Chap 1 Quiz

Question 1

Which of the following does not appear on the QuickBooks Online Navigation Bar?

Multiple Choice

• Accounting
• Expenses
• Owners
• Sales

Answer 1

Owners

Question 2

Which of the following categories does not appear on the QuickBooks Create (+) screen?

Multiple Choice

• Banking
• Customers
• Employees
• Vendors

Answer 2

Banking

Question 3

How do you access QBO Account and Settings?

Multiple Choice

• Create (+) icon
• Gear icon
• Search icon
• Help icon

Answer 3

Gear icon

Question 4

What are two ways that we can access and view the Chart of Accounts in QBO? (Check all that apply)

Check All That Apply:

• From the Navigation Bar select Accounting
• From the Create (+) icon select Other > Chart of Accounts
• From the Gear icon select Chart of Accounts
• From the Home Page select Chart of Accounts

Answer 4

• From the Navigation Bar select Accounting
• From the Gear icon select Chart of Accounts

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Question 5

Which of the following could be considered three main processes of the QBO SatNav for using QuickBooks Online?

Multiple Choice

• QBO Settings, QBO Transactions, QBO Reports
• QBO Sales, QBO Expenses, QBO Reports
• QBO Chart of Accounts, QBO Exchanges, QBO Settings
• QBO Sales Transactions, QBO Banking Transactions, QBO Reports

Answer 5

QBO Settings, QBO Transactions, QBO Reports

Question 6

QBO transactions include which of the following?

Multiple Choice

• Sales
• Expenses
• Banking
• All of these choices are correct.

Answer 6

All of these choices are correct.

Question 7

Financial statements include which of the following two? (Check all that apply)

Check All That Apply

• Income statement
• Statement of cash flows
• Cash flow forecast
• Physical inventory worksheet

Answer 7

• Income statement
• Statement of cash flows

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Question 8

Which of the following legal entities can use QuickBooks Online?

Multiple Choice

• Sole proprietorship
• Partnership
• S corporation
• All of these choices are correct.

Answer 8

All of these choices are correct.

Question 9

Match the following legal entities with the federal tax return the entity files:

a. Partnership
b. C corporation
c. S corporation
d. Sole proprietorship

Answer 9

a. Form 1065
b. Form 1120
c. Form 1120S
d. Form 1040 Schedule C

Question 10

Which federal tax return does an LLC (Limited Liability Company) file?

Multiple Choice

• Form 1040 Schedule C
• Form 1065
• Form 1120S
• It depends upon how the LLC chooses to be treated for tax purposes

Answer 10

It depends upon how the LLC chooses to be treated for tax purposes

Question 11

QuickBooks Online Settings to set up a new company include which of the following two? (Check all that apply)

Check All That Apply

• Chart of Accounts
• Reconciliation Settings
• Company Settings
• Tax Settings

Answer 11

• Chart of Accounts
• Company Settings

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