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Question 1 of 10
1. Question
Near field communication is one the four primary models of:
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 2 of 10
2. Question
Which term is frequently used interchangeably with the term ‘draft’?
Correct
The term Bill of exchange is frequently used interchangeably with the term ‘draft’. Bills of exchange are frequently used domestically, particularly in Continental Europe and parts of Asia.
Incorrect
The term Bill of exchange is frequently used interchangeably with the term ‘draft’. Bills of exchange are frequently used domestically, particularly in Continental Europe and parts of Asia.
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Question 3 of 10
3. Question
Select more than one answer:
Identify the statements that holds true for ACH:Correct
• more secure than cheques but not as secure as wire
• can be used for both credit and debit transfers
• can be used for both single and batch transfers
• must have a beneficiary’s BIC and IBAN for SEPA transfers
• most ACH systems do not accommodate last minute payments
• not all banks can handle information and may need to use a value‐added network (VAN)
• credit implications mean bank may require pre‐funding or a credit lineIncorrect
• more secure than cheques but not as secure as wire
• can be used for both credit and debit transfers
• can be used for both single and batch transfers
• must have a beneficiary’s BIC and IBAN for SEPA transfers
• most ACH systems do not accommodate last minute payments
• not all banks can handle information and may need to use a value‐added network (VAN)
• credit implications mean bank may require pre‐funding or a credit line -
Question 4 of 10
4. Question
Select any TWo advantages of Wire transfers:
Correct
• finality immediate if cleared through a real‐time gross settlement system
• funds can be sent the same day
• normally does not create a float
• can cause intra‐day credit exposure for banks
• higher bank transaction charges, especially cross‐border
• can be used for international payments
• the most secure method of making paymentsIncorrect
• finality immediate if cleared through a real‐time gross settlement system
• funds can be sent the same day
• normally does not create a float
• can cause intra‐day credit exposure for banks
• higher bank transaction charges, especially cross‐border
• can be used for international payments
• the most secure method of making payments -
Question 5 of 10
5. Question
In how many places does the amount appears on a cheque?
Correct
The amount appears in three places on a cheque.
Incorrect
The amount appears in three places on a cheque.
-
Question 6 of 10
6. Question
All banks cannot handle remittance information and may need to use a:
Correct
All banks can handle remittance information and may need to use a value-added network (VAN).
Incorrect
All banks can handle remittance information and may need to use a value-added network (VAN).
-
Question 7 of 10
7. Question
The term ‘checking account’ is used in the USA to describe a ‘demand deposit account’ (DDA), an account that is used for:
Correct
The term ‘checking account’ is used in the USA to describe a ‘demand deposit account’ (DDA) – an account on which checks (cheques) are drawn.
Incorrect
The term ‘checking account’ is used in the USA to describe a ‘demand deposit account’ (DDA) – an account on which checks (cheques) are drawn.
-
Question 8 of 10
8. Question
Select more than one answer:
What are the documents required by the Bank before opening an account for a public company?Correct
Before opening an account for a public company, the bank will typically require the following documents:
• A completed application form.
• Account (or bank) mandate incorporating specimen signatures. This will be provided by the bank for completion by the company. The mandate specifies which individuals in the company are authorised to act on the account, in what capacity and up to what limits.
• Board resolution authorising the opening of a bank account, the signatories authorised to act on the account and approving the account mandate.
• Certificate of Incorporation, which is the legal document creating the company and specifying ownership of the company.Incorrect
Before opening an account for a public company, the bank will typically require the following documents:
• A completed application form.
• Account (or bank) mandate incorporating specimen signatures. This will be provided by the bank for completion by the company. The mandate specifies which individuals in the company are authorised to act on the account, in what capacity and up to what limits.
• Board resolution authorising the opening of a bank account, the signatories authorised to act on the account and approving the account mandate.
• Certificate of Incorporation, which is the legal document creating the company and specifying ownership of the company. -
Question 9 of 10
9. Question
Which service is designed to address longer‐term liquidity risks and encourage banks to establish a longer‐term approach to funding of assets and activities?
Correct
The Net Stable Funding Ratio (NSFR) is designed to address longer‐term liquidity risks and encourage banks to establish a longer‐term approach to funding of assets and activities.
Incorrect
The Net Stable Funding Ratio (NSFR) is designed to address longer‐term liquidity risks and encourage banks to establish a longer‐term approach to funding of assets and activities.
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Question 10 of 10
10. Question
The European Union along with the US Federal Reserve Bank announced in December 2011 that it would implement substantially all of the:
Correct
The European Union, the US Federal Reserve Bank announced in December 2011 that it would implement substantially all of the Basel III rules and made clear that they would apply not only to banks but to all institutions with more than USD 50 billion in assets.
Incorrect
The European Union, the US Federal Reserve Bank announced in December 2011 that it would implement substantially all of the Basel III rules and made clear that they would apply not only to banks but to all institutions with more than USD 50 billion in assets.