AAP Exam Review Sample Test Latest Update
2024-2025 Actual Exam from Credible Source
with 100 Questions and 100% Verified Correct
Answers Guaranteed A+ Approved by Professor
A biller collecting a service fee associated with a payment returned as insufficient funds
may do so as long as notice is provided at the time the underlying entry is authorized or
check item is accepted for payment. To identify the debit as a service fee, the biller must
format the company entry description field as follows: - CORRECT ANSWER: Return
Fee
A Health Care EFT transaction must comply with the following format: - CORRECT
ANSWER: CCD with one addenda record
A TEL entry can be initiated in the following situations except when: - CORRECT
ANSWER: The originator initiates the call to the consumer with whom they have no prior
relationship
A value added network (VAN) is an entity that: - CORRECT ANSWER: provides
payment related information
A value added network (VAN) is best described as: - CORRECT ANSWER: a
communications network for sending and receiving data
According to an original authorization between Georgia and her health club, the monthly
membership dues are $35.00 each month. The health club must increase their monthly
membership dues to $40.00 each month. Which of the following regulations requires the
health club to provide a 10-day notice when there is a change in dollar amount of the
original authorization? - CORRECT ANSWER: Regulation E
According to the NACHA operating rules, what is the minimum dollar amount of loss
suffered to file a claim for compensation? - CORRECT ANSWER: $200
, ACH Operations primary staff at an RDFI are out sick and the backup staff is unsure of
how to do ACH returns so they decide not to process them until the other employees
return. Three days later the returns cannot be completed as they were NSF and are
now outside of the return timeframe. What type of risk is this? - CORRECT ANSWER:
Operational Risk
All return entries must: - CORRECT ANSWER: be in the amount of the related original
entry
Alphameric Field Are: - CORRECT ANSWER: Left justified and space filled
An ACH Operator acting as a Gateway must not process - CORRECT ANSWER: Any
debit Inbound IAT entry, except for reversing entries
An erroneous file was transmitted by the ODFI. The reversing file and if necessary a
correcting file must be transmitted to the ACH operator within: - CORRECT ANSWER: 5
Banking days after the settlement date of the erroneous file and within 24 hours of the
discovery
An IAT Return entry must include: - CORRECT ANSWER: Seven mandatory plus an
additional (8th) addenda with return reason code and original entry trace number
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? - CORRECT ANSWER: Reputational Risk
An ODFI may dishonor a return entry that was
_____________________________________. - CORRECT ANSWER: Untimely
An ODFI or originator cannot reinitiate an entry more than: - CORRECT ANSWER: 180
days after the settlement date of the original transaction
2024-2025 Actual Exam from Credible Source
with 100 Questions and 100% Verified Correct
Answers Guaranteed A+ Approved by Professor
A biller collecting a service fee associated with a payment returned as insufficient funds
may do so as long as notice is provided at the time the underlying entry is authorized or
check item is accepted for payment. To identify the debit as a service fee, the biller must
format the company entry description field as follows: - CORRECT ANSWER: Return
Fee
A Health Care EFT transaction must comply with the following format: - CORRECT
ANSWER: CCD with one addenda record
A TEL entry can be initiated in the following situations except when: - CORRECT
ANSWER: The originator initiates the call to the consumer with whom they have no prior
relationship
A value added network (VAN) is an entity that: - CORRECT ANSWER: provides
payment related information
A value added network (VAN) is best described as: - CORRECT ANSWER: a
communications network for sending and receiving data
According to an original authorization between Georgia and her health club, the monthly
membership dues are $35.00 each month. The health club must increase their monthly
membership dues to $40.00 each month. Which of the following regulations requires the
health club to provide a 10-day notice when there is a change in dollar amount of the
original authorization? - CORRECT ANSWER: Regulation E
According to the NACHA operating rules, what is the minimum dollar amount of loss
suffered to file a claim for compensation? - CORRECT ANSWER: $200
, ACH Operations primary staff at an RDFI are out sick and the backup staff is unsure of
how to do ACH returns so they decide not to process them until the other employees
return. Three days later the returns cannot be completed as they were NSF and are
now outside of the return timeframe. What type of risk is this? - CORRECT ANSWER:
Operational Risk
All return entries must: - CORRECT ANSWER: be in the amount of the related original
entry
Alphameric Field Are: - CORRECT ANSWER: Left justified and space filled
An ACH Operator acting as a Gateway must not process - CORRECT ANSWER: Any
debit Inbound IAT entry, except for reversing entries
An erroneous file was transmitted by the ODFI. The reversing file and if necessary a
correcting file must be transmitted to the ACH operator within: - CORRECT ANSWER: 5
Banking days after the settlement date of the erroneous file and within 24 hours of the
discovery
An IAT Return entry must include: - CORRECT ANSWER: Seven mandatory plus an
additional (8th) addenda with return reason code and original entry trace number
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? - CORRECT ANSWER: Reputational Risk
An ODFI may dishonor a return entry that was
_____________________________________. - CORRECT ANSWER: Untimely
An ODFI or originator cannot reinitiate an entry more than: - CORRECT ANSWER: 180
days after the settlement date of the original transaction
