WorksheetsQBO Domain 2 Review
Total questions: 22
Worksheet time: 12mins
QBO cannot have more than one customer, vendor, or employee with the same contact name.
True
False
You can get to the customers list through the dashboard or through which navigation menu option?
Sales
Cash Flow
Expenses
Reports
When creating an invoice, there is an option to charge sales tax.
True
False
You got into a car accident. Your insurance company will pay for the repair. In QBO, what is the relationship between you and the insurance company.
Sub-company / Main company
Child / Parent
Sub-company / Parent
Child / Main Company
Shipping and billing addresses must match or QBO will not let you save the account information.
True
False
What preset options are available as payment terms? Select all that apply.
Due on receipt
Net 15
Net 30
Net 60
What information is required to create an item in your products and services list? Select all that apply.
Name
Description
Initial Quantity On hand
Cost
How are inventory items tracked on the balance sheet?
As Inventory
As assets
As expenses
As equity
How are non-inventory items tracked?
Liability
Asset
Current Cost
Equity
When is the cost of inventory items recorded?
When they are ordered.
When you pay for them.
When they are invoiced.
When the invoice is paid.
What are you really charging a customer for when you charge them for a service? Mark all that apply.
Products
Training
Labor
Time
You can change the logo on your forms.
True
False
What can you customize in an email? Mark all that apply.
Subject Line
Greeting
Message
Fonts
How can you reward loyal customers with discounts? Mark all that apply.
Give a percentage off.
Give a full refund.
Give an amount off.
Give a gift card.
Quickbooks can accept what types of payments? Select all that apply.
Cash
Credit Cards
Bank Transfer
Checks
What is the money-in workflow?
Purchase order, bill, payment
Purchase order, invoice, payment
Invoice, payment, bank deposit
Sales receipt, invoice, bank deposit
Which form do you use for point-of-sale (POS) transactions?
Estimate
Invoice
Sales Receipt
Progress Billing
For which 2 reasons should you set up products and services you sell in QBO? (Choose 2)
So you can track sales by product and service.
So your bank can track your product and service sales for tax purposes.
So QBO can automatically reorder inventory items when they reach the reorder point.
So you can add each product and service to invoices, sales receipts, expenses, and other sales forms.
If you clear the BILLABLE check box for a cost, it is no longer a business expense.
True
False
What is a reason for setting up products and services in QBO?
To create customizable formulas in reports that you export to spreadsheets.
To automatically schedule rendering of items that are out of stock.
To automatically message customers when items are in stock.
To have standard terminology for customers on sales forms.
You want to reduce the amount your loyal customers owe you on each invoice by 10%. Which feature should you use?
Tips
Discounts
Vendor Credits
Refund Receipts
You want to pass on some of your costs directly to customers in QBO. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in QBO. What do you do?
In the Accounts and Settings area, on the Expenses tab, toggle on Track expenses and items by customer.
In the Accounts and Settings area, on the Advanced tab, toggle on Billable Expense Income in the Billable expense income account.
In the Accounts and Settings area, on the Expenses tab, toggle on Make expenses and items billable.
o In the customer record, on the Payment and billing tab, select Allow billable expenses.
