QUICKBOOKS ONLINE 2025 PRACTICE EXAM 2 TRAINING QUESTIONS WITH CORRECT ANSWERS

QUICKBOOKS ONLINE 2025 PRACTICE
EXAM 2 TRAINING QUESTIONS WITH
CORRECT ANSWERS
QuickBooks Online allows users to enter budgets for each project and to view Budget
Vs. Actual reports. - Answer-yes

chart of accounts - Answer-All of the accounts to track financial information, such as
Accounts Payable, Accounts Receivable, Opening Balance Equity, Payroll Expense,
Payroll Liability, Retained Earnings, etc. are on the Chart of Accounts.

item - Answer-Product or Service name, description, price, SKU, and any custom fields
are found on the Item List.

customer list - Answer-Buyer names, contact information, billing addresses, and
payment terms are found on the Customer List.

vendor list - Answer-Supplier names, contact information, billing addresses, and
payment terms are found on the Vendor List.

Change the price of the Faust book to 7.99. - Answer-click edit by the faust name
click the price/rate field
type 7.99
click save and close

In QuickBooks Online, what are the three types of recurrance? - Answer-scheduled
unscheduled
reminder

Which two situations would require that you implement journal entries? (Choose 2). -
Answer--entering debits and credits manually
-transferring money between income and expense accounts

What is the purpose of QuickBooks Online apps? - Answer-Enhance functionality

Which two are risks of extending QuickBooks Online functionality through apps?
(Choose 2) - Answer-* Support is typically available only through blogs and forums
* An Internet connection is required

You are setting new Customers in QuickBooks Online using the Customer Information
Form.
For each statement about the Display Name as field, select yes - Answer-Yes:
-The Display Name can be either the name of the customer or a company name.

, -The Display Name you select shows on invoices and email you send to the customer.
-The Display Name must be unique across Customers, Vendors and Employees

You are setting new Customers in QuickBooks Online using the Customer Information
Form.
For each statement about the Display Name as field, select No. - Answer-No:
-The Display Name cannot be edited after it has been entered.

You are setting new Customers in QuickBooks Online using the Customer Information
Form.
For each statement about the Customer Payment Terms, select Yes - Answer-A
customer with payment terms of "Net 30" must pay the invoice in full within 30 days of
the invoice date.

QuickBooks Online payment terms can apply a discount if the customer pays before the
due date.

You are setting new Customers in QuickBooks Online using the Customer Information
Form.
For each statement about the Customer Payment Terms, select no - Answer-"Net 30"
means he customer will receive a 30% discount if they pay the invoice within 30 days.
Payment terms of Net 30 means the customer has 30 days from the invoice date to pay
in full.

10% 10 Net 15 means the customer will receive a 10% discount if the invoice is paid in
10 days, but if paid sooner the discount is 15%. The payment term of 10% 10 Net 15
means the customer has 15 days from the invoice date to pay in full, but if paid within
10 days a 10% discount will be applied.

taxable - Answer-* The default setting for all customers in QuickBooks

non-taxable - Answer-* Goods sold to be used as raw material to produce other goods
* Most sales, to most customers, in most states.
* Sales made to nonprofit organizations

A company that cleans carpets is selling a - Answer-service

If what was sold is mostly labor, it is recorded in QuickBooks Online as a - Answer-
service

A local farm stand that sells eggs and vegetables is selling - Answer-product

An item that is sold as raw material which will be used to manufacturer finished goods is
recorded in QuickBooks Online as a - Answer-product