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

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 โœ”โœ”1. - Precise Answer โœ”โœ”a. 10 calendar days - Precise Answer โœ”โœ”b. 30 days - Precise Answer โœ”โœ”c. 21 days - Precise Answer โœ”โœ”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 โœ”โœ”2. - Prec

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Download AAP EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS and more Exams Nursing in PDF only on Docsity! 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 โœ”โœ”1. - Precise Answer โœ”โœ”a. 10 calendar days - Precise Answer โœ”โœ”b. 30 days - Precise Answer โœ”โœ”c. 21 days - Precise Answer โœ”โœ”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 โœ”โœ”2. - Precise Answer โœ”โœ”a. Federal Reserve Act; Sections 11 & 13 - Precise Answer โœ”โœ”b. Monetary Control Act of 1980 - Precise Answer โœ”โœ”c. Check Conversion - Precise Answer โœ”โœ”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 โœ”โœ”6. The financial institution should obtain stop payment forms from Mr. Jones and return the Entries using the R08 return reason code. - Precise Answer โœ”โœ”a. The financial institution cannot return the ARC entries because it beyond the allowed time frame. - Precise Answer โœ”โœ”b. The financial institution should obtain stop payment forms from Mr. Jones and return the Entries using the R10 return reason code. - Precise Answer โœ”โœ”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 โœ”โœ”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 โœ”โœ”7. The financial institution's fees for using their ACH Origination product. - Precise Answer โœ”โœ”a. The business customer's user names for the ACH Origination product. - Precise Answer โœ”โœ”b. The financial institution's contact information. - Precise Answer โœ”โœ”c. The financial institution's restriction on the type of Entries that may be originated. - Precise Answer โœ”โœ”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 โœ”โœ”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 โœ”โœ”a. The financial institution can take Sue's stop payment request and stop all future Entries from her old insurance company. - Precise Answer โœ”โœ”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 โœ”โœ”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 โœ”โœ”d. What is an Incomplete Transaction? - Precise Answer โœ”โœ”9. A partial or erroneous payment to the intended third-party payee - Precise Answer โœ”โœ”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 โœ”โœ”b. UCC 3 and UCC 4 - Precise Answer โœ”โœ”a. Regulation J and Regulation CC - Precise Answer โœ”โœ”b. Regulation D and Regulation - Precise Answer โœ”โœ”c. UCC4A and Regulation Z - Precise Answer โœ”โœ”d. - Precise Answer โœ”โœ” What laws govern the collections of checks as images between financial institutions? - Precise Answer โœ”โœ”14. Contract law between collecting financial institutions - Precise Answer โœ”โœ”a. Regulation CC - Precise Answer โœ”โœ”b. Regulation E - Precise Answer โœ”โœ”c. UCC Article 4A - Precise Answer โœ”โœ”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 โœ”โœ”15. Operational Risk - Precise Answer โœ”โœ”a. Credit Risk - Precise Answer โœ”โœ”b. Fraud Risk - Precise Answer โœ”โœ”c. Systemic Risk - Precise Answer โœ”โœ”d. When is settlement considered final for ACH credit Entries? - Precise Answer โœ”โœ”16. Credit Entries are final on the Settlement Date - Precise Answer โœ”โœ”a. Credit Entries are final on the effective entry date - Precise Answer โœ”โœ”b. Credit Entries are final the day following the Settlement Date - Precise Answer โœ”โœ”c. Credit Entries are final the day following the effective entry date - Precise Answer โœ”โœ”d. The NACHA Operating Rules apply to all entries transmitted between - Precise Answer โœ”โœ”17. The Originator and the ODFI - Precise Answer โœ”โœ”a. The RDFI and the Receiver - Precise Answer โœ”โœ”b. The Third-Party Service Provider and the ODFI - Precise Answer โœ”โœ”c. The ODFI and the ACH Operator - Precise Answer โœ”โœ”d. A TEL entry can be initiated in the following situations except when: - Precise Answer โœ”โœ”18. There is an existing relationship between the originator and consumer - Precise Answer โœ”โœ”a. The originator initiates the call to the consumer with whom they have no prior relationship - Precise Answer โœ”โœ”b. There is a taped authorization - Precise Answer โœ”โœ”c. The consumer initiates the call - Precise Answer โœ”โœ”d. audit. From the following choices, please select the one that is not a requirement of this WEB annual audit. - Precise Answer โœ”โœ”22. Reporting requirements of unauthorized returns relative to originated entries - Precise Answer โœ”โœ”a. Personnel and access controls - Precise Answer โœ”โœ”b. Physical security of computer equipment - Precise Answer โœ”โœ”c. Network security against unauthorized access - Precise Answer โœ”โœ”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 โœ”โœ”23. Data segment - Precise Answer โœ”โœ”a. Data element - Precise Answer โœ”โœ”b. BPR and BPS segment - Precise Answer โœ”โœ”c. Data delimiter - Precise Answer โœ”โœ”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 โœ”โœ”24. Called a delimiter and separates the data segments - Precise Answer โœ”โœ”a. Called a terminator and separates the data elements - Precise Answer โœ”โœ”b. Called a terminator and separates the data segments - Precise Answer โœ”โœ”c. Called a delimiter and separates the data elements - Precise Answer โœ”โœ”d. In an ACH record, how many characters are allowed for payment related information? - Precise Answer โœ”โœ”25. 