AAP EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS, Exams of Nursing

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AAP EXAM 2024/2025 WITH 100%

ACCURATE SOLUTIONS

AAP EXAM 2024/2025 WITH 100%

ACCURATE SOLUTIONS

The fee being charged to a FI's account holder for the use of an ATM not owned by the FI is increasing from $3.00 to $5.00. According to Regulation E, what timeframe does the FI need to notify the consumer about a change that results in greater consumer liability? - Precise Answer ✔✔1.

• Precise Answer ✔✔a. 10 calendar days
• Precise Answer ✔✔b. 30 days
• Precise Answer ✔✔c. 21 days
• Precise Answer ✔✔d. 10 business days Which of the following required the Federal Reserve to fully charge for the services it provides, thus making the payments marketplace more competitive? - Precise Answer ✔✔2.
• Precise Answer ✔✔a. Federal Reserve Act; Sections 11 & 13
• Precise Answer ✔✔b. Monetary Control Act of 1980

• Precise Answer ✔✔c. Federal Reserve Act; Sections 11 & 15
• Precise Answer ✔✔d. OCC Circular 235 Mount Rushmore National Park attracts many tourists each year and several purchases are made in the gift shop each day using multiple methods of payment. The gift shop accepts checks with a valid picture ID. If the checks received meet the requirements as an eligible source document, they may be converted. Which of the following best describes POP (Point-of-Purchase) authorization requirements for the Federal Government, according to 31 Code of Federal Regulations Part 210? - Precise Answer ✔✔3.
• Precise Answer ✔✔a. Notice with authorization language posted, authorization language provided to the Receiver, and a written authorization
• Precise Answer ✔✔b. Notice with authorization language posted and authorization language provided to the Receiver
• Precise Answer ✔✔c. Notice with authorization language
• Precise Answer ✔✔d. Notice with authorization language posted, authorization language provided to the Receiver, with both notices containing a working customer service phone number

The legal framework for the Check Payment System is defined as: - Precise Answer ✔✔4.

• Precise Answer ✔✔a. Uniform Commercial Code Articles 3 & 4, Reg CC, Reg J and Federal Reserve Operating Circular 4
• Precise Answer ✔✔b. Uniform Commercial Code Article 3, Regulation J, Regulation CC and Federal Reserve Operating Circular 3
• Precise Answer ✔✔c. Federal Reserve Operating Circular 3, Reg CC, Reg J, OFAC, ECCHO and UCC 3 & 4
• Precise Answer ✔✔d. Regulation J, ECCHO, Regulation CC, Uniform Commercial Code Articles 3 & 4, Federal Reserve Operating Circular 3
• Precise Answer ✔✔ An Originator being able to improve collections and cash flow forecasting, reducing delinquencies and late payments and retaining customers are benefits for which ACH product? - Precise Answer ✔✔5.
• Precise Answer ✔✔a. Direct Payment
• Precise Answer ✔✔b. Direct Deposit

• Precise Answer ✔✔c. Check Conversion
• Precise Answer ✔✔d. TRADES Several ARC Entries posted to Mr. Jones' account on Monday, January 24th. Mr. Jones' called his financial institution on Monday, January 31st to inform them that he didn't authorize Entries. The check serial numbers associated with the ARC Entries were out of the range of checks that were posting to Mr. Jones' account. What return reason code would the financial institution use to return the ARC Entries? - Precise Answer ✔✔6. The financial institution should obtain stop payment forms from Mr. Jones and return the Entries using the R08 return reason code. - Precise Answer ✔✔a. The financial institution cannot return the ARC entries because it beyond the allowed time frame. - Precise Answer ✔✔b. The financial institution should obtain stop payment forms from Mr. Jones and return the Entries using the R10 return reason code. - Precise Answer ✔✔c. The financial institution will have Mr. Jones complete a Written Statement of Unauthorized Debit for the ARC Entries and return the Entries using the R10 return reason code. - Precise Answer ✔✔d.

Community Financial Institution made the decision to begin offering ACH Origination as a product to their business customers. The financial institution developed an ACH Origination Agreement for their business customers to sign. The NACHA Operating Rules require which of the following to be included in the agreement: - Precise Answer ✔✔7. The financial institution's fees for using their ACH Origination product.

