Chap 7 Quiz

Question 1

To enter Customers and Sales transactions:

Multiple Choice

• From the Navigation Bar, select Transactions > Customers
• From the Navigation Bar, select Transactions > Expenses > New Transaction
• From the Create (+) icon, select the appropriate customer transaction
• From the Gear icon, select Expense Transactions

Answer 1

From the Create (+) icon, select the appropriate customer transaction

Question 2

To enter Vendors and Expenses transactions:

Multiple Choice

• From the Navigation Bar, select Transactions > Customers
• From the Navigation Bar, select Transactions > Sales
• From the Create (+) icon, select the appropriate vendor transaction
• From the Gear icon, select Vendor transactions

Answer 2

From the Create (+) icon, select the appropriate vendor transaction

Question 3

QuickBooks considers all of the following to be vendors except:

Multiple Choice

• Utility companies
• Suppliers of inventory and supplies
• Tax agencies such as the IRS
• Customers purchasing products

Answer 3

Customers purchasing products

Question 4

Which of the following is a vendors transaction?

Multiple Choice

• Purchase Order
• Invoice
• Make Deposit
• Receive Payment

Answer 4

Purchase Order

Question 5

We can update the Products and Services List at which of the following two points: (Check all that apply)

Check All That Apply

• Before entering transactions
• While entering transactions
• After entering transactions

Answer 5

• Before entering transactions
• While entering transactions

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Question 6

Which of the following is a Customers transaction?

Multiple Choice

• Invoice
• Purchase Order
• Pay Bills
• Bill

Answer 6

Invoice

Question 7

Types of products and services on the Products and Services List include:

Multiple Choice

• Service
• Non-inventory
• Inventory
• All of these choices are correct

Answer 7

All of these choices are correct

Question 8

Which of the following products and services types track quantities?

Multiple Choice

• Service items
• Inventory items
• Non-inventory items
• None of the choices are correct.

Answer 8

Inventory items

Question 9

The Purchase Order form is used to record which one of the following transactions?

Multiple Choice

• Owner’s investment
• Services received but not yet paid
• Products sold to customers
• Products ordered from vendors

Answer 9

Products ordered from vendors

Question 10

Which of the following activities, and the QBO form used to record it, is incorrect?

Multiple Choice

• Receive customer payment, Pay Bills
• Order products, Purchase Order
• Receive bill to be paid later, Bill
• Sell products and bill customers, Invoice

Answer 10

Receive customer payment, Pay Bills

Question 11

Indicate two of the following that show the order in which the following onscreen vendor transaction forms typically should be prepared. (Check all that apply)

Check All That Apply

• Expense > Pay Bills
• Purchase Order > Bill > Pay Bills
• Bill > Pay Bills
• Invoice > Pay Bills

Answer 11

• Purchase Order > Bill > Pay Bills
• Bill > Pay Bills

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Question 12

Recording a purchase of products using QBO involves all of the following steps except:

Multiple Choice

• Create invoice to bill vendors for purchases
• Create purchase order to order items from vendors
• Receive bill and record obligation to pay vendor later
• Pay bill entered previously

Answer 12

Create invoice to bill vendors for purchases

Question 13

To record a bill received that we will pay later, we use which of the following QBO forms?

Multiple Choice

• Purchase Order
• Pay Bills
• Expense
• Bill

Answer 13

Bill

Question 14

Use the Pay Bills form only for:

Multiple Choice

• Bills that have been entered using the Bill form
• Bills that have been entered using the Expense form
• Bill that have been entered using the Check form
• Bills that have never been entered in QBO

Answer 14

Bills that have been entered using the Bill form