AAP exam 2023 with 100% correct answers

Which of the following specify the requirements for reserves that a depository institution must maintain at a Federal Reserve Bank? a. Uniform Commercial Code Article 4A b. Federal Reserve Bank Operating Circular 4 c. Regulation D d. Regulation CC - correct answer C Which of the following specifically addresses national banks and their need to evaluate large dollar payment system network risks and requires reporting this to top management and maintaining agreements with all parties that they do business with? a. OCC Banking Circular 235 b. UCC 4 c. Regulation Z d. UCC 4A - correct answer A When an Originator is initiating an MTE, POS or SHR entry where a personal identification number (PIN) is required in connection with the authorization, the Originator MUST comply with: a. ANSI ASC X9.8 Standards b. ANSI ASC X12 Standards c. ANSI ASC X8.9 Standards d. ANSI ASC X12.9 Standards - correct answer A Which of the following payment systems is referred to as real-time and gross settlement? a. Fedwire Funds Transfer b. Check Processing System c. Debit Card Network d. ACH Network - correct answer A Choose the correct description of the Acquirer in the card network system: a. The entity that has agreed to accept credit and debit cards for the purchase of goods and services b. The entity that issues a credit or debit card to the card holder c. A financial institution that represents merchants in accepting POS transactions d. The network that provides switching facilities for the card transactions - correct answer C Which of the following lists the participants in the check participants in check processing order? a. Payor/Payee/Receiver/Paying Bank b. Payee/Bank of First Deposit/Correspondent Bank/Paying Bank c. Payor/Payee/Payee's FI/Payor's FI/Correspondent Bank d. Payor/Payee/Merchant/ODFI/RDFI - correct answer B An unauthorized entry is transmitted into the ACH Network by County Credit Union, there are financial losses involved and County Credit Union and the RDFI (State Bank) cannot come to an agreement as who should be paying what amount of money and to whom. What is the minimum amount of dispute BEFORE a complaint can be filed to initiate an arbitration proceeding? a. $200 b. $250 c $1,000 d. $2,500 - correct answer B Blue Sky Bank does ACH origination for two local companies in town. The bank has agreements in place with the two originators in which it provides the necessary disclosures for UCC Article 4A as required by the NACHA