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QBO Review Domain 1

Total questions: 22

Worksheet time: 12mins

Name
Class
Date
1.

How many authorized users can you have with QBO Plus?

a)

1

b)

5

c)

25

d)

no limit

2.

What two reports do you compare when migrating data from QB Desktop to QBO?

a)

P&L

b)

Balance sheet

c)

Open Invoices

d)

Cash Flow

3.

Employees who punch in and out in QBO are authorized users.

a)

True

b)

False

4.

Use this icon for things you change once in a while.

a)

Gear icon

b)

New Icon

c)

Help Icon

d)

Apps Icon

5.

This type of accounting generally provides a company with a better sense of financial health because it looks not only at what you have on hand, but what is coming in and going out in the future.

a)

Accrual Accounting

b)

Cash Accounting

6.

Where do you find the "Close the Books" option?

a)

Settings: Account & Settings: Sales

b)

Settings: Account & Settings: Usage

c)

Settings: Account & Settings: Time

d)

Settings: Account & Settings: Advanced

7.

Tracking by class can let you compare departments, grants, or other funding streams.

a)

True

b)

False

8.

Automated Workflows are set up by creating...

a)

conditions and actions.

b)

schedules and actions.

c)

conditions and events.

d)

schedules and events.

9.

What do you use to track income, material and labor expense for individual contracts?

a)

Customers

b)

Projects

c)

Accounts Payable

d)

Accounts Receivable

10.

When creating a new customer, what MUST be unique?

a)

Display Name

b)

Company Name

c)

Contact Name

d)

Company ID number

11.

Which list has the names and contact information of people and companies you purchase from?

a)

Vendor

b)

Customer

c)

Products and Services

d)

Chart of Accounts

12.

Which list has the names and contact information of people and companies you sell to?

a)

Vendor

b)

Customer

c)

Products and Services

d)

Chart of Accounts

13.

When you want to import a list, what do you have to do to make sure the fields (like name and phone number) on your spreadsheet are sent to the correct fields in QuickBooks Online?

a)

Browse to upload the file.

b)

Map the information.

c)

Download a sample file.

d)

Resolve cells highlighted in red.

14.

What type of list cannot be imported into QBO?

a)

Transactions

b)

Customers

c)

Products

d)

Vendors

15.

What list do you use to view financial transactions within a current accounting period?

a)

Chart of Accounts

b)

Sales

c)

Customer List

d)

Vendor List

16.

Can you delete list entries?

a)

Yes

b)

No

17.

If you accidentally create a duplicate customer, but you haven't entered any transactions yet, what is the best way to resolve the duplication?

a)

Delete the duplicate.

b)

Make the duplicate inactive.

c)

Merge the duplicates.

d)

Ignore it.

18.

If you accidentally create a duplicate customer and have entered transactions using the new customer, how do you merge the accounts?

a)

Make the contact names match.

b)

Make the company names match.

c)

Make the display names match.

d)

You cannot merge accounts.

19.

What are two reasons for creating a recurring transaction? (Choose 2)

a)

Save time.

b)

Reduce errors.

c)

Laziness.

d)

Security.

20.

What are the three types of recurring transactions? Choose 3.

a)

Scheduled

b)

Unscheduled

c)

Reminder

d)

Automated

21.

What must be equal when you make a journal entry?

a)

Credits and debits

b)

Vendors and Customers

c)

Income and Expenses

d)

Equity and Assets

22.

Why should you limit the apps you use in QBO?

a)

More apps = more risk

b)

More apps = more fees

c)

More apps = more access

d)

More apps = more work