• Precise Answer ✔✔a. The business customer's user names for the ACH Origination product. - Precise Answer ✔✔b. The financial institution's contact information. - Precise Answer ✔✔c. The financial institution's restriction on the type of Entries that may be originated. - Precise Answer ✔✔d. Recently, Sue compared rates on automobile insurance in her area. Sue found GoodDealz Insurance that offered her a better rate than the company that she has coverage with today. Sue signs a policy for automobile insurance with GoodDealz Insurance and authorizes them to ACH debit her account monthly for the premium. Sue contacts her financial institution to place stop payment on the all future ACH debits from her old insurance company. How can Sue's financial institution handle her request? - Precise Answer ✔✔8.

The financial institution can explain to Sue that her stop payment request is only good to stop one Entry and she will have to contact her old insurance company to stop future ACH debits from them. - Precise Answer ✔✔a. The financial institution can take Sue's stop payment request and stop all future Entries from her old insurance company. - Precise Answer ✔✔b. The financial institution can explain to Sue that they cannot stop the ACH debit Entries from her old insurance company and that she will have to contact them directly to stop the Entries. - Precise Answer ✔✔c. The financial institution can explain to Sue that she has to wait until the ACH debit Entries post to her account at which time she will have to complete a Written Statement of Unauthorized Debit, and they will return the Entries using the R10 return reason code. - Precise Answer ✔✔d. What is an Incomplete Transaction? - Precise Answer ✔✔9. A partial or erroneous payment to the intended third-party payee - Precise Answer ✔✔a. A payment to an intended third-party payee that was not made or completed by the Originator, Third-Party Sender, or ODFI of a corresponding debit entry authorized by the Receiver for the purpose of funding the payment to the third-party payee - Precise Answer ✔✔b.

An electronic item representing the transfer of funds or a non-monetary transaction in the ACH Network that's is not completed - Precise Answer ✔✔c. A credit entry initiated by or on behalf of the holder of a Consumer Account to effect a transfer of funds to the account of the Receiver that is not completed - Precise Answer ✔✔d. What is a Terminator? - Precise Answer ✔✔10. The end of a segment in an Addenda Record, designated by a tilde "~" - Precise Answer ✔✔a. The end of a segment in an Addenda Record, designated by a backslash "" - Precise Answer ✔✔b. The end of a segment in an Addenda Record, designated by a backslash "" or tilde "~" - Precise Answer ✔✔c. A great movie starring the former governor of California? - Precise Answer ✔✔d. The Federal Reserve's Operating Circular 4 does all of the following except: - Precise Answer ✔✔11.

Outlines procedures for processing & delivering items - Precise Answer ✔✔a. Establishes a process to monitor ongoing payment system risks - Precise Answer ✔✔b. Provides procedures for handling disputed returns - Precise Answer ✔✔c. Establishes cutoff items, settlement dates and allowances for extensions

• Precise Answer ✔✔d. Which of the following Standard Entry Class codes can be used for both a Non-Monetary Entry and payment-related information? - Precise Answer ✔✔12. CIE and PPD - Precise Answer ✔✔a. XCK and RCK - Precise Answer ✔✔b. CTX and CCD - Precise Answer ✔✔c. TEL and WEB - Precise Answer ✔✔d. FedWire is subject to: - Precise Answer ✔✔13.

UCC 3 and UCC 4 - Precise Answer ✔✔a. Regulation J and Regulation CC - Precise Answer ✔✔b. Regulation D and Regulation - Precise Answer ✔✔c. UCC4A and Regulation Z - Precise Answer ✔✔d.

• Precise Answer ✔✔ What laws govern the collections of checks as images between financial institutions? - Precise Answer ✔✔14. Contract law between collecting financial institutions - Precise Answer ✔✔a. Regulation CC - Precise Answer ✔✔b. Regulation E - Precise Answer ✔✔c. UCC Article 4A - Precise Answer ✔✔d.

