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Question 1 of 10
1. Question
A banker’s draft is a cheque made out to the payee but drawn on:
Correct
A banker’s draft is a cheque made out to the payee but drawn on the bank’s own account, in effect, bearing the bank’s credit risk.
Incorrect
A banker’s draft is a cheque made out to the payee but drawn on the bank’s own account, in effect, bearing the bank’s credit risk.
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Question 2 of 10
2. Question
Banker’s drafts are normally expensive and can be ‘stopped’ only if they are:
Correct
Banker’s drafts are normally expensive and can be ‘stopped’ only if they are lost or a fraud is suspected.
Incorrect
Banker’s drafts are normally expensive and can be ‘stopped’ only if they are lost or a fraud is suspected.
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Question 3 of 10
3. Question
Select more than one answer:
What are the most commonly used electronic payment methods?Correct
The following are the most commonly used electronic payment methods; however, not all countries use all these systems or instruments:
• wire transfer
• automated clearing house (ACH)
• direct debit
• electronic bill of exchange
• electronic bill payment
• mobile paymentsIncorrect
The following are the most commonly used electronic payment methods; however, not all countries use all these systems or instruments:
• wire transfer
• automated clearing house (ACH)
• direct debit
• electronic bill of exchange
• electronic bill payment
• mobile payments -
Question 4 of 10
4. Question
Automated clearing house (ACH) is a generic term applied to electronic systems designed for:
Correct
Automated clearing house (ACH) is a generic term applied to electronic systems designed for low‐value, non‐urgent or bulk transactions.
Incorrect
Automated clearing house (ACH) is a generic term applied to electronic systems designed for low‐value, non‐urgent or bulk transactions.
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Question 5 of 10
5. Question
An ACH direct debit is a collection vehicle where the payment is initiated, or ‘pulled’, by:
Correct
An ACH direct debit is a collection vehicle where the payment is initiated, or ‘pulled’, by the beneficiary.
Incorrect
An ACH direct debit is a collection vehicle where the payment is initiated, or ‘pulled’, by the beneficiary.
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Question 6 of 10
6. Question
Select more than one answer
Identify the reasons for which direct debits can be refused by banks:Correct
Direct debits can be refused by banks for a number of reasons including:
• incorrect account details
• revocation of the direct debit mandate
• insufficient funds in the debtor account
• account closed
• amount differs from or exceeds amount authorised by the account holderIncorrect
Direct debits can be refused by banks for a number of reasons including:
• incorrect account details
• revocation of the direct debit mandate
• insufficient funds in the debtor account
• account closed
• amount differs from or exceeds amount authorised by the account holder -
Question 7 of 10
7. Question
Many banks and companies are implementing electronic invoice presentment and payment (EIPP) systems for their:
Correct
Many banks and companies are implementing electronic invoice presentment and payment (EIPP) systems for their B2B payments.
Incorrect
Many banks and companies are implementing electronic invoice presentment and payment (EIPP) systems for their B2B payments.
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Question 8 of 10
8. Question
Charge cards are used as a means of payment for goods and services by cardholders who effect payment by authorizing:
Correct
Charge cards are used as a means of payment for goods and services by cardholders who effect payment by authorising a debit to their charge card.
Incorrect
Charge cards are used as a means of payment for goods and services by cardholders who effect payment by authorising a debit to their charge card.
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Question 9 of 10
9. Question
What is the basic purpose of issuing a payment card?
Correct
Also known as P‐cards, purchasing cards or procurement cards, the use of payment cards in the corporate market has grown significantly over recent years. They are basically charge cards, issued to designated employees to be used for authorised purchases on behalf of the company.
Incorrect
Also known as P‐cards, purchasing cards or procurement cards, the use of payment cards in the corporate market has grown significantly over recent years. They are basically charge cards, issued to designated employees to be used for authorised purchases on behalf of the company.
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Question 10 of 10
10. Question
A smart card contains an embedded microchip processor that requires:
Correct
A smart card contains an embedded microchip processor that requires a special reader.
Incorrect
A smart card contains an embedded microchip processor that requires a special reader.