APRP pretest Exam 50 Questions with Verified Answers
Ms. Jones writes a check to Mr. Smith. In the check payment system, what role do
each of them play? - CORRECT ANSWER Ms. Jones = Payor ; Mr. Smith = Payee
What term describes the amount and type of risk an Organization is willing to
assume to meet its strategic goals? - CORRECT ANSWER Risk Appetite
The payroll coordinator is out sick, and nobody else knows how to process the
payroll file for settlement on Friday. As a result, the file is not originated. What
kind of controls should be put in place to prevent this from happening in the
future? - CORRECT ANSWER Operational Controls
According to the FFEICs Business Continuity Planning Booklet, how often should a
financial institution's enterprise wide BCP test be conducted? - CORRECT ANSWER
At least every 12 months
Which regulation establishes reserve requirements for depository financial
institutions? - CORRECT ANSWER Regulation D
Which payment system requires participants to comply with PCI DSS
requirements? - CORRECT ANSWER Card
Which Federal Reserve Bank Service allows for the electronic issuance, transfer,
and maintenance of securities issued by the U.S. Treasury and Federal
Government Agencies? - CORRECT ANSWER Fedwire Securities Service
The inability or unwillingness of one funds transfer system participant to settle its
commitments, causing other participants to be unable to settle their
commitments is known as: - CORRECT ANSWER Systemic Risk
Which ACH participant is required under the NACHA operating rules to conduct a
risk assessment? - CORRECT ANSWER RDFI