What type of risk may be incurred by the RDFI if they choose to pay an ACH debit entry that overdraws the Receiver's account? - Precise Answer ✔✔15. Operational Risk - Precise Answer ✔✔a. Credit Risk - Precise Answer ✔✔b. Fraud Risk - Precise Answer ✔✔c. Systemic Risk - Precise Answer ✔✔d. When is settlement considered final for ACH credit Entries? - Precise Answer ✔✔16. Credit Entries are final on the Settlement Date - Precise Answer ✔✔a. Credit Entries are final on the effective entry date - Precise Answer ✔✔b. Credit Entries are final the day following the Settlement Date - Precise Answer ✔✔c. Credit Entries are final the day following the effective entry date - Precise Answer ✔✔d.

The NACHA Operating Rules apply to all entries transmitted between - Precise Answer ✔✔17. The Originator and the ODFI - Precise Answer ✔✔a. The RDFI and the Receiver - Precise Answer ✔✔b. The Third-Party Service Provider and the ODFI - Precise Answer ✔✔c. The ODFI and the ACH Operator - Precise Answer ✔✔d. A TEL entry can be initiated in the following situations except when: - Precise Answer ✔✔18. There is an existing relationship between the originator and consumer - Precise Answer ✔✔a. The originator initiates the call to the consumer with whom they have no prior relationship - Precise Answer ✔✔b. There is a taped authorization - Precise Answer ✔✔c. The consumer initiates the call - Precise Answer ✔✔d.

What are the characteristics of a CTX entry? - Precise Answer ✔✔19. A credit or debit transaction for consumer payments - Precise Answer ✔✔a. A credit or debit transaction for corporate payments - Precise Answer ✔✔b. A debit transaction for a credit card payment at an ATM - Precise Answer ✔✔c. A credit or debit transaction for state or federal tax payments - Precise Answer ✔✔d. 123 Credit Union received a notice from the National Association requesting for proof of an ACH Audit Compliance performed in 2005. Mountain Credit Union was unable to provide this proof. What is the next step? - Precise Answer ✔✔20. The National Association can file a compensation claim to request proof of the ACH Audit Compliance - Precise Answer ✔✔a. This would be considered a "first-time" violation -- no fine or any sort of reporting will happen --- there will just be the waiting to see if there is a recurrence within 1-yr - Precise Answer ✔✔b.

NACHA could begin a proceeding for a Class 2 Rules Violation against Mountain Credit Union - Precise Answer ✔✔c. Arbitration Procedure B - Precise Answer ✔✔d. Great State Bank (ODFI) receives a notice from NACHA regarding Reporting Requirements for an Originator whose unauthorized returns exceeded the .5% threshold. Great State bank must meet the guidelines within the Rules for meeting the ODFI Reporting Requirements -- FAILURE to do so (for any piece of the requirements) will result in what? - Precise Answer ✔✔21. Arbitration procedure - A, B or C based on $ amount of loss - Precise Answer ✔✔a. Rules Violation proceeding as a Class 2 - Precise Answer ✔✔b. Rules Violation proceeding as a Class 3 and face a possible monthly fine for the Originator or Third-party sender - Precise Answer ✔✔c. Compensation Claim initiated by NACHA - Precise Answer ✔✔d. An Originator initiating WEB transactions is subject to additional stringent Risk management processes which include a WEB annual

audit. From the following choices, please select the one that is not a requirement of this WEB annual audit. - Precise Answer ✔✔22. Reporting requirements of unauthorized returns relative to originated entries - Precise Answer ✔✔a. Personnel and access controls - Precise Answer ✔✔b. Physical security of computer equipment - Precise Answer ✔✔c. Network security against unauthorized access - Precise Answer ✔✔d. Which of the following is the smallest unit within an Addenda record using the American National Standards Institute's Accredited Standards Committee X12 transaction data sets? - Precise Answer ✔✔23. Data segment - Precise Answer ✔✔a. Data element - Precise Answer ✔✔b. BPR and BPS segment - Precise Answer ✔✔c. Data delimiter - Precise Answer ✔✔d.

In ANSI ASC X12 Transaction Data sets, which of the following is true relating for the \ (backslash) or ~ (tilde) when used within an Addenda record? - Precise Answer ✔✔24. Called a delimiter and separates the data segments - Precise Answer ✔✔a. Called a terminator and separates the data elements - Precise Answer ✔✔b. Called a terminator and separates the data segments - Precise Answer ✔✔c. Called a delimiter and separates the data elements - Precise Answer ✔✔d. In an ACH record, how many characters are allowed for payment related information? - Precise Answer ✔✔25. 94 - Precise Answer ✔✔a. 80 - Precise Answer ✔✔b. 23 - Precise Answer ✔✔c.