94 - Precise Answer โœ”โœ”a. 80 - Precise Answer โœ”โœ”b. 23 - Precise Answer โœ”โœ”c. 60 - Precise Answer โœ”โœ”d. This circular provides guidelines to national banks on network risk identification and assessing risk responsibilities. - Precise Answer โœ”โœ”26. TRADES Circular - Precise Answer โœ”โœ”a. OCC 235 - Precise Answer โœ”โœ”b. FRB Circular #2 - Precise Answer โœ”โœ”c. 31 CFR - 370 - Precise Answer โœ”โœ”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 โœ”โœ”27. Bureau of Fiscal Services Form SF 1200 - Precise Answer โœ”โœ”a. SF 1199A - Precise Answer โœ”โœ”b. FOMF SF1200 - Precise Answer โœ”โœ”c. 120 days - Precise Answer โœ”โœ”a. 5 banking days - Precise Answer โœ”โœ”b. 15 banking days - Precise Answer โœ”โœ”c. 30 days - Precise Answer โœ”โœ”d. What is the deadline for the initial SAR (Suspicious Activity Report) filing? - Precise Answer โœ”โœ”31. Day 0 - Precise Answer โœ”โœ”a. Day 30 - Precise Answer โœ”โœ”b. Day 90 - Precise Answer โœ”โœ”c. Day 150 - Precise Answer โœ”โœ”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 โœ”โœ”32. Notice with authorization language posted, authorization language provided to the Receiver, and a written authorization - Precise Answer โœ”โœ”a. Notice with authorization language posted and authorization language provided to the Receiver - Precise Answer โœ”โœ”b. Notice with authorization language - Precise Answer โœ”โœ”c. Notice with authorization language posted, authorization language provided to the Receiver, with both notices containing a working customer service phone number - Precise Answer โœ”โœ”d. The legal framework for the Check Payment System is defined as: - Precise Answer โœ”โœ”33. Uniform Commercial Code Articles 3 & 4, Reg CC, Reg J and Federal Reserve Operating Circular 4 - Precise Answer โœ”โœ”a. Uniform Commercial Code Article 3, Regulation J, Regulation CC and Federal Reserve Operating Circular 3 - Precise Answer โœ”โœ”b. Federal Reserve Operating Circular 3, Reg CC, Reg Z, OFAC, ECCHO and UCC 3 & 4 - Precise Answer โœ”โœ”c. Regulation J, ECCHO, Regulation CC, Uniform Commercial Code Articles 3 & 4, Federal Reserve Operating Circular 3 - Precise Answer โœ”โœ”d. Participants in the Fedwire Funds Transfer and Securities Service are: - Precise Answer โœ”โœ”34. Originator, Originating Depository Financial Institution, Sender Bank, Acquirer, Federal Reserve Bank, Receiver Bank, Beneficiary - Precise Answer โœ”โœ”a. Originator, Originating Bank, Federal Reserve Bank, Receiver Bank, Beneficiary - Precise Answer โœ”โœ”b. Originator, Originating Bank, Federal Reserve Bank, Receiving Depository Financial Institution, Beneficiary - Precise Answer โœ”โœ”c. Originator, Sender Bank, Federal Reserve Bank, Receiver's Bank, Receiver - Precise Answer โœ”โœ”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 When they sign a contract with Financial Management Service - Precise Answer โœ”โœ”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 โœ”โœ”38. Transaction Code, SEC Code, Settlement Date, Company ID - Precise Answer โœ”โœ”a. SEC Code, Company Entry Description, Batch number, Addenda Record Indicator - Precise Answer โœ”โœ”b. Company Entry Description, SEC Code, Company Name, Service Class Code - Precise Answer โœ”โœ”c. SEC Code, Company Name, Service Class Code, Immediate Destination - Precise Answer โœ”โœ”d. Which of the following types of entries are non-monetary transactions? - Precise Answer โœ”โœ”39. ACK, ATX, DNE, TRX - Precise Answer โœ”โœ”a. ATX, DNE, COR, ACK - Precise Answer โœ”โœ”b. ADV, ATX, DNE, CTX - Precise Answer โœ”โœ”c. DNE, ENR, COR, TRC - Precise Answer โœ”โœ”d. Which of the following best defines a Shared Network Transaction? - Precise Answer โœ”โœ”40. SHR Entries are initiated in a shared network where the ODFI and RDFI have an agreement in addition to the NACHA Operating Rules to process such entries - Precise Answer โœ”โœ”a. SHR Entries are initiated in a shared network where there is no additional agreement outside the NACHA Operating Rules between the ODFI and RDFI to process such entries - Precise Answer โœ”โœ”b. SHR Entries are initiated in a non-shared network where the ODFI and RDFI have an agreement in addition to the NACHA Operating Rules to process such entries - Precise Answer โœ”โœ”c. SHR Entries are initiated in a non-shared network where there is no additional agreement outside the NACHA Operating Rules between the ODFI and RDFI to process such entries - Precise Answer