Quiz on Setting Up Products and Services in QuickBooks

Kai wants to create a new product in QuickBooks for his online store. What is the first step he should take?

• Select 'Inventory'

• Go to 'Reports'

• Click on 'New'

• Access 'Settings'

Liam is setting up a new business and needs to categorize his offerings. What type of item is created when he selects 'Service'?

• Consulting Service

• Vendor Transaction

• Product Sale

• Inventory Item

James is a consultant who charges an hourly fee for his services. What is the hourly fee set for consulting in the example?

• $50

• $75

• $150

• $100

Noah is setting up his business and needs to create a service item. Which account should he select for income when creating this service item?

• Service Sales

• Product Income

• Expense Account

• Inventory Asset

What is the reorder point set for Benjamin's laptop inventory?

• 1

• 5

• 2

• 10

Jackson is looking to buy a new laptop for his studies. What is the sales price set for the laptop in the example?

• $599

• $699

• $499

• $799

James is looking to buy a new laptop for his studies. What is the cost price set for purchasing the laptop?

• $600

• $400

• $500

• $700

Ava is looking to buy a new laptop for her studies. Which vendor should she consider for purchasing laptops?

• HP

• Dell

• Apple

• Lenovo

Ava wants to manage her small business more effectively and needs to track her inventory in QuickBooks. What feature must she turn on to do this?

• Inventory Tracking

• Expense Tracking

• Sales Tracking

• Service Tracking

In a retail store, Luna is setting up a new product line and needs to assign SKU numbers. What is the purpose of the SKU number in the product setup?

• To set pricing

• To categorize services

• To identify inventory items

• To track sales