Extra QuickBooks Practice

You’ve been hired by a company that started in 1911. They’ve never used QuickBooks. During the EasyStep Interview, what “Start Date” should you use?

• There is no Start Date in the EasyStep Interview.

• The date the company bought QuickBooks.

• 1911

• The date you want to begin tracking the company’s finances in QuickBooks.

When setting up a new company through the EasyStep Interview, some company information is optional and some is absolutely required. Which of the following pieces of information does QuickBooks require you to enter?

• Company name

• Company password

• Tax ID

• All of the above

Which of the following is NOT a backup option in QuickBooks?

• Manually back up the file.

• Automatically back up the data file when closing QuickBooks.

• Schedule an unattended backup

• All of the above are QuickBooks backup options.

If you choose to “Remove Transactions as of a specific date” from the “Clean Up Company Data” window, what does QuickBooks do?

• Removes all payroll transactions that occurred on that date. This is a great way to fix the mistakes a new person made on a particular day.

• Removes all transactions while leaving lists, preferences, and service subscriptions intact.

• Changes the company’s start date.

• Deletes all transactions, as well as user passwords and access privileges.

What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer:Job)?

• You are not allowed to delete that entry

• You can click on the diamond and move the list entry to a different location on the list.

• There are open transactions related to the list entry.

• You cannot move the list entry.

What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier?

• 10,000

• 1,000

• 2,500

• 14,500

What item type should you use for inventory that you assemble from other items and then sell?

• Group

• Inventory Part

• Inventory Assembly

• Non-inventory Part

Which of the following statements is true concerning items?

• You can use one item to represent different services or goods.

• Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss.

• To create an invoice, you must use an item

• All of the above

When should you create an invoice in QuickBooks?

• When a customer purchases goods or services and pays you in cash at the time of the sale

• When a customer purchases goods or services and pays you by check or credit card at the time of the sale

• When a customer purchases goods or services, but you don’t want to record the sale as final

• When a customer purchases goods or services but does not pay you at the time of the sale

When should you use a Sales Receipt in QuickBooks?

• To give a customer a receipt for payment of an invoice

• To record a customer prepayment or deposit

• To record a customer payment at the time of sale

• To enter a customer early-payment discount