Question 1

Changes made to an employee's pay rate will be effective .

Accepted Answer

A) For the Next Pay Period 
B) Immediately 
C) Next Year 
D) Next Quarter

Question 2

Classes are not allowed to use a descriptive name; such as, Store.

Accepted Answer

A) True 
 B)False

Question 3

If inventory was damaged you adjust the .

Accepted Answer

A) Inventory Starting Value 
B) Item in a Journal Entry 
C) Quantity 
D) Budget

Question 4

Transactions may be categorized based on and .

Accepted Answer

A) Location and Class 
B) Settings and Class 
C) Locations and Settings 
D) Any of the above

Question 5

You cannot record an automatic loan payment when you reconcile a bank statement.

Accepted Answer

A) True 
 B)False

Question 6

The Sales Tax Center must be set up to include .

Accepted Answer

A) Sales Tax Rates 
B) Name of the Sales Tax 
C) Agency collecting Sales Tax 
D) All of the above

Question 7

When transferring Net Income to Capital, you debit in a Journal entry.

Accepted Answer

The answer of When transferring Net Income to Capital, you...

Question 8

The report gives you complete information regarding salary and wages, tax information, deductions, and vacation/sick leave for each employee.

Accepted Answer

A) Employee Details 
B) Employee Obligations 
C) Paycheck List 
D) Payroll Details

Question 9

A bank statement may .

Accepted Answer

A) show service charges or interest not yet recorded 
B) be missing deposits in transit or outstanding checks 
C) show automatic payments 
D) all of the above

Question 10

The Company Name is displayed .

Accepted Answer

A) Under the Income Bar 
B) In the Information and Display Area 
C) On the Left-Navigation Bar 
D) On the browser tab

Question 11

Reports may be .

Accepted Answer

A) Printed 
B) Exported to Excel 
C) Emailed 
D) All of the above

Question 12

Which of the following would not be a prepaid expense?

Accepted Answer

A) Equipment Rental for a day 
B) Insurance for six months 
C) Office Supplies to have on hand 
D) None of the above

Question 13

When recording an early payment discount on inventory items, you use the account.

Accepted Answer

A) Purchases Discount 
B) Merchandise Discount 
C) Sales Discount 
D) Discount Expense

Question 14

You must have an email account before you can activate the QuickBooks Online Educational Trial Version.

Accepted Answer

A) True 
 B)False

Question 15

You can make a bill payment directly from the bill.

Accepted Answer

A) True 
 B)False

Question 16

An employee's withholding allowances are entered on the form.

Accepted Answer

A) W-2 
B) W-4 
C) I-9 
D) All of the above

Question 17

When an invoice is it is removed from the customer's register.

Accepted Answer

A) Voided 
B) Deleted 
C) Edited 
D) Paid

Question 18

QuickBooks Online Plus uses the method of inventory valuation.

Accepted Answer

A) FIFO 
B) Average Cost 
C) Declining Balance 
D) Accelerated Use

Question 19

Something that is paid for and will be used within one year is a(n)

Accepted Answer

A) Expense 
B) Prepaid Expense 
C) Bill 
D) All of the above

Question 20

Each time employees are paid, the company incurs Employer Payroll Taxes.

Accepted Answer

A) True 
 B)False

Exam 10: Payment Methods, Inventory, Reports, and More

Changes made to an employee's pay rate will be effective .

Classes are not allowed to use a descriptive name; such as, Store.

If inventory was damaged you adjust the .

Transactions may be categorized based on and .

You cannot record an automatic loan payment when you reconcile a bank statement.

The Sales Tax Center must be set up to include .

When transferring Net Income to Capital, you debit in a Journal entry.

The report gives you complete information regarding salary and wages, tax information, deductions, and vacation/sick leave for each employee.

A bank statement may .

The Company Name is displayed .

Reports may be .

Which of the following would not be a prepaid expense?

When recording an early payment discount on inventory items, you use the account.

You must have an email account before you can activate the QuickBooks Online Educational Trial Version.

You can make a bill payment directly from the bill.

An employee's withholding allowances are entered on the form.

When an invoice is it is removed from the customer's register.

QuickBooks Online Plus uses the method of inventory valuation.

Something that is paid for and will be used within one year is a(n)

Each time employees are paid, the company incurs Employer Payroll Taxes.