Intuit Bookkeeping Professional Certificate
Part 3 Knowledge Checks/Activities/Quizzes
| Actual Questions & Verified Answers |
100% Correct
This Intuit Bookkeeping Exam validates skills in fundamental accounting
and using QuickBooks, covering assets, liabilities, equity, sales,
purchases, reconciliation, and financial statements , designed to certify
professionals for roles like QuickBooks Live bookkeepers, with a rigorous
format that includes unique "yes/no" multiple-choice questions for each
option, testing practical application of accounting principles within the
Intuit ecosystem.
Quiz_________________?
Secured loan -
Answer☑️
A loan in which the borrower has pledged some asset as
collateral
Quiz_________________?
Which of the following describes a commercial loan? -
Answer☑️
Debt-based funding arrangement between a business and a
financial institution
Quiz_________________?
Your client, a construction business, purchased a new work
vehicle for $58,000. The business put $6,000 down and financed
the rest. The accounts affected are cash, vehicles, and notes
1
, payable - vehicles. How would you record this in the transaction
journal? -
Answer☑️
Debit $58,000 vehicle
Credit $6,000 cash
Credit $52,000
Quiz_________________?
Your client is the owner of a small specialty clothing boutique.
They are in the process of relocating from their current leased
location to a new location that they are purchasing and making a
permanent home for the business. Your client visited a local bank
and applied for a mortgage loan. The bank carefully evaluated
their creditworthiness and financial situation, and ultimately
approved the loan application. The loan details are as follows:
Loan amount: $200,000.
Loan term: 30 years.
Interest rate: 4.5% per annum.
Monthly payments: Fixed
Question: In your client's books, which account is debited for the
initial loan disbursement? -
Answer☑️
Building (asset)
Quiz_________________?
Your client is the owner of a small specialty clothing boutique.
They are in the process of relocating from their current leased
location to a new location that they are purchasing and making a
permanent home for the business. Your client visited a local bank
and applied for a mortgage loan. The bank carefully evaluated
their creditworthiness and financial situation, and ultimately
approved the loan application. The loan details are as follows:
2
, Loan amount: $200,000.
Loan term: 30 years.
Interest rate: 4.5% per annum.
Monthly payments: Fixed
Question: With the loan accepted and the journal entry recorded,
you notify your client that balances in the accounting equation will
change. (Remember the accounting equation is: Assets =
Liabilities + Equity.) What are the changes? -
Answer☑️
Assets increase, liabilities increase
Quiz_________________?
On the balance sheet, a note payable portion due over 5 years
will appear as a(n) -
Answer☑️
Long-term liability
Quiz_________________?
Jasmine is a small business owner who needs additional funds to
expand her operations. She approaches a local bank for a loan to
finance her business growth. The bank approves her loan
application without requiring any collateral or asset as security.
What type of loan did Jasmine most likely receive? -
Answer☑️
Unsecured loan
Quiz_________________?
Baxter owns a bagel shop and is looking to expand its operations
and requires additional funding. They approach a financial
institution for a loan. The lender asks for collateral to secure the
3
Part 3 Knowledge Checks/Activities/Quizzes
| Actual Questions & Verified Answers |
100% Correct
This Intuit Bookkeeping Exam validates skills in fundamental accounting
and using QuickBooks, covering assets, liabilities, equity, sales,
purchases, reconciliation, and financial statements , designed to certify
professionals for roles like QuickBooks Live bookkeepers, with a rigorous
format that includes unique "yes/no" multiple-choice questions for each
option, testing practical application of accounting principles within the
Intuit ecosystem.
Quiz_________________?
Secured loan -
Answer☑️
A loan in which the borrower has pledged some asset as
collateral
Quiz_________________?
Which of the following describes a commercial loan? -
Answer☑️
Debt-based funding arrangement between a business and a
financial institution
Quiz_________________?
Your client, a construction business, purchased a new work
vehicle for $58,000. The business put $6,000 down and financed
the rest. The accounts affected are cash, vehicles, and notes
1
, payable - vehicles. How would you record this in the transaction
journal? -
Answer☑️
Debit $58,000 vehicle
Credit $6,000 cash
Credit $52,000
Quiz_________________?
Your client is the owner of a small specialty clothing boutique.
They are in the process of relocating from their current leased
location to a new location that they are purchasing and making a
permanent home for the business. Your client visited a local bank
and applied for a mortgage loan. The bank carefully evaluated
their creditworthiness and financial situation, and ultimately
approved the loan application. The loan details are as follows:
Loan amount: $200,000.
Loan term: 30 years.
Interest rate: 4.5% per annum.
Monthly payments: Fixed
Question: In your client's books, which account is debited for the
initial loan disbursement? -
Answer☑️
Building (asset)
Quiz_________________?
Your client is the owner of a small specialty clothing boutique.
They are in the process of relocating from their current leased
location to a new location that they are purchasing and making a
permanent home for the business. Your client visited a local bank
and applied for a mortgage loan. The bank carefully evaluated
their creditworthiness and financial situation, and ultimately
approved the loan application. The loan details are as follows:
2
, Loan amount: $200,000.
Loan term: 30 years.
Interest rate: 4.5% per annum.
Monthly payments: Fixed
Question: With the loan accepted and the journal entry recorded,
you notify your client that balances in the accounting equation will
change. (Remember the accounting equation is: Assets =
Liabilities + Equity.) What are the changes? -
Answer☑️
Assets increase, liabilities increase
Quiz_________________?
On the balance sheet, a note payable portion due over 5 years
will appear as a(n) -
Answer☑️
Long-term liability
Quiz_________________?
Jasmine is a small business owner who needs additional funds to
expand her operations. She approaches a local bank for a loan to
finance her business growth. The bank approves her loan
application without requiring any collateral or asset as security.
What type of loan did Jasmine most likely receive? -
Answer☑️
Unsecured loan
Quiz_________________?
Baxter owns a bagel shop and is looking to expand its operations
and requires additional funding. They approach a financial
institution for a loan. The lender asks for collateral to secure the
3
