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Question 1 of 10
1. Question
Select more than one answer:
From the company’s point of view what are the several cost considerations in using cards for payments:Correct
From the company’s point of view there are several cost considerations in using cards for payments:
• annual fees may apply for each card issued
• high cost of using a card for credit
• cost of fraud on lost or stolen cards (although many countries limit the amount of liability)
• improper use of card by employees
• costs of implementing and monitoring control procedures.Incorrect
From the company’s point of view there are several cost considerations in using cards for payments:
• annual fees may apply for each card issued
• high cost of using a card for credit
• cost of fraud on lost or stolen cards (although many countries limit the amount of liability)
• improper use of card by employees
• costs of implementing and monitoring control procedures. -
Question 2 of 10
2. Question
A debit card is used to authorise an electronic debit to the:
Correct
A debit card is used to authorise an electronic debit to the cardholder’s current account and a corresponding credit to the retailer’s account.
Incorrect
A debit card is used to authorise an electronic debit to the cardholder’s current account and a corresponding credit to the retailer’s account.
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Question 3 of 10
3. Question
When used exclusively for employee travel and entertainment expenses, P‐cards are sometimes referred to as:
Correct
When used exclusively for employee travel and entertainment expenses, P‐cards are sometimes referred to as T & E cards.
Incorrect
When used exclusively for employee travel and entertainment expenses, P‐cards are sometimes referred to as T & E cards.
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Question 4 of 10
4. Question
Select TWO advantages of a cheque from the following:
Correct
• low per item bank charges compared with wires
• float accrues to the disburser
• no expensive systems necessary
• pay anyone anywhere, no need for bank account details
• information can accompany payment
• easy to use and issue last minute payments
• usually incoming deposits are not chargedIncorrect
• low per item bank charges compared with wires
• float accrues to the disburser
• no expensive systems necessary
• pay anyone anywhere, no need for bank account details
• information can accompany payment
• easy to use and issue last minute payments
• usually incoming deposits are not charged -
Question 5 of 10
5. Question
Select more than one answer:
Identify some of the disadvantages of ACH:Correct
• initial high set‐up and systems costs
• most ACH systems do not accommodate last-minute payments
• not all banks can handle remittance information and may need to use a value-added network (VAN)
• finality usually 1–2 days later than for wires but can be much longer for consumer debits
• credit implications mean bank may require pre‐funding or a credit line
• must have beneficiary’s full and correct bank account details, or IBANs for SEPA paymentsIncorrect
• initial high set‐up and systems costs
• most ACH systems do not accommodate last-minute payments
• not all banks can handle remittance information and may need to use a value-added network (VAN)
• finality usually 1–2 days later than for wires but can be much longer for consumer debits
• credit implications mean bank may require pre‐funding or a credit line
• must have beneficiary’s full and correct bank account details, or IBANs for SEPA payments -
Question 6 of 10
6. Question
The magnetic ink character recognition line used to encode bank/branch numbers on the bottom of cheques with magnetic ink is known as:
Correct
MICR line: The magnetic ink character recognition line is the standard used to encode bank/branch numbers on the bottom of cheques with magnetic ink which is machine readable. This allows cheques to be cleared through automated systems.
Incorrect
MICR line: The magnetic ink character recognition line is the standard used to encode bank/branch numbers on the bottom of cheques with magnetic ink which is machine readable. This allows cheques to be cleared through automated systems.
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Question 7 of 10
7. Question
Transaction code 45 in Canada is used to identify:
Correct
Transaction code: Identifies the type of transaction. For example transaction code 45 in Canada is used to identify USD cheques.
Incorrect
Transaction code: Identifies the type of transaction. For example transaction code 45 in Canada is used to identify USD cheques.
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Question 8 of 10
8. Question
Select TWO primary models for mobile payments:
Correct
The four primary models for mobile payments are:
• premium SMS (Small Messaging System, i.e. text) based transactional payments
• direct mobile billing
• mobile web payments WAP (Wireless Application Protocol)
• contactless near field communication (NFC)Incorrect
The four primary models for mobile payments are:
• premium SMS (Small Messaging System, i.e. text) based transactional payments
• direct mobile billing
• mobile web payments WAP (Wireless Application Protocol)
• contactless near field communication (NFC) -
Question 9 of 10
9. Question
‘Accept’ giros are used in countries such as:
Correct
‘Accept’ giros are used in countries such as The Netherlands and the Nordic countries.
Incorrect
‘Accept’ giros are used in countries such as The Netherlands and the Nordic countries.
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Question 10 of 10
10. Question
The Bank for International Settlements (BIS) publishes data annually showing usage of:
Correct
The Bank for International Settlements (BIS) publishes data annually showing usage of payment type for selected countries.
Incorrect
The Bank for International Settlements (BIS) publishes data annually showing usage of payment type for selected countries.