Question 1

In the text, Venice is categorized as a .

Accepted Answer

A)  Location
B)  Class
C)  Main Office
D)  Both A and B A

Question 2

In the text, sales tax is charged on all inventory/product items.

Accepted Answer

A) True 
 B)False  True

Question 3

When recording an NSF check, you include charges for .

Accepted Answer

A)  Original Invoice
B)  Bank Fees
C)  Company Fees for NSF Checks
D)  All of the above D

Question 4

A company logo can be added to the company file and will appear on the Home Page and on Business Forms.

Accepted Answer

A) True 
 B)False

Question 5

Credit Cards must be entered as a(n) before they may be accepted in a transaction.

Accepted Answer

A)  Product/Service Item
B)  Account
C)  Payment Method
D)  Company Setting

Question 6

QBO shows the Discount after Sales Taxes on sales forms.

Accepted Answer

A) True 
 B)False

Question 7

The Customer Balance Summary report lists all of the unpaid invoices for each customer.

Accepted Answer

A) True 
 B)False

Question 8

In the text, California Sales Taxes are charged on sold.

Accepted Answer

A)  Inventory Items
B)  Service Items
C)  Sales Discounts
D)  All of the above

Question 9

When a returned item has been paid for, a Credit Memo is recorded.

Accepted Answer

A) True 
 B)False

Question 10

The FIFO method of inventory valuation uses .

Accepted Answer

A)  Average Cost
B)  Last in, First out
C)  First in, First out
D)  First in, Last out

Exam 6: Focus on Receivables When Selling Inventory Items, Use Locations and Classes, Accept Credit Cards for Customer Payments, Collect Sales Tax, Give Customer Sales Discounts, and Record Nsf Checks

In the text, Venice is categorized as a .