QuickBooks Chapter 6 Test with
Certified Solutions
The Inventory Part window consists of two sides: one for sales information and one for purchase
information ✔✔True
Inventory tracking is automatically activated when you create a company file ✔✔False
In QuickBooks, non-inventory parts are tracked in the same way as inventory parts ✔✔False
QuickBooks automatically creates your Sales Tax Liability account for you ✔✔True
You can set a default tax rate for the company but NOT for individual customers ✔✔False
Luckily, you don't have to know your state's sales tax requirements, because QuickBooks keeps
that information up to date for you ✔✔False
When entering a bill for inventory, enter any shipping charges in the items tab along with the
inventory items ✔✔False
, The Enter Sales Receipt window does NOT affect Accounts Receivable ✔✔True
Savings from discounts are deposited directly into your bank account, so you don't have to
specify another account for the discounted amount ✔✔False
When accounting for returned merchandise, you can either issue a refund check or apply a credit
toward a future purchase ✔✔True
What is the cost of goods sold? ✔✔The wholesale purchase price
Where do you enter shipping charges for items received? ✔✔The Expenses tab on the Enter
Bills window
Which of these should be set up as a non-inventory? ✔✔Thread used by a seamstress
What does "2% 10" mean in the payment terms 2% 10 Net 30? ✔✔If paid within 10 days, the
customer receives a 2% discount
Certified Solutions
The Inventory Part window consists of two sides: one for sales information and one for purchase
information ✔✔True
Inventory tracking is automatically activated when you create a company file ✔✔False
In QuickBooks, non-inventory parts are tracked in the same way as inventory parts ✔✔False
QuickBooks automatically creates your Sales Tax Liability account for you ✔✔True
You can set a default tax rate for the company but NOT for individual customers ✔✔False
Luckily, you don't have to know your state's sales tax requirements, because QuickBooks keeps
that information up to date for you ✔✔False
When entering a bill for inventory, enter any shipping charges in the items tab along with the
inventory items ✔✔False
, The Enter Sales Receipt window does NOT affect Accounts Receivable ✔✔True
Savings from discounts are deposited directly into your bank account, so you don't have to
specify another account for the discounted amount ✔✔False
When accounting for returned merchandise, you can either issue a refund check or apply a credit
toward a future purchase ✔✔True
What is the cost of goods sold? ✔✔The wholesale purchase price
Where do you enter shipping charges for items received? ✔✔The Expenses tab on the Enter
Bills window
Which of these should be set up as a non-inventory? ✔✔Thread used by a seamstress
What does "2% 10" mean in the payment terms 2% 10 Net 30? ✔✔If paid within 10 days, the
customer receives a 2% discount
