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QuickBooks Online Quiz

QuickBooks Online Exam

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Final exam for Learn Bookkeeping Today’s QuickBooks Online course.

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Question 1 of 23

1. Question
What is the best backup strategy for your QuickBooks file?
- Save occasional backups to the “My Documents” folder
- Copy your quickbooks file to your desktop
- Setup a regular, automatic backup to a secure cloud service or an external hard drive
- Trick question--QuickBooks Online doesn't need to be backed up
Question 2 of 23

2. Question
Which of the following would be an appropriate use of the QuickBooks “class” function?
- Tracking revenue for a certain product
- Tracking income and expenses for a specific division or location
- Tracking sales tax
Question 3 of 23

3. Question
What city do I setup sales tax for in the course?
- Phoenix
- Mesa
- Chicago
- San Diego
Question 4 of 23

4. Question
What is the QuickBooks function called for creating a payable?
- Add Invoice
- Enter Bill
- Write Check
- Print Checks
Question 5 of 23

5. Question
In addition to Classes, what is a function of QuickBooks Online that lets you categorize transactions, for example, by office/address?
- Locations
- Departments
- Divisions
- Offices
Question 6 of 23

6. Question
What’s an easy way to keep track of all of your physical receipts or vendor invoices in QuickBooks Online?
- Upload them with the Attachments function
- Download them from your bank
- Email images of them to [email protected]
- Turn on "keep receipts" in company settings
Question 7 of 23

7. Question
What is the proper way to record payment of your sales tax liability in QuickBooks?
- Enter a "bill" to the tax agency against the "Sales Tax Payable" account
- Use the "Record Tax Payment" button in the Taxes module
- Use the "Write Checks" feature to print a check to the tax agency
Question 8 of 23

8. Question
What is the easiest and best way to track payments to vendors that will require 1099 forms at tax time?
- Keep an excel sheet for contractors and regularly update the amounts you pay them throughout the year
- When editing a vendor's information, click the "Track payments for 1099" box
- Look through your vendor list each January to determine who might need a 1099
Question 9 of 23

9. Question
What setting makes it easier to quickly enter invoices to a vendor you purchase from often?
- Setup the vendor as both a vendor and customer in your QuickBooks
- Use the "Write Checks" function instead of the "Enter Bill" function
- While editing a vendor's information, set a default account for their invoices to be charged against
- Create a vendor named "Common Vendor" and use that for multiple vendors
Question 10 of 23

10. Question
What function is used to track expenses for similar categories of vendor?
- Vendor Types
- Classes
- Groups
Question 11 of 23

11. Question
How do you enter a vendor invoice against a PO you created for them?
- Add a "PO #" custom field for Bills and enter the PO number there.
- When entering a Bill (vendor invoice) for the specific vendor, "Add" the PO to it from the right side of the screen
- Delete the PO from your system and use the PO number as the Invoice number when entering the bill/invoice
Question 12 of 23

12. Question
What are the two types of line item that you can use to enter the details of a vendor invoice (bill)?
- "Cost Details" and "Item Details"
- "Items" and "Type Details"
- "Expense Details" and "Type"
- "Category" and "Item Details"
Question 13 of 23

13. Question
Which QuickBooks function is usually used to record or summarize regular retail sales?
- Sales Receipt
- Invoice
- Deposit (posted against a revenue account)
- Estimate
Question 14 of 23

14. Question
Which window/module gives you access to all of your customer information and activity?
- Reports > Customer Information
- Reports > Customer Activity
- Reports > Invoice Details
- "Sales" Module
Question 15 of 23

15. Question
What is is the difference between a “current liability” and a “long-term liability”?
- Current liabilities will be paid within the next 12 months
- Current liabilities will be paid within the next 6 months
- Current liabilities will be paid next calendar year
- Current liabilities will be paid within the next 18 months
Question 16 of 23

16. Question
Which type of account on the “chart of accounts” is Accounts Receivable?
- Asset
- Liability
- Equity
- Income
Question 17 of 23

17. Question
Which form is created before an invoice to quote products or services for a potential customer?
- Bill of sale
- Sales receipt
- Estimate
- Purchase Order
Question 18 of 23

18. Question
What is the best way to track product vs. service income?
- Two different "Income" accounts on the chart of accounts
- Customer Types
- Classes
- Tags
Question 19 of 23

19. Question
What is the method the course shows for recording credit card processing fees?
- Create a "Bill" to the credit card processing company
- Use the "Write Checks" feature to record the payment
- Add a negative line to a deposit to deduct card processing fees
- Record the customer's payment as the amount actually received after card processing fees
Question 20 of 23

20. Question
What is an important task at the beginning of the month to make sure all of your bank transactions are recorded and see what checks and deposits are still outstanding?
- Bank Reconciliation
- Cash Comparison
- Bank Comparison
- Deposit Match
Question 21 of 23

21. Question
What is the feature called that automatically enters transactions?
- Recurring Transactions
- Automatic Transactions
- Automated Entries
- Recurring Entries
Question 22 of 23

22. Question
What customizing function do you use when viewing reports to specify the criteria you want to view in a report?
- Specific Reports
- Custom Criteria
- Filters
- Report Builder
Question 23 of 23

23. Question
How can you quickly view a report in the future that you’ve created once you have it just the way you want it?
- You can't save report formats--you have to run and customize the report you want to see each time
- Use the "Save Customizations" button while viewing the report and then view it later from your customized reports menu
- Use the "auto reporting" function
- Email the report to reports[email protected]

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