Froggy Jumps Payment Card Industry Basics ReviewVersion en ligne See how much you learned from the Payment Card Industry Basics eLearnings by playing this game. par Elizabeth Halter 1 What is the payment card industry? a Organizations that store, process, and transmit cardholder data. b Organizations that bill customers for services provided. c Organizations that store and organize financial records for customers. 2 Which of the following is NOT a way in which payments have changed through history? a Goods and services were exchanged for metal coins and paper money. b Goods and services were exchanged for other goods and services without using money. c Goods and services were exchanged through a completely automated, AI-driven system. 3 Why are there various key players that partner together in the payment card industry? a To increase competition and reduce collaboration in the industry. b They each hold a specific, vital role within the industry. c To reduce the number of stakeholders involved in payment transactions. 4 Which key player is a financial institution (usually a bank) that issues cards to cardholders? a Card association (card brand) b Merchant c Card issuer (issuing bank) 5 Which key player accepts, clears, and settles bankcard sales for merchants? a Acquirer b Merchant c Card issuer (issuing bank) 6 Which key player owns the payment card and uses it to pay for a good or service? a Cardholder b Merchant c Card issuer (issuing bank) 7 Which key player is a business owner who accepts payment cards for payments? a Card association (card brand) b Merchant c Card issuer (issuing bank) 8 Which key player is a network of issuing and acquiring banks that process cards of a specific brand? a Cardholder b Card association (card brand) c Card issuer (issuing bank) 9 What is the purpose of the authorization process? a To approve or deny a transaction. b To transfer funds for the amount due. c To approve or deny a person applying for a credit card. 10 What is the purpose of the settlement process? a To approve or deny a transaction. b To transfer funds for the amount due. c To approve or deny a person applying for a credit card. 11 Which key player approves or denies a transaction? a Acquirer b Card association (card brand) c Card issuer (issuing bank) 12 What does the card association do during a transaction? a Records the transaction and assesses fees. b Transmits transaction data from the merchant's point of sale to the card issuer (issuing bank). c Reviews transaction data to approve or deny the transaction. 13 What are all of the approved transactions stored in the merchant's point of sale called? a Group b Bunch c Batch 14 Why is it important that a merchant settle their batches? a Most point of sale systems can only store a certain number of batches at a time. b The batch must be settled to collect the transaction funds. c The transactions will not be approved until the batches are settled. 15 True or False. A merchant can settle a batch at any time, using a function on their point of sale system. a True b False c 16 After a batch settlement is initiated, what is the next step in the process? a The aquirer receives the batch and pays the merchant. b The card issuer (issuing bank) reimburses the acquirer. c Merchants pay their fees. 17 True or False. Merchants receive their funds as soon as the transactions are settled. a True b False c 18 Which of the following does the acquirer fund? a Merchant transactions b Association and interchange fees c Both of these
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