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APRP SAMPLE EXAM QUESTIONS LATEST UPDATE |APRP VERIFIED SAMPLE EXAM QUESTIONS WITH CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS
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APRP SAMPLE EXAM QUESTIONS LATEST UPDATE |APRP VERIFIED SAMPLE EXAM QUESTIONS WITH CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS Prepaid/Stored Value Card - ANSWER-A card-based payment system that assigns a value to the card; some cards can be "reloaded"through various methods and the ot...

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  • October 7, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
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APRP SAMPLE EXAM QUESTIONS LATEST
UPDATE 2024-2025|APRP VERIFIED SAMPLE
EXAM QUESTIONS WITH CORRECT ANSWERS
ALL GRADED A+|GUARANTEED SUCCESS

Prepaid/Stored Value Card - ANSWER-✅A card-based payment system that assigns a
value to the card; some cards can be "reloaded"through various methods and the
others are designed to be discarded.

Credit card - ANSWER-✅A card indicating the holder has been granted a line of
credit to make purchases or withdraw cash up to a prearranged ceiling.

Debit card - ANSWER-✅A payment card issued to a person for purchasing goods
and services through an electronic transfer of funds from a demand deposit account
(DDA) rather than using cash, checks drafts at the point of sale.

Credit entry - ANSWER-✅An entry to the record of an account that represents the
transfer or placement of funds into the account.

Debit entry - ANSWER-✅An entry to the record of an account that represents the
transfer or removal of funds from the account.

Electronically Created Item (ECI) - ANSWER-✅A check that never appears in paper
form.

Remotely Created Check(RDC) - ANSWER-✅Check created by a payee based on the
account holder's authorization that does not bear a signature.

Remote Deposit Capture (RDC) - ANSWER-✅Delivery system that enables paper
checks to be processed remotely.

Pay Before - ANSWER-✅Type of retail processing where a card payment is made for
goods or services with prepaid or stored-value cards,

Pay Now - ANSWER-✅Type of retail processing where a card payment is expected
when the goods or services are received; generally associated with debit
payments(debit cards)

Pay Later - ANSWER-✅Type of retail processing where a card payment is expected
after the goods or services have been received; typically refers to credit
payments(credit cards)

,SWIFT - ANSWER-✅Global network messaging service supporting correspondent
banking and financial market utilities.

Financial Market Utilities(FMUs) - ANSWER-✅Multilateral systems that provide the
infrastructure for transferring, clearing and settling payments, securities and other
financial transactions or between financial institutions and the system.

Application Program Interface (API) - ANSWER-✅A list of specifications, standards
or conventions that enable computer programs to exchange information.

Payroll card account - ANSWER-✅A bank account established directly or indirectly
by an employer on behalf of an employee to which an employees wages are
electronically transferred to.

Beneficiary - ANSWER-✅Person or entity to be paid in a funds transfer.

Beneficiary's bank - ANSWER-✅Financial institution identified in a funds transfer to
be credited pursuant to the payment order.

Federal Reserve Bank - ANSWER-✅Entity that process and settles Fedwire Funds

Originating/Sender Bank - ANSWER-✅Financial Institution that initiates a funds
transfer on behalf of the Originator.

Originator - ANSWER-✅Sender of the payment order in a funds or securities
transfer.

Reconverting Bank - ANSWER-✅Financial institution that produces the substitute
check or Image replacement documents(IRD)

Truncating Bank - ANSWER-✅Financial institution that creates an image of the
original check

Corresponding Bank - ANSWER-✅Private depository institution, Bankers Bank or
Federal Reserve Bank providing clearing or settlement services to a paying Bank or
Bank of First Deposit.

Clearing House - ANSWER-✅A voluntary association of depository institutions that
facilitate the clearing of checks or electronic items through the direct exchange of
funds between members.

Payor (Check Writer, Maker or Drawer) - ANSWER-✅The party obligated to pay on a
check

Bank of First Deposit (Payee's Depository Financial Institution) - ANSWER-✅The first
bank to which a check is deposited or transferred.

,Payee - ANSWER-✅The party to whom a check is made payable

Paying Bank (Payor's Depository Financial Institution) - ANSWER-✅Financial
institution identified by the routing number encoded on the MICR line of the check.

POS/ATM/Credit Card Network - ANSWER-✅Network which provides switching
facilities for the routing of credit, debit and ATM card transactions between
Acquirers and Card Issuers.

Cardholder - ANSWER-✅A person or entity that is issued a credit or debit account
that is accessed through the use of a card

Acquirer/Processor (Merchant Bank or Merchant Processor) - ANSWER-✅The
financial institution that contracts with a merchant to initiate payment requests to a
card association or company in the context of credit and debit card payments.

Card Issuer - ANSWER-✅An entity that issues a credit or debit card to the
cardholder

Third -Party Sender - ANSWER-✅A third party that provides ACH services to the
Originator, and, in that capacity, acts as an intermediary between the Originator and
ODFI

Third-Party Service Provider - ANSWER-✅A third party that processes ACH files
and/or entries on behalf of financial institutions and/or Originators

ACH Operator - ANSWER-✅The central clearing facility for ACH transactions

Receiving Depository Financial Institution (RDFI) - ANSWER-✅A financial institution
that receives ACH entries from ACH Operator and post entries to accounts of its
depositors.

Originating Depository Financial Institution (ODFI) - ANSWER-✅A financial
institution that receives payment instructions from Originators and forwards the
entry to the ACH Operator.

Receiver - ANSWER-✅an individual or company that has authorized an Originator to
initiate an ACH entry to their account with the RDFI.

Originator - ANSWER-✅A company or individual that has been authorized by the
Receiver to initiate either a credit or debit ACH entry to their account

Blockchain - ANSWER-✅Uses algorithms to enable transactions to be aggregated in
blocks, which are added to a chain of existing blocks using a cryptographic signature.

, Distributed Ledger Technology (DLT) - ANSWER-✅A type of database that is
consensually shared and synchronized across nodes in a network spread across
multiple sides, institutions or geographies.

International Organization for Standardization (ISO) - ANSWER-✅An international
standard-setting body composed of representatives from various national standards
organizations.

Value-added network (VAN) - ANSWER-✅A hosted service offering that acts as an
intermediary between business partners to transmit data (business documents).

Electronic Data Interchange (EDI) - ANSWER-✅the computer-to-computer exchange
of business documents and payment related information in standard electronic
format between business partners.

Credit Analysis - ANSWER-✅Method used to calculate the creditworthiness of an
individual or business.

Procedures - ANSWER-✅Defines the manner in which an organization will proceed,
perform or affect something to accomplish the objectives of a policy.

Policy - ANSWER-✅Defines the course of action adopted for the sake of expediency
and facilitation of objectives.

Shareholders - ANSWER-✅Group of individuals that may elect directors of an
organization, including CEO and CFO, and benefit through dividends nor share
buybacks.

Senior Management Team(Executive Management, Management Team) - ANSWER-
✅Group of individuals at the highest-level of management of an organization who
have the day to day tasks of managing the organization.

CEO (Chief Executive Officer) - ANSWER-✅The highest-ranking executive in an
organization responsible for making major corporate decisions, managing overall
operations and resources, and acting as a main point of communication with the
Board.

Board of Directors - ANSWER-✅A group of individuals that are elected as, or elected
to act as, representatives of the stockholders to establish corporate management-
related policies.

risk assignment - ANSWER-✅Form of risk sharing that allocates risk equitably.

Risk Sharing - ANSWER-✅Form of risk treatment involving an agreed-upon
distribution of risk with other parties.

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