AAP FINAL EXAM ACTUAL 2026 QUESTIONS AND
SOLUTIONS RATED A+
✔✔unlike the NACHA Operating rules the federal government does not require written
authorization for which SEC code - ✔✔POP
✔✔which sec code adopted the bank secrecy act's travel rule - ✔✔IAT
✔✔which regulatory body requires the RDFI to perform a review of all parties to an IAT
entry including remittance and foreign correspondent bank information found in the
addends - ✔✔OFAC
✔✔a process used by the Bureau of the Fiscsl Services ( formerly FMS) to research
non receipt of SSA SSI and va benefits payments - ✔✔tele-trace
✔✔regulation governs the processing of checks transactions - ✔✔regulation J
✔✔first bank is creating XCK entries due to a lost cash letter according to the ACH rules
first bank needs to keep a copy of the items to which each XCK entry relates for - ✔✔6
years
✔✔A U.S.-domiciled money transmitter receives a payment order from a foreign
customer at one of its foreign branch offices to send funds to a Receiver in the U.S. The
money transmitter makes a book entry to record the transaction on the books of its
offices in both countries and creates an ACH entry to send the funds to the Receiver at
his bank in the U.S. What type of ACH transaction would be originated by the money
transmitter? - ✔✔The resulting ACH credit to the U.S. Receiver would be an IAT
✔✔Stan purchases a drill from the local hardware store using a check. His check is
returned as NSF. The hardware store has a policy to collect NSF items using RCK.
According to the ACH Rules, the hardware store is required to: - ✔✔Keep a copy of the
front and back of the check for 7 years
✔✔The Acquirer in the Card Payments System is: - ✔✔A financial institution that
represents Merchants in accepting POS transactions
✔✔The ACH Network is governed by all of the following except - ✔✔Electronic Funds
Transfer Mandate
✔✔Which of the following is an example of a common ACH credit application? -
✔✔Shareholder dividends
, ✔✔Willy Wreck has Insurance-R-Us automatically debit his account at Nuttin' Left Bank
every month for his car insurance. Insurance-R-Us contracts with Creative Payments to
generate an ACH debit file each month. Creative Payments then transmits the file to
The Money Bank, Insurance-R-Us' financial institution. Creative Payments would be
a(n): - ✔✔Third-Party Service Provider
✔✔Direct Payment via ACH can be all except: - ✔✔Used to send a payment to a
mortgage account
✔✔You logged into your financial institution's online banking website and authorized a
one-time payment to your credit card company. Which SEC code would accompany
your payment? - ✔✔CIE
✔✔Which company would be the best candidate for Direct Payment via ACH? -
✔✔9,999 addenda records with 80 characters of payment-related information
✔✔A third-party processing ACH transactions on behalf of an RDFI is referred to as
a(n): - ✔✔Receiving Point
✔✔ABC Company initiates a single payment to cover all charges incurred on five
invoices from XYZ Company. Which SEC code - ✔✔CTX
✔✔Which of following is an ANSI ASC X12 transaction set for making health care
payments? - ✔✔ASC X12 835
✔✔Willy Wreck has Insurance-R-Us automatically debit his account at Nuttin' Left Bank
every month for his car insurance. Insurance-R-Us contracts with Creative Payments to
generate an ACH debit file each month. Creative Payments then transmits the file to
their own financial institution, Innovative Bank. Creative Payments would be a(n): -
✔✔Third-Party Sender
✔✔Which of the following emerging payments is considered a closed loop network? -
✔✔B. Dwolla
✔✔Written and signed or similarly authenticated authorizations are required for: -
✔✔POP and PPD debit entries
✔✔Which rule or regulation governs the processing - ✔✔Title 31 Code of Federal
Regulations Part 210
✔✔Which statement is true regarding the differences between the settlement process of
a Fedwire and an ACH file? - ✔✔Fedwire is a gross-settlement system and ACH is a
net-settlement system
SOLUTIONS RATED A+
✔✔unlike the NACHA Operating rules the federal government does not require written
authorization for which SEC code - ✔✔POP
✔✔which sec code adopted the bank secrecy act's travel rule - ✔✔IAT
✔✔which regulatory body requires the RDFI to perform a review of all parties to an IAT
entry including remittance and foreign correspondent bank information found in the
addends - ✔✔OFAC
✔✔a process used by the Bureau of the Fiscsl Services ( formerly FMS) to research
non receipt of SSA SSI and va benefits payments - ✔✔tele-trace
✔✔regulation governs the processing of checks transactions - ✔✔regulation J
✔✔first bank is creating XCK entries due to a lost cash letter according to the ACH rules
first bank needs to keep a copy of the items to which each XCK entry relates for - ✔✔6
years
✔✔A U.S.-domiciled money transmitter receives a payment order from a foreign
customer at one of its foreign branch offices to send funds to a Receiver in the U.S. The
money transmitter makes a book entry to record the transaction on the books of its
offices in both countries and creates an ACH entry to send the funds to the Receiver at
his bank in the U.S. What type of ACH transaction would be originated by the money
transmitter? - ✔✔The resulting ACH credit to the U.S. Receiver would be an IAT
✔✔Stan purchases a drill from the local hardware store using a check. His check is
returned as NSF. The hardware store has a policy to collect NSF items using RCK.
According to the ACH Rules, the hardware store is required to: - ✔✔Keep a copy of the
front and back of the check for 7 years
✔✔The Acquirer in the Card Payments System is: - ✔✔A financial institution that
represents Merchants in accepting POS transactions
✔✔The ACH Network is governed by all of the following except - ✔✔Electronic Funds
Transfer Mandate
✔✔Which of the following is an example of a common ACH credit application? -
✔✔Shareholder dividends
, ✔✔Willy Wreck has Insurance-R-Us automatically debit his account at Nuttin' Left Bank
every month for his car insurance. Insurance-R-Us contracts with Creative Payments to
generate an ACH debit file each month. Creative Payments then transmits the file to
The Money Bank, Insurance-R-Us' financial institution. Creative Payments would be
a(n): - ✔✔Third-Party Service Provider
✔✔Direct Payment via ACH can be all except: - ✔✔Used to send a payment to a
mortgage account
✔✔You logged into your financial institution's online banking website and authorized a
one-time payment to your credit card company. Which SEC code would accompany
your payment? - ✔✔CIE
✔✔Which company would be the best candidate for Direct Payment via ACH? -
✔✔9,999 addenda records with 80 characters of payment-related information
✔✔A third-party processing ACH transactions on behalf of an RDFI is referred to as
a(n): - ✔✔Receiving Point
✔✔ABC Company initiates a single payment to cover all charges incurred on five
invoices from XYZ Company. Which SEC code - ✔✔CTX
✔✔Which of following is an ANSI ASC X12 transaction set for making health care
payments? - ✔✔ASC X12 835
✔✔Willy Wreck has Insurance-R-Us automatically debit his account at Nuttin' Left Bank
every month for his car insurance. Insurance-R-Us contracts with Creative Payments to
generate an ACH debit file each month. Creative Payments then transmits the file to
their own financial institution, Innovative Bank. Creative Payments would be a(n): -
✔✔Third-Party Sender
✔✔Which of the following emerging payments is considered a closed loop network? -
✔✔B. Dwolla
✔✔Written and signed or similarly authenticated authorizations are required for: -
✔✔POP and PPD debit entries
✔✔Which rule or regulation governs the processing - ✔✔Title 31 Code of Federal
Regulations Part 210
✔✔Which statement is true regarding the differences between the settlement process of
a Fedwire and an ACH file? - ✔✔Fedwire is a gross-settlement system and ACH is a
net-settlement system
