You own a retail clothing store. You order three dozen shirts from a vendor. Two of the shirts arrive with obvious manufacturing errors. You contact the vendor, who offers you a credit. In QB online what is the effect of the vendor credit?

Credit the cost for the damaged shirts to the Vendor Credits and Refunds income account

Reissue the vendor invoice for a lower amount

Refund the cost of the damaged shirts in cash

Credit the account you need to make the purchase

Which two statements describe the difference between the recording expenses on checks and as credit card expenses?

A check debits the expense account and credits the bank

A credit card expenses debits the expense account and credits card payable

A credit card expense debits the credit card payable and credits the expense account

A check debits the expense account and credits Account Payable

What is a reason for setting up products or services in QB online?

To have standard terminology for customers on sales forms

To automatically schedule reordering items that are out of stock

To automatically message customers when items are in stock

To create customizable formulas in reports that you export to spreadsheets

Select the choice with the matching pairs

Classes: Track transactions by departments in a company Locations: Track transactions by city or region Projects: Track job costs and income

Classes: Track job costs and income Locations: Track transactions by departments in a company Projects: Track transactions by city or region

Classes: Track transactions by city or region Locations: Track job costs and income Projects: Track transactions by departments in a company

Classes: Track transactions by city or region Locations: Track transactions by departments in a company Projects: Track job costs and income

Which three tasks can you perform when using Bank feeds in the banking area? (Choose three)

Create a pay bills transactions if the bills are unpaid in QB and one or more payments cleared the bank

Create a receive transaction if invoices are open in QB and one or more payments have cleared the bank

Unreconciled a previously cleared transaction

Issue a stop payment request for a check

Match transactions entered in QB to the bank information as they clear the bank

What are the four types of products and services that can appear on QB sale forms?

Bundle, Inventory, Non-Inventory, and Service

Bundle, Group, Inventory, and Service

Group, Inventory, Inventory Assembly, and Service

Flat Fee, Package, Part, and Service

For which two reasons should you connect online your online bank accounts to QB online? (Choose two)

To automatically download and categorize your bank account and credit card transactions

To help prevent data entry errors

To automatically increase the downloaded speed for slow internet connection

To ensure that your data remains secure

Which statement describes 1099 workers?

1099 workers are full time employees or part time

1099 workers define for themselves when, how and where they work

Companies must withhold and pay payroll taxes for 1099 workers

Companies usually provide benefits such as health insurance and cation pay to 1099 workers

On your bank's website, you transfer $5,000 from your savings account to your checking account to pay bills. You are processing bank feed transactions You need to record this transaction properly Which two actions should you perform? (Choose two)

Match the saving account transactions to the checking account transaction

Mark the checking account transaction as a Transfer

Enter a check to cover the transfer amount

Categorize the savings account transaction as a bill payment

For each statement about the Cash Flow statement, select True or False 1a) It shows a business assets, liabilities, and equity 1b) It summarizes the cash flowing in and out of a business 1c) It is divided into three sections: Operations, Investments, and Financing 1d) It is another name for an Income Statement for companies that use accrual accounting

1a) False 1b) True 1c) True 1d) False

1a) True 1b) False 1c) True 1d) True

1a) False 1b) False 1c) True 1d) False

1a) True 1b) False 1c) False 1d) True

For each of the following about QB Online Plus, select True or False 1a) QB Online Plus provides inventory tracking 1b) QB Online Plus allows up to 5 user licenses 1c) QB Online Plus provides project profitability tracking 1d) QB Online Plus includes Payroll support at no additional cost

1a) True 1b) True 1c) True 1d) False

1a) False 1b) True 1c) True 1d) False

1a) False 1b) False 1c) False 1d) True

1a) True 1b) True 1c) True 1d) True

In QB Online, what is the difference between voiding and deleting a check?

Voiding a check keeps it in reports buy reduces its value to zero. Deleting a check removes it from reports other than the Audit Log

Deleting a check keeps it in reports but reduces its value to zero. Voiding a check removes it from reports other than the Audit Log

Deleting a check is an internal process. Voiding a check notifies the bank to stop payment

Voiding a check is an intern process. Deleting a check notifies the bank to stop payment

You pay a bill using a check. You record the transaction on QB Online. The check is damaged before the vendor can deposit it. You write a new check. What should you do with the original check in QB Online?

Edit the check to change the check number

You want to pass on some of your costs directly to customers in QB Online. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in QB Online. What should you do?

In the Account and Settings area, on the expense tab, toggle on make expenses and items billable

In the Customer Record, on the payment and billing tab, select allow billable expenses

In the Account and Settings area, on the advanced tab, select billable expense income in the billable expense income account

In the Account and Settings are, on the expenses tab, toggle on track expenses and items by customer

Which two methods can yo use to upload a receipt to QB Online? (Choose two)

Upload an image directly from your Google Drive

Email an image directly to QB Online

Upload an image directly from Dropbox

Use FTP to transfer an image to QB Online

Complete the sentences. 1) ________ a transaction erases it completely from your books 2) ________ an invoice does not alter any payment you've recorded for that invoice 3) ________ a transaction does not affect your account balance, and you keep a record of that transaction

1) DELETE 2) VOIDED 3) DELETING

1) DELETING 2) DELETE 3) VOIDED

1) DELETE 2) DELETING 3) VOIDED

1) VOIDED 2) DELETING 3) DELETE

For each statement about the risks and benefits of extending functionality through apps, select True or False.

Your QB online account includes free use of all APP Store apps

The QB APP store is available directly from QB online Plus

Apps that are not fully compliant with Intuit requirements will not connect to or sync with your OB online company account

For each statement about managing unbilled expenses in QB online select T or F.

The unbilled cost by job report displays the unbilled expense

If you clear the billable check box for a cost, its is no longer a business expense

You change the billable status of a cost by selecting or cleaning a billable check box on the check

You are sending an invoice to a customer. You need to set up the payment terms. What does a payment term of NET 15 mean?

The customer must pay the invoice in full within 15 days of the invoice date

The customer must make a partial payment within 15 days of the invoice date

The customer will receive a 15% discount if they pay the invoice within 15 days

The customer will receive a 15% discount if they pay the invoice immediately

You are setting up products and services in QB Online. For which items is the initial quantity field available?

Inventory items and services items

What does the audit log display?

Transactions that affect your company file, including the time and associated user

All your company accounts and balances

Transactions you have saved for reuse

Terms that determine the due dates for payments from customers and payments to vendors

QuickBooks Test 1 Practice

Quiz

•

Business

•

10th Grade

•

Practice Problem

•

Medium

Acisclo Fernandez

Used 256+ times

FREE Resource

39 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the three recurring transaction types in QuickBooks online? (Choose three)

Reminder

Unscheduled

Template

Scheduled

Automatic

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

For which two reasons should you set up the services and products you sell in QuickBooks online?

So QB online can automatically reorder inventory items when they read the reorder print

So you can track sales by product and service

So your bank can track your product and service sale for tax purposes

So you can add each product and service to invoices, sales receipts, expenses, and other sales forms

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Shows assets, liabilities and equity at one point in time.

Balance Sheet

Profit and loss statement

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Used to understand changes in revenue and expenditure.

Balance Sheet

Profit and loss statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Show income, expenses, and net income during a specific time period.

Balance Sheet

Profit and loss statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Provides information about the current financial health of business.

Balance Sheet

Profit and loss statement

7.

MATCH QUESTION

1 min • 1 pt

Match the following

Locations

Track transactions by city or region

Projects

Track transaction by departments in a company

Classes

Track job costs and income

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