100% Free ACI 002-101 Practice Test Questions and Answers 2026

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Total 420 Questions | Updated On: May 21, 2026

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Question 1

When differences in payment arise because of errors in the payment of funds:

A : no party involved can be enforced to contribute to achieve an equitable resolution to the problem

B : claims are calculated on the full principal amount of the failed payment with the interest rate imposed by the injured party

C : claims should be made for the costs incurred by the injured party and include all administration costs

D : no market participant should be unjustly enriched or injured by the action/error of another market participant

Answer: D

Question 2

Which of the following statements about Credit Default Swaps (CDS) is correct?

A : CDS provide protection against specified credit events to the party receiving the CDS premium payments.

B : CDS provide protection against the default of the trade counterparty that buys the CDS.

C : CDS provide compensation to the protection buyer, should a specified credit event occur to a third party entity.

D : CDS are used to recover funds from defaulted swap counterparties.

Answer: C

Question 3

Where answer phone equipment is used for reporting and recording of off-premises transactions, it should be:

A : Secured so that reported transactions cannot be erased without senior management approval.

B : Secured by recordings that are stored for a suitable period.

C : On a number located in the office of the internal auditor.

D : On an special number known only to the chief dealer.

Answer: A

Question 4

How can material divergences between the value of cash and collateral be managed in a documented sell/ buy-back?

A : Margin maintenance

B : Either of the above, but usually (b)

C : Either of the above, but usually (a)

D : Re-pricing

Answer: B

Question 5

What needs to be done in the event that a trade is amended by one or both parties?

A : A new confirmation should be generated and the confirmation cycle should restart and continue until the trade is completely matched by both parties.

B : A new confirmation should be generated by both parties but there is no need to restart the confirmation cycle.

C : A new confirmation need not be generated but the confirmation cycle must restart and continue until the trade is completely matched by both parties.

D : The amending party should verbally inform the other party.

Answer: A

Page: 1 / 84

Total 420 Questions | Updated On: May 21, 2026

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