QBO - Domain 1 Lesson 4 Projects

What are four transactions users can repeat in QuickBooks Online?

• Invoices, Bills, Checks, and Sales Receipts

• Estimates, Purchase Orders, Time Activities, and Deposits

• Journal Entries, Transfers, Credit Memos, and Refund Receipts

• Payments, Expenses, Bank Deposits, and Vendor Credits

Which type of recurring transaction is best used for transactions with fixed schedules and amounts?

• Standing Order

• Direct Debit

• Credit Transfer

• Cash Payment

Which type of recurring transaction is best if a user has a monthly bill, without a fixed date or amount, that they do not want to forget?

• Automatic payment

• Manual payment

• One-time payment

• Scheduled reminder

What happens if debits and credits are unequal for a transaction in QuickBooks?

• The transaction will be flagged as an error.

• The transaction will be automatically corrected.

• The transaction will be deleted.

• The transaction will be processed without any issues.

Which accounts increase when they are debited and decrease when they are credited?

• Assets and Expenses

• Liabilities and Revenues

• Equity and Liabilities

• Revenues and Expenses

Which accounts decrease when they are debited and increase when they are credited?

• Assets

• Liabilities

• Expenses

• Revenues

Label the following statement as true or false. Companies should use journal entries often.

• True

• False

CRM technology is used for:

• Managing customer relationships

• Developing software applications

• Designing marketing campaigns

• Analyzing financial data

What does the Square app do?

• It is a payment processing app.

• It is a social media platform.

• It is a photo editing tool.

• It is a weather forecasting app.

Why might one limit the number of apps connected to QuickBooks?

• To reduce security risks

• To increase the number of integrations

• To enhance app performance

• To decrease data accuracy