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Banking and Finance Quiz 8

Ques 1: What is the quickest way to view all the estimates you have created?

(a) On the Customers screen, filter for all customers with estimates.

(b) On the Customers screen, click the estimate bar.

(c) On the All Sales screen, create filter to display only estimates.

(d) Point at Invoicing on the navigation bar, and then choose Estimates.
Answer: Option(B): On the Customers screen, click the estimate bar.
Ques 2: QuickBooks Online doesn't have a feature specifically for late fees or finance charges, so you have to create a product or service for these charges. What choices should you make when creating a late fee or finance charge item?

(a) Use a bundle and make it non-taxable.

(b) Use a non-inventory item and make it taxable.

(c) Use a service item and make it taxable.

(d) Use a service item and make it non-taxable.

Answer: Option(D): Use a service item and make it non-taxable.

Feedback

A service item works for late fees or finance charges. These charges are not taxes.

Ques 3: When you make customers, vendors, products, or services inactive, what changes occur in QuickBooks Online?

(a) The items you make inactive no longer appear in QuickBooks Online lists and drop-down lists, but you can make them active again.

(b) The items you make inactive appear in QuickBooks Online lists and drop-down lists with "(deleted)" after their names.

(c) The items you make inactive no longer appear in QuickBooks Online lists and drop-down lists. You can display them in their corresponding lists but you can't make them active again.

(d) Any open transactions related to those items are voided.

Answer: Option(A): The items you make inactive no longer appear in QuickBooks Online lists and drop-down lists, but you can make them active again.

Feedback

Making items inactive means that the records still exist, but don't appear as entries in lists and dropdown lists. You can make them active again if necessary.

Ques 5: A price rule is the only way to _____.

(a) assign a percentage discount to an individual product or service in an invoice

(b) assign a percentage discount to every item product and service in an invoice

(c) assign a percentage increase (markup) products or services in an invoice

(d) assign a fixed dollar amount discount to an individual product or service in an invoice

Answer: Option(A): assign a percentage discount to an individual product or service in an invoice 

Feedback

A price rule is the only way to assign a percentage discount to an individual product or service in an invoice.

Ques 6: When you void a transaction, what changes?

(a) The transaction is deleted.

(b) The transaction amounts remain the same, but are moved to a Voided transaction account.

(c) The transaction values change to zero and the transaction disappears from the transaction list.

(d) The transaction amounts change to zero and the transaction remains in the transaction list.

Answer: Option(D): The transaction amounts change to zero and the transaction remains in the transaction list.

Feedback

Voiding a transaction keeps the transaction visible and keeps the products and services. However, the dollar amounts change to zero so the transaction doesn't affect your account balances.

Ques 7: A customer has asked for a refund for returned products. How do you initiate creating a refund check?

(a) Click the + in the top menu and then choose Refund Receipt.

(b) Click the + in the top menu and then choose Issue Refund.

(c) In the Sales Transactions list, choose Issue refund in the Action dropdown list.

(d) Click the + in the top menu and then choose Credit Memo.

Answer: Option(A): Click the + in the top menu and then choose Refund Receipt.

Feedback

The + menu includes all the transactions you can create, including Refund Receipt for creating an immediate refund.

Ques 8: You assign priorities to _____.

(a) prioritize the order in which to apply bank rules

(b) prioritize the tests you define in a bank rule

(c) prioritize the fields you evaluate in a bank rule

(d) prioritize automatic rules over non-automatic rules

Answer: Option(A): prioritize the order in which to apply bank rules

Feedback

Only one bank rule can be applied to a transaction, so you can define the order in which bank rules are applied.

Ques 9: When you set up a bank account for direct connection you must provide all of these values except what?

(a) bank account number

(b) bank name

(c) password

(d) username

Answer: Option(A): bank account number

Feedback

QuickBooks Online does not need the account number. It determines the bank accounts that are available after you log into your bank's online banking system.

Ques 10: Which types of accounts you can open a register window for?

(a) bank accounts

(b) checking and credit card accounts

(c) checking accounts

(d) any account that has a balance

Answer: Option(D): any account that has a balance

Feedback

You can open a register window for any account that has a balance including bank accounts, equity accounts, Accounts Receivable and so on.


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