AAP exam 2023 with 100% correct answers

When taxpayers use EFTPS (electronic federal tax payment system) to make payments, which of the following cannot be used? A. Federal tax deposit coupon B. ACH credit C. FedAdvantage D. ACH debit - correct answer A. Federal tax deposit coupon- A federal tax deposit coupon cannot be used to make payments electronically. Which of the following best describes the scope of the QUEST Operating Rules? QUEST: A. provides EBT standards such as payments settlement and card specifications. B. is a system of quality standards used to promote compliance with NACHA Operating Rules. C. has been adopted by the legislatures of 42 states. D. relates to credit card processing and merchant operating requirements. - correct answer A. provides EBT standards such as payments settlement and card specifications. -QUEST Operating Rules have been developed by the EBT Council to establish a nationwide foundation for Electronic Benefits Transfer (EBT) programs. All of the following are common objections to Direct Deposit except: A. No evidence of cost savings B. Increased fraud potential C. Loss of interest income from float D. Employees don't want it - correct answer B. Increased fraud potential- Increased fraud potential is not a common objection. The _______ indemnifies the ______ against all losses in the event of breach of warranties for accuracy, timeliness, and authorization. A. RDFI, ODFI B. RDFI, Originator C. ACH Operator, ODFI D. ODFI, RDFI - correct answer D. ODFI, RDFI- The ODFI indemnifies the RDFI against all losses in the event of breach of warranties for accuracy, timeliness, and authorization. Federal salary and benefit payments must be made available for withdrawal: A. On the payment date B. No later than the opening of business on the payment date C. By 9 AM on the payment date D. By 8 AM on the payment date - correct answer B. No later than the opening of business on the payment date- These must be available no later than the opening of business on the payment date. Federal non-benefit payments can be made available anytime on the payment date, but there is a stricter requirement for federal salary and benefit payments. In keeping with NACHA Operating Rules, information contained in the 05 Addenda Record of a CCD Ent