Certification Prep 2 Flashcards
(17 cards)
What item allows you to track the quantity you buy, sell, and have on hand?
Inventory
What is an item you can use to track items you often sell together?
Bundle
What are items you buy and sell, but you do not track the quantity on hand?
Non-inventory
What is the item type used to track the work you perform for your customer?
Service
Which of the following are true regarding inventory?
A. The initial quantity on hand field is required when setting up an inventory item.
B. You can adjust the quantity on hand.
C. Use the Open Purchase Order Detail report to see inventory items that have been ordered and are waiting to be received.
D. You can use inventory in any version of Quickbooks online
A,B, and C
You own a craft supply store and use QBO to track your finances. You are setting up products and services. For each item you buy or sell, indicate whether it is inventory or non-inventory.
Bags you use at the checkout counter for your customer
Non-inventory
You own a craft supply store and use QBO to track your finances. You are setting up products and services. For each item you buy or sell, indicate whether it is inventory or non-inventory.
Craft supplies you stock regularly
inventory
You own a craft supply store and use QBO to track your finances. You are setting up products and services. For each item you buy or sell, indicate whether it is inventory or non-inventory.
A custom frame that your customer orders, but that you don’t usually sell
Non-inventory
When you enter a customer (blanks) it reduces the current open balance and is applied to the invoice with a (blank) transaction.
A. Invoice, Payment
B. Credit memo, Deposit
C. Invoice, Deposit
D. Credit memo, Payment
Correct answer D
To see unpaid balances for each customer, grouped by days past due, you should generate which of the following reports?
A. Accounts Receivable Aging Summary
B. Customer Balances Due
C. Customer Balance Summary
D. Open Invoices
The correct answer is A
Which of the following best describes 2% 10 net 30 terms for a customer?
A. The customer must pay 2% of the bill within 10 days and the remaining balance within 30 days.
B. The customer must pay within 10 days or will have to pay an additional 2% if they don’t pay until 30 days.
C. The customer may take a 2% discount if they pay within 10 days, or the total amount is due within 30 days.
D. The customer may take a 2% discount if they pay it between 10-30 days.
The correct answer is C
True or False
Discounts reduce the amount of the invoice or sales receipt.
True
True or False
The discount % must be manually calculated on the invoice or sales receipt
False
True or False
Discounts can be set as a value or a percentage
True
Select all that apply
You can modify the wording of the email QuickBooks sends with which of the following transactions?
A. Deposit
B. Receive payment
C. Sales receipt
D. invoice
Correct answers are C and D
Select all that apply
Which of the following statements about customer addresses are correct?
A. Both a billing and a shipping address are required.
B. The customer’s billing address is the address used for the credit card they use to pay you.
C. The billing and shipping address must be the same address.
D. The shipping address is where you ship the products they purchase.
The correct answers are B and D
