Quiz 5: Page 4&5 #50-71

You are setting up a product or service. What happens if you select the box next to "I purchase this product/service from a vendor"?

• QuickBooks provides fields so you can track purchases of that product/service (in addition to sales)

• Nothing Changes

• QuickBooks doesn't allow you to track a product/service your purchase

You created a Customer Balance Summary Report and your employer wants you to multiply each customer's sales by 23.67%. How can you do this quickly (without using a calculator)?

• Use paper and pencil to manually multiply each customers sales by 23.67% and type in the results

• Select Export to Excel. Open the report in Excel and add a column to do the multiplication for you

You created an estimate for a customer, When does the customer's balance go up?

• When you send an invoice based on the estimate

• When you create the estimate

• When you receive a payment from the customer

• When the customer asks for an estimate

You entered a check in QuickBooks to record a purchase of office supplies. Later, you realize this was a credit card purchase. How do you handle this

• You cannot change this mistake

• Make a journal entry so it reads CREDIT instead of a Check Number

• Delete the transaction and re-enter all the information entering CREDIT instead of a Check Number.

• Change (edit) the Check number to CREDIT

You have a customer who hires you to work on several projects. How do you keep the sales and expenses for each project separate so you run reports to see how profitable each project is?

• You cannot track each project separately.

• Select the "Track separately" checkbox on the invoices for each job.

• Create a new customer account for each project

You just BOUGHT something from a CUSTOMER. How do you set this customer up as a VENDOR in QuickBooks?

• Navigate to the Vendors lists and create a new vendor. In the "Display Name As" field, enter customer's name, and don't add something unique, like "(vendor)' at the end of the name

• Navigate to the Vendors lists and create a new vendor. In the "Display Name As" field, enter customer's name, but add something unique, like "(vendor)' at the end of the name

You need to find an expense, but all you know is the amount (you can't remember the date or vendor). What's the best way to do this?

• Press the Magnifying Glass icon, and search for the exact amount.

• Go through all your transactions for each vendor individually

• Click on the recent transactions icon under expenses and see if you see the amount.

You printed a check from QuickBooks. Before you can send it to your vendor, you spill coffee on it, ruining the check. How do you handle this?

• Void the check

• Send it to the vendor anyway

• Rip the check up and write a new one, you don't have to record it in QuickBooks

Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening?

• Use the Global create button to set a closing date.

• Verbally tell all the users not to make changes to last years numbers.

• You can not stop this from happening

• In the Advanced section of the company settings, set a Closing Date.

Your boss asks you to remove an account from the Chart of Accounts (you don't use it anymore). How would you do this?

• You can't delete an Account from QuickBooks.

• Go to the Settings menu, click on chart of accounts, click on the account you want to delete and select the delete option.

• Use the magnifying glass to search for the account and then select the account and click on the trash can icon.