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AAP Prep exam 2023 with 100% correct answers

HEAL100 Health Care — exam and revision material · Other

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Health Care exam material, 9 pages. Originally published on StudyMerit.

Pages
9
Academic year
2025/2026
Language
English

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AAP Exam Review Sample Test Study online at https://quizlet.com/_5f2r9w 1 . Which of the following specify the requirements for reserves that a depository institution must maintain at a federal reserve bank? : Reg D 2 . Which of the following specifically addresses national banks and their need to evaluate a large dollar payment system network risks and requires reporting this to top management and maintaining agreements with all parties that they do business with? : OCC Banking Circular 235 3 . Which of the following payment systems is referred to as a real-time and gross settlement? : Fedwire Funds Transfer 4 . Choose the correct description of the Acquirer in the card network system: : A Financial institution that represents merchants in accepting POS transactions 5 . What is the minimum amount of dispute BEFORE a complaint can be filed to initiate an arbitration proceeding for the ACH Network? : $250 6 . 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 operating rules. Which provision of UCC Article 4A can be varied by agreement (with disclosure to Originator)? : Choice of Law 7 . Anthony opened his checking account with Northern Bank in February. In the initial disclosures provided by Northern Bank upon account opening, the ATM fee was clearly stated as being $3.00 per transaction. Effective October 1, the fee for using an ATM will increase to $3.50. According to Reg E, how many days prior notice is required when there is a change to the initial disclosures which results in greater consumer liability? : 21 Days 8 . Which regulatory body requires the RDFI to perform a review of all par- ties to an IAT entry including remittance and foreign correspondent addenda records? : Office of Foreign Assets Control 9 . Which of the following lists the participants in check processing order? : Pay- ee/Bank of First Deposit/correspondent Bank/Paying Bank 10 . Which of the following would be a method by the RDFI to officially notify a Federal Government Agency of the death of a federal government benefit payment recipient? : By returning a post death benefit R14 or R15 1 / 9

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AAP Exam Review Sample Test Study online at https://quizlet.com/_5f2r9w 11 . Regulation E does NOT apply to which of the following ACH products (iden- tified by SEC Code)? : RCK, CCD, CTX 12 . Which of the following is true relating to addenda records for an IAT Entry? : 7 mandatory, 2 optional remittance, 5 optional foreign correspondent (only a combined maximum of 12 addenda records) 13 . State Bank and Trust returns an entry as unauthorized after having the cus- tomer complete and sign the written statement of unauthorized debit (WSUD). How long is State Bank and Trust required to retain a copy of the WSUD? : One Year 14 . First Bank (ODFI) is creating XCK entries due to a lost cash letter. According to the NACHA operating rules, First Bank needs to keep a copy of the item(s) to which each XCK entry pertains for: : 6 Years 15 . U.S. Steel Company is stating it has an unauthorized debit entry posting to its corporate account on Sept 22. On Sept 29,it is requesting the RDFI (Star Bank) to return the entry as unauthorized. What is the timeframe to return an unauthorized ACH corporate entry? : Available to the ODFI no later than opening of business on the second banking day following settlement date of original entry 16 . According to the NACHA operating rules, what is the minimum dollar amount of loss suffered to file a claim for compensation? : $200 17 . Written and signed or similarly authenticated authorizations are REQUIRED for which of the following debit transactions: : WEB, POP, PPD 18 . Which field contains the reason for payment as required by OFAC for IAT entries? : Transaction Type Code Field 19 . Sally received a $400 credit entry into her account on Friday. The following Friday, Sally contacted her financial institution to tell them it's not her transac- tion. What is the timeframe to return this entry? : Available to the ODFI no later than opening of business on the second banking day following receipt of notification of refusal from the receiver 20 . State Bank & Trust sends a PPD debit entry to Rose's account at Third Street Bank. Rose's account is overdrawn and the entry is returned NSF. When State Bank & Trust receives the return, which of the following statements is TRUE? : The entry can be reinitiated up to two more times within 180 days after settlement date of original entry 2 / 9

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AAP Exam Review Sample Test Study online at https://quizlet.com/_5f2r9w 21 . This summarizes the control totals from batch controls within the file. It also contains the number of blocks & batches within the file. : File Control record 22 . An ODFI is transmitting ACH entries for a local pharmaceutical company. An undiscovered problem in its software causes the last four digits in various account numbers to be transposed, resulting in 30 percent of the entries being returned R03. Before the problem is resolved, the situation is leaked to the local news. This is an example of what type of risk? : Reputational Risk 23 . Which of the following statements regarding regulation CC is true? : Enacts the Expedited Funds Availability Act of 1988 24 . For a destroyed check entry (XCK) transaction, what needs to be in the company name field? : Check Destroyed 25 . In what ACH record will you find the addenda record indicator? : Entry Detail Record 26 . which of the following is the flow of an ACH transaction within the ACH Network? : Originator, ODFI, ACH Operator, RDFI, Receiver 27 . First Bank and U.S. Steele Company have an ACH origination agreement. Which of the following provides guidelines when determining the commercially reasonable security procedures that are addressed and followed in that agree- ment? : Uniform Commercial Code Article 4A 28 . what record contains the check serial number, terminal city and state, termi- nal ID for an IAT transaction that contains a secondary SEC code of BOC? : Remit- tance Addenda Record 29 . Stan uses a check to pay for a purchase at the hardware store. When the check is presented to Stan's financial institution, Stan's account is NSF and the check is returned. The store provide proper notice at the point of sale, so when it receives the check back NSF it re-presents the check using an RCK entry. According to the NACHA operating rules, which of the following is true regarding a copy of the check to which the entry relates? : Keep a copy of the front and back of the check for 7 years and when requested in writing from the RDFI, provide a copy, indicating paid-if paid, to the ODFI so it can meet its requirement to provide a copy within 10 banking days to RDFI 30 . Numeric fields are: : Right justified, unsigned and zero filled 31 . Which of the following relates to the EFT mandate? : The debt collection improvement act of 1996 3 / 9

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