2008 AAP Exam Study Quiz Latest Update 2024-
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Questions and Answers
• 1.
Which ACH applications require the check serial number to print on the consumer's
statement?
o A.
Internet-initiated entries and Point-of-Sale
o B.
Prearranged Payment and Deposit and Death Notification Entries
o C.
Corporate Cross Border and Telephone Initiated Entries
o D.
Point-of-Purchase and Back Office Conversion
o E.
Point of Sale and Back Office Conversion
, Correct Answer
D. Point-of-Purchase and Back Office Conversion
Explanation
Point-of-Purchase and Back Office Conversion are the ACH applications that require the
check serial number to print on the consumer's statement.
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• 2.
The RDFI is responsible for...
o A.
Posting debit and credit transactions on effective entry date
o B.
receipt and processing of return transactions
o C.
Validating prenotifications
o D.
Calculating the settlement totals owed to and by DFIs
o E.
Retaining source documents for TRX transactions
Correct Answer
C. Validating prenotifications
Explanation
The RDFI, or Receiving Depository Financial Institution, is responsible for validating
prenotifications. Prenotifications are notifications sent by an Originating Depository
Financial Institution (ODFI) to inform the RDFI of an upcoming debit or credit
transaction. The RDFI validates these prenotifications to ensure that the transaction is
authorized and can be processed. This helps prevent unauthorized transactions and
ensures the accuracy and security of the payment system.
Rate this question:
2
2025 Actual Exam from Credible Source with
Questions and 100% Verified Detailed Correct
Answers Guaranteed A+ Approved by Professor
Questions and Answers
• 1.
Which ACH applications require the check serial number to print on the consumer's
statement?
o A.
Internet-initiated entries and Point-of-Sale
o B.
Prearranged Payment and Deposit and Death Notification Entries
o C.
Corporate Cross Border and Telephone Initiated Entries
o D.
Point-of-Purchase and Back Office Conversion
o E.
Point of Sale and Back Office Conversion
, Correct Answer
D. Point-of-Purchase and Back Office Conversion
Explanation
Point-of-Purchase and Back Office Conversion are the ACH applications that require the
check serial number to print on the consumer's statement.
Rate this question:
1
0
• 2.
The RDFI is responsible for...
o A.
Posting debit and credit transactions on effective entry date
o B.
receipt and processing of return transactions
o C.
Validating prenotifications
o D.
Calculating the settlement totals owed to and by DFIs
o E.
Retaining source documents for TRX transactions
Correct Answer
C. Validating prenotifications
Explanation
The RDFI, or Receiving Depository Financial Institution, is responsible for validating
prenotifications. Prenotifications are notifications sent by an Originating Depository
Financial Institution (ODFI) to inform the RDFI of an upcoming debit or credit
transaction. The RDFI validates these prenotifications to ensure that the transaction is
authorized and can be processed. This helps prevent unauthorized transactions and
ensures the accuracy and security of the payment system.
Rate this question:
2
