QBO DOMAIN 3 LESSON 1 PROJECTS

QuickBooks Online does not allow users to use the same company name on multiple list entries. True or False?

• True

• False

QuickBooks Online does not allow users to use the same name as the display name and company name. True or False?

• True

• False

QuickBooks Online does not allow users to use the same display name on multiple list entries. True or False?

• True

• False

How should a user initiate a merge of two vendor list entries?

• By selecting both entries and choosing the merge option

• By deleting one entry and editing the other

• By exporting the list and manually combining entries

• By contacting support for assistance

Customer payment terms refer to the conditions under which a customer must make payment for goods or services. Which of the following best describes customer payment terms?

• The interest rate applied to overdue payments

• The time period allowed for a customer to pay an invoice after the company sends them an invoice.

• The discount offered for early payment

• The penalty for late payment

Vendor payment terms refer to the conditions under which a vendor expects to be paid. What do these terms typically include?

• The payment amount and due date

• The vendor's contact information

• The product specifications

• The shipping method

What qualifies a vendor as an independent contractor?

• Having a permanent employment contract

• Being subject to company benefits

• Operating under their own business name and is paid more than $600/year

• Receiving a fixed salary

Which two reports show billable expenses?

• Profit and Loss Report and Balance Sheet

• Expense Report and Billable Expense Report

• Unbilled Costs by job report and Unbilled Charges report

• Balance Sheet and Expense Report

Besides viewing reports, how else can users see unbilled expenses when they are tied to a project?

• Projects Page

• By checking the project timeline

• Via email notifications

• Using the project management tool

A vendor who qualifies as an independent contractor must be sent a 1099 tax form.

• True

• False