โœ”โœ”d. - Precise Answer โœ”โœ” Delores at First National Bank is working on written procedures for processing ACH Returns. While creating the procedures, she decides to create a list of the Return Reason Codes that follow the 60-calendar day return timeframe and require the Written Statement of Unauthorized Debit completed and signed and which one do not require the form. From the list below, which ones do not require the Written Statement of Unauthorized Debit (WSUD)? - Precise Answer โœ”โœ”41. R52-Stop Payment on Item. R53-Item and RCK Presented for Payment and R33-Return of XCK Entry - Precise Answer โœ”โœ”a. R33-Return of XCK Entry, R52-Stop Payment on Item and R37-Source Document Presented for Payment - Precise Answer โœ”โœ”b. R38-Stop Payment on Source Document and R52-Stop Payment on Item - Precise Answer โœ”โœ”c. R38-Stop Payment on Source Document, R52-Stop Payment on Item and R33-Return of XCK Entry - Precise Answer โœ”โœ”d. A merchant deposits checks at their financial institution and when the FI is imaging the checks, there is a problem with one of the items as the check-writer used pink gel pen. Utilizing the ACH Rules, the ODFI creates a Destroyed Check Entry. According to the NACHA Operating Rules, certain format requirements are needed when creating this entry. Please choose the best possible answer that outlines the requirements for Destroyed Check Entry in Appendix Three. - Precise Answer โœ”โœ”42. On October 29, a consumer is contacting their financial institution relating to an error on their statement dated September 1. According to Regulation E, the FI begins the initial investigation to determine if there is an error, and within 10 business days will determine if there is an error. If there is an error, the FI will correct the error within one business day and notify the consumer within three business days. If the FI has not resolved within 10 business days, they will issue provisional credit and continue the investigation, but they must have it completed within how many days? - Precise Answer โœ”โœ”45. 45 business days - Precise Answer โœ”โœ”a. 45 calendar days - Precise Answer โœ”โœ”b. 60 calendar days from statement date - Precise Answer โœ”โœ”c. 10 business days - Precise Answer โœ”โœ”d. Social Security learned of Rita Johnson's death on September 20. Rita's date of death was March 1 of that same year. According to the Green Book, what is the timeframe the Federal Government has to send the reclamation to the RDFI? - Precise Answer โœ”โœ”46. 120 days from the date of death - Precise Answer โœ”โœ”a. 6 years from when they learn of the death - Precise Answer โœ”โœ”b. 120 days from when they learn of the death - Precise Answer โœ”โœ”c. 6 years from the date of death - Precise Answer โœ”โœ”d. Kip Anderson is requesting his financial institution to stop all future payments from ABC Company as he had revoked his authorization with them last month according to the terms outlined in the original authorization. According to the NACHA Operating Rules, which of the following best describes how long the RDFI will leave the Stop Payment request on the system? - Precise Answer โœ”โœ”47. Until all the payments have been returned for that specific Originator - Precise Answer โœ”โœ”a. Until the Receiver withdraws the Stop Pay request or until all such debits have been returned for that specific Originator - Precise Answer โœ”โœ”b. Until the Receiver withdraws the Stop Pay request or until all debits are returned from that specific Originator for up to 6 months - Precise Answer โœ”โœ”c. Until the Receiver withdraws the Stop Pay request or 6 months - Precise Answer โœ”โœ”d. USAD Credit Union as a Receiving Depository Financial Institution is working their exception report. There is a credit entry where the account number is an invalid account number structure. What is the timeframe to return the unposted/rejected credit entry? - Precise Answer โœ”โœ”48. The return entry to be available to the ODFI by no later than opening of business on the second banking day following the RDFIs receipt of the entry from the Receiver - Precise Answer โœ”โœ”a. The return entry to be available to the ODFI by no later than opening of business on the second banking day following the settlement date of the entry - Precise Answer โœ”โœ”b. The return entry to be available to the ODFI by no later than opening of business on the second banking day following the RDFIs knowledge of the entry's account number not matching - Precise Answer โœ”โœ”c. There is no specific timeframe for the return entry - it's a credit transaction - Precise Answer โœ”โœ”d. The ACH Operator(s) edit and process ACH transactions according to the Rules. A specific field where the operator identifies to the RDFI whether the batch is from an ACH Operator (SEC Code ADV), a financial institution, or a federal government agency. The batch being sent to the RDFI by the Operator is from a financial institution, what data would be inserted and what is the field called? - Precise Answer โœ”โœ”49.