Payment Card Industry Basics Review

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See how much you learned from the Payment Card Industry Basics eLearnings by playing this game.

Créé par

Elizabeth Halter

United States

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Payment Card Industry Basics Review


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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Payment Card Industry Basics Review

Froggy Jumps

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Payment Card Industry Basics ReviewVersion en ligne

par Elizabeth Halter

What is the payment card industry?

Which of the following is NOT a way in which payments have changed through history?

Why are there various key players that partner together in the payment card industry?

Which key player is a financial institution (usually a bank) that issues cards to cardholders?

Which key player accepts, clears, and settles bankcard sales for merchants?

Which key player owns the payment card and uses it to pay for a good or service?

Which key player is a business owner who accepts payment cards for payments?

Which key player is a network of issuing and acquiring banks that process cards of a specific brand?

What is the purpose of the authorization process?

What is the purpose of the settlement process?

Which key player approves or denies a transaction?

What does the card association do during a transaction?

What are all of the approved transactions stored in the merchant's point of sale called?

Why is it important that a merchant settle their batches?

True or False. A merchant can settle a batch at any time, using a function on their point of sale system.

After a batch settlement is initiated, what is the next step in the process?

True or False. Merchants receive their funds as soon as the transactions are settled.

Which of the following does the acquirer fund?