QBO Domain 2, Lesson 2 Projects

List the three methods one can use to import information into a Products and Services list.

• Google sheets, CSV import, and excel file

• Email, SMS, and phone call

• Copy-paste, screenshot, and print

• Download, upload, and delete

When a user creates a Products and Services list, they should enable the Inventory tracking feature. True or False?

• True

• False

The only information required when creating a Products and Services list entry is a name. True or False?

• True

• False

What are the two main purposes of creating a Products and Services list?

• a. A Products and Services list creates sales forms with consistent product and service terminology.

• b. It also allows users to keep track of their inventory on hand.

• c. Both a and b

• d. None of the above

Non-inventory items are not tracked as a current cost. True or False?

• True

• False

Non-inventory items are recorded on the Profit and Loss statement as a Cost of Goods Sold. True or False?

• True

• False

Inventory items are recorded on the Balance Sheet as an Asset. True or False?

• True

• False

When is the cost of an inventory item recorded?

• a. The cost of an inventory item is recorded when it is sold.

• b. The cost of an inventory item is recorded when it is purchased.

• c. The cost of an inventory item is recorded at the end of the fiscal year.

• d. The cost of an inventory item is recorded when it is received.

When is the cost of a non-inventory item recorded?

• When the item is received

• When the item is ordered

• When the item is purchased

• When the item is shipped

Sally wants to track her Products and service lists in QBO. She wants to track her inventory to know when she needs to reorder. Could you put them in the correct order?

• Select Done

• Select Settings

• Turn on Track Quantity and price/rate and track inventory quantity

• Select Sales

• Select Account and Settings