60 - Precise Answer ✔✔d. This circular provides guidelines to national banks on network risk identification and assessing risk responsibilities. - Precise Answer ✔✔26. TRADES Circular - Precise Answer ✔✔a. OCC 235 - Precise Answer ✔✔b. FRB Circular #2 - Precise Answer ✔✔c. 31 CFR - 370 - Precise Answer ✔✔d. Super Paper Inc. provides toilet paper to all the national parks and wants to be paid via Vender Express from the Federal Government for their services. In order for Super Paper Inc. to enroll in Vender Express, they would have to complete which of the following forms? - Precise Answer ✔✔27. Bureau of Fiscal Services Form SF 1200 - Precise Answer ✔✔a. SF 1199A - Precise Answer ✔✔b. FOMF SF1200 - Precise Answer ✔✔c.

SF 3881 - Precise Answer ✔✔d. An ODFI is transmitting credit entries on behalf of an Originator who is paying their vendor, the Standard Entry Class Code being used is CCD. Who carries the warranty that the correct SEC Code is being used according to the NACHA Operating Rules? - Precise Answer ✔✔28. Originator - Precise Answer ✔✔a. Originating Depository Financial Institution (ODFI) - Precise Answer ✔✔b. Receiving Depository Financial Institution (RDFI) - Precise Answer ✔✔c. ACH Operator - Precise Answer ✔✔d.

• Precise Answer ✔✔ Bank A transmits a payroll file at 10:00 am on Wednesday containing all credit entries for settlement on Friday. Later, that same day another employee transmits the same payroll file for settlement on Friday. At the end of day when balancing, Bank A discovers they transmitted the duplicate payroll file. Which best describes the process and timeframe

that Bank A has to transmit a reversal file according to the NACHA Operating Rules? - Precise Answer ✔✔29. Change transaction codes to debit, Company Entry Description field must contain the word REVERSAL and transmit within 24 hours of discovery - Precise Answer ✔✔a. Change transaction codes to debit, Company Entry Description field must contain the word REVERSAL and transmit within 5 banking days after settlement date of erroneous file - Precise Answer ✔✔b. Change transaction codes to debit, Company Entry Description field must contain the word REVERSE and transmit within 24 hours of discovery - Precise Answer ✔✔c. Change transaction codes to debit, Company Entry Description field must contain the word REVERSAL and transmit within 5 banking days of discovery - Precise Answer ✔✔d. ABC Company originates pension payments to their retired employees on a monthly basis, settlement date being the third of every month. Sara retired in March, last year and began receiving pension payments April of last year in the amount of $200 each month. Sara passed away this year in April and ABC received knowledge of death in June. What is the timeframe for ABC Company to submit a reclamation request in writing or via ACH after receiving notice of death? - Precise Answer ✔✔30.

120 days - Precise Answer ✔✔a. 5 banking days - Precise Answer ✔✔b. 15 banking days - Precise Answer ✔✔c. 30 days - Precise Answer ✔✔d. What is the deadline for the initial SAR (Suspicious Activity Report) filing? - Precise Answer ✔✔31. Day 0 - Precise Answer ✔✔a. Day 30 - Precise Answer ✔✔b. Day 90 - Precise Answer ✔✔c. Day 150 - Precise Answer ✔✔d. Mount Rushmore National Park attracts many tourists each year and several purchases are made in the gift shop each day using multiple methods of payment. The gift shop accepts checks with a valid picture ID. If the checks received meet the requirements as an eligible source document, they may be converted. Which of the following best describes POP (Point-of-Purchase) authorization requirements for the Federal

Government, according to 31 Code of Federal Regulations Part 210? - Precise Answer ✔✔32. Notice with authorization language posted, authorization language provided to the Receiver, and a written authorization - Precise Answer ✔✔a. Notice with authorization language posted and authorization language provided to the Receiver - Precise Answer ✔✔b. Notice with authorization language - Precise Answer ✔✔c. Notice with authorization language posted, authorization language provided to the Receiver, with both notices containing a working customer service phone number - Precise Answer ✔✔d. The legal framework for the Check Payment System is defined as: - Precise Answer ✔✔33. Uniform Commercial Code Articles 3 & 4, Reg CC, Reg J and Federal Reserve Operating Circular 4 - Precise Answer ✔✔a. Uniform Commercial Code Article 3, Regulation J, Regulation CC and Federal Reserve Operating Circular 3 - Precise Answer ✔✔b.

