a gateway, which acts as an intermediary between the POS system and the bank. Both methods are commonly used in different scenarios, allowing businesses to choose the most suitable option based on their specific needs and requirements.Rate this question:
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- 17.
A terminal can be used as a virtual terminal to process credit card transactions over the internet.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A terminal cannot be used as a virtual terminal to process credit card transactions over the internet. A virtual terminal is a web-based application that allows merchants to process credit card transactions online without the need for a physical terminal. Therefore, the given statement is false.Rate this question:
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- 18.
What information do you need to collect from a merchant who is processing through a Software/POS?
- A.
Name and version of the software/POS system
- B.
Name of the gateway being used to send transactions to the bank
- C.
Contact information of the POS provider
- D.
Whether or not they offer a gift card program
- E.
All of the above
Correct Answer
E. All of the aboveExplanation
When processing through a Software/POS, it is important to collect various information from the merchant. This includes the name and version of the software/POS system, as this information helps in troubleshooting any potential issues. Additionally, knowing the name of the gateway being used to send transactions to the bank is crucial for ensuring smooth payment processing. Contact information of the POS provider is necessary for any further assistance or support. Lastly, knowing whether or not they offer a gift card program is important for understanding the full range of services they provide. Therefore, all of the above information needs to be collected from the merchant.Rate this question:
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- 19.
Selling online through a website is known as
- A.
ECommerce
- B.
Online marketplace
- C.
Social media marketing
- D.
None of the above
Correct Answer
A. ECommerceExplanation
The correct answer is eCommerce because selling products or services online through a website is commonly referred to as eCommerce. This involves the process of conducting business transactions electronically, including online shopping, electronic payments, and online banking. It is a popular method for businesses to reach a wider audience and increase their sales by providing a convenient and accessible platform for customers to purchase goods or services.Rate this question:
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- 20.
A website does not need a gateway in order to communicate transactions to the bank.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A website typically needs a gateway in order to communicate transactions to the bank. A payment gateway is a service that securely processes the customer's payment information and facilitates the transaction between the website and the bank. It encrypts the data and ensures that the transaction is completed smoothly. Without a gateway, it would be difficult for a website to securely transmit the necessary payment information to the bank. Therefore, the statement that a website does not need a gateway in order to communicate transactions to the bank is false.Rate this question:
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- 21.
What's the most integral component of integrating Fidelity with an eCommerce site?
- A.
Getting the merchant approved for a processing account
- B.
The description of goods sold
- C.
Making sure their site is PCI compliant
- D.
Ensuring that their shopping cart is compatible with the gateway they are using
Correct Answer
D. Ensuring that their shopping cart is compatible with the gateway they are usingExplanation
The most integral component of integrating Fidelity with an eCommerce site is ensuring that their shopping cart is compatible with the gateway they are using. This is because the shopping cart is the platform that allows customers to select and purchase products on the eCommerce site, and it needs to be able to communicate and process payments through the chosen gateway. Without compatibility between the shopping cart and gateway, the integration will not be successful.Rate this question:
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- 22.
What is the challenge with shopping carts like Shopify?
- A.
Integration
- B.
They charge an additional 1%
- C.
Merchant's are locked in a contract
- D.
All of the above
Correct Answer
B. They charge an additional 1%Explanation
The challenge with shopping carts like Shopify is that they charge an additional 1% fee. This means that merchants using Shopify have to pay an extra percentage of their sales as a fee, which can impact their profit margins. This additional cost can be a significant challenge for businesses, especially for those operating on tight budgets or with low-profit margins.Rate this question:
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- 23.
What information you need to collect from a merchant processing through a website?
- A.
Web address
- B.
Shopping Cart
- C.
Name of the gateway being used to send transactions to the bank
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
To process payments through a website, you would need to collect various information from the merchant. The web address is important to ensure that the transactions are being processed securely on the correct website. The shopping cart is necessary to gather the details of the products or services being purchased. Lastly, knowing the name of the gateway being used to send transactions to the bank is crucial for ensuring smooth and secure payment processing. Therefore, all of the above options are necessary to collect information from a merchant processing through a website.Rate this question:
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- 24.
When submitting a statement, what tracks of information are you going to be asked to submit?
- A.
Statement track
- B.
Equipment track
- C.
Both
Correct Answer
C. BothExplanation
When submitting a statement, you are going to be asked to submit tracks of information from both the Statement track and the Equipment track. This means that you need to provide relevant information from the statement being made as well as any supporting evidence or data from the equipment used in the process. By considering both tracks of information, you can ensure that your submission is comprehensive and accurate.Rate this question:
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- 25.
What is the process for submitting a statement and other information you collected to Fidelity?
- A.
Mail it to Fidelity
- B.
Send it in an Email to Fidelity
- C.
Online submittal form
- D.
Bring it to the office
Correct Answer
C. Online submittal formExplanation
The process for submitting a statement and other information to Fidelity is through an online submittal form. This means that instead of mailing or emailing the documents, they can be submitted electronically through a designated online platform provided by Fidelity. This method is likely to be more efficient and convenient for both the submitter and Fidelity, as it eliminates the need for physical mail or email attachments.Rate this question:
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- 26.
How long does it typically take to receive a Cost Analysis back from Review Pricing?
- A.
1 hour
- B.
3-5 hours
- C.
1-2 days
- D.
At least 1 week
Correct Answer
C. 1-2 daysExplanation
It typically takes 1-2 days to receive a Cost Analysis back from Review Pricing.Rate this question:
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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 07, 2016Quiz Created by
Avromy Segal
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