ACI - Operations Certificate - 3I0-010 Exam Practice Test

Question 1

In what order would the currencies of the major currency pairs generally be quoted in forex?

A. EUR/USD, USD/JPY, GBP/USD, USD/CHF, CAD/USD, USD/AUD

B. EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD

C. EUR/USD, USD/JPY, GBP/USD, USD/CHF, CAD/USD, AUD/USD

D. EUR/USD, USD/JPY, USD/GBP, USD/CHF, USD/CAD, USD/AUD

Correct Answer: B

Question 2

Which action results in the highest STP-Rate?

A. the use of a Continuous Linked Settlement

B. the use of internal limits regulations such as counterparty limits and country limits

C. the daily reconciliation of nostro accounts

D. a trade confirmation check

Correct Answer: A

Question 3

The depositary of your securities:

A. is responsible only for safeguarding the securities that you have on your account

B. is responsible only for the settlement of those securities

C. is responsible for safeguarding both the securities that you have on your account and their settlement

D. is never responsible for safeguarding securities

Correct Answer: C

Question 4

Due to an error by your dealers, your bank is 5 days late in paying EUR 10,000,000.00. Your correspondent bank says it will charge you 12% p. a. plus reserve costs of Euro 1.00 per thousand. How much will your account be charged for this overdraft?

A. EUR 26,666.67

B. EUR 16,666.67

C. EUR 16,438.36

D. EUR 1,200,000.00

Correct Answer: A

Question 5

A dealer belongs to:

A. the middle office staff

B. the back office staff

C. the money laundering staff

D. the front office staff

Correct Answer: D

Question 6

Which of the following statements is correct?

A. The settlement amount on a FRA is not based on the LIBOR for the relevant period.

B. The settlement amount is paid at the trade date of a FRA.

C. The cash settlement amount on a FRA is usually a discounted amount.

D. The settlement of a FRA is paid at maturity date.

Correct Answer: C

Question 7

A message received and accepted by SWIFT will be acknowledged with:

A. ACK

B. BAC

C. PAC

D. NAK

Correct Answer: A

Question 8

How would you denote that EUR funds are to be paid via TARGET on a typical MT 202 message?

A. "//RT" is indicated once in the optional account number field 56A, 57A or 58A.

B. There is no need to note this separately as payments via TARGET are made only in euro.

C. TARGET is used in the "Pay To Bank" field.

D. The word TARGET is used in field 72 "Bank to Bank Information".

Correct Answer: A

Question 9

When do you use a SWIFT message type 202?

A. for a customer transfer

B. for a foreign exchange confirmation

C. to confirm a general financial institution transfer

D. for multiple general financial institution transfers

Correct Answer: C

Question 10

How are accounting entries USUALLY generated?

A. They are generated based on a code profile held for each product type on a time event basis.

B. They are generated in the morning at start of business when there is no direct link to other systems.

C. They are generated based on the nature of instruments (debits = first priority / credits = second priority).

D. They are generated based on a code profile held for each front office staff member.

Correct Answer: A

Question 11

An input message for the SWIFT network is composed of up to which five parts?

A. 1. Sending header block,
2.Application header block,
3.User header block,
4.Text block (optional),
5.Transmission block

B. 1. Basic header block,
2.System header block (optional),
3.User header block,
4.Text block,
5.Security block

C. 1. Basic header block,
2.Application header block,
3.User header block (optional),
4.Text block,
5.Trailers block

D. 1. Basic header block,
2.Communication header block,
3.Currency block,
4.Text block,
5.Trailers block

Correct Answer: C

Question 12

Which risk factors fall under counterparty risk?

A. settlement risk, delivery risk and replacement cost

B. operational risk

C. currency risk, interest rate risk and swap risk

D. settlement risk and swap risk

Correct Answer: A

Question 13

Which SWIFT message type is NOT accepted in TARGET2?

A. SWIFT message type 103+

B. SWIFT message type 210

C. SWIFT message type 202

D. SWIFT message type 204

Correct Answer: B

ACI - Operations Certificate - 3I0-010 Exam Practice Test

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