Federal Reserve Operating Circular 3, Reg CC, Reg Z, OFAC, ECCHO and UCC 3 & 4 - Precise Answer ✔✔c. Regulation J, ECCHO, Regulation CC, Uniform Commercial Code Articles 3 & 4, Federal Reserve Operating Circular 3 - Precise Answer ✔✔d. Participants in the Fedwire Funds Transfer and Securities Service are: - Precise Answer ✔✔34. Originator, Originating Depository Financial Institution, Sender Bank, Acquirer, Federal Reserve Bank, Receiver Bank, Beneficiary - Precise Answer ✔✔a. Originator, Originating Bank, Federal Reserve Bank, Receiver Bank, Beneficiary - Precise Answer ✔✔b. Originator, Originating Bank, Federal Reserve Bank, Receiving Depository Financial Institution, Beneficiary - Precise Answer ✔✔c. Originator, Sender Bank, Federal Reserve Bank, Receiver's Bank, Receiver - Precise Answer ✔✔d. Super Paper Inc. provides toilet paper to all the national parks and wants to be paid via Direct Deposit from the Federal Government for their services. In order for Super Paper Inc. to enroll in Direct Deposit, they

would have to complete which of the following forms? - Precise Answer ✔✔35. SF 1200 - Precise Answer ✔✔a. SF 1199A - Precise Answer ✔✔b. FOMF - Precise Answer ✔✔c. SF 3881 - Precise Answer ✔✔d. Bank A transmits a payroll file at 10:00 am on Wednesday containing all credit entries for settlement on Friday. Later, that same day another employee transmits the same payroll file for settlement on Friday. At the end of day when balancing, Bank A discovers they transmitted the duplicate payroll file. Which best describes the process and timeframe that Bank A has to transmit a reversal file according to the NACHA Operating Rules? - Precise Answer ✔✔36. Change transaction codes to debit, Company Entry Description field must contain the word REVERSAL and transmit within 24 hours of discovery - Precise Answer ✔✔a. Change transaction codes to debit, Company Entry Description field must contain the word REVERSAL and transmit within 5 banking days after settlement date of erroneous file - Precise Answer ✔✔b.

Change transaction codes to debit, Company Entry Description field must contain the word REVERSE and transmit within 24 hours of discovery - Precise Answer ✔✔c. Change transaction codes to debit, Company Entry Description field must contain the word REVERSAL and transmit within 5 banking days of discovery - Precise Answer ✔✔d.

• Precise Answer ✔✔ Green Money Credit Union's Federal Reserve account is being debited for the full amount of a Reclamation they received as the credit union knew of the death of a Federal Government beneficiary and failed to return all post-death payment as outlined in the Green Book. Which of the following best describes when a Receiving Depository Financial Institution agrees to be bound to the Government Reclamation Process?
• Precise Answer ✔✔37. When they sign the ACH participation agreement with the ACH Operator - Precise Answer ✔✔a. When they receive and accept their first Federal Government benefit payment - Precise Answer ✔✔b. When they receive their first ACH credit payment - Precise Answer ✔✔c.

When they sign a contract with Financial Management Service - Precise Answer ✔✔d. Darren is studying for his AAP Exam and a "study buddy" presented him with the following question. Which of the following are considered 'mandatory fields' in the Company Batch Header Record? - Precise Answer ✔✔38. Transaction Code, SEC Code, Settlement Date, Company ID - Precise Answer ✔✔a. SEC Code, Company Entry Description, Batch number, Addenda Record Indicator - Precise Answer ✔✔b. Company Entry Description, SEC Code, Company Name, Service Class Code - Precise Answer ✔✔c. SEC Code, Company Name, Service Class Code, Immediate Destination

• Precise Answer ✔✔d. Which of the following types of entries are non-monetary transactions? - Precise Answer ✔✔39. ACK, ATX, DNE, TRX - Precise Answer ✔✔a.