Are You A QuickBooks Expert?
There are tons of features available in Quickbooks to help you grow your business. Take this quiz to find out how well you understand the ins and outs of the software.
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Which type of business must use the Enter Bills feature?
Businesses operating on an Accrual Basis must use the enter bills feature.
Accrual basis
Cash basis
Both
Neither
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What is the Undeposited Funds account used for?
The Undeposited Funds account is used to store individual customer payments to be grouped into deposits.
It is used to store individual bank deposits to be reconciled
It is not used for anything
It is used to store unpaid customer invoices
It is used to store individual customer payments to be grouped into deposits
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A supplier bills you for goods you purchase. The supplier gives you the terms 3% 10 Net 15. What does this mean?
The terms 3% 10 Net 15 implies that a three percent discount applies if you pay in full within 10 days.
No discounts allowed unless you pay in full in 30 days
A ten percent discount applies if you pay in full in one day
A three percent discount applies if you pay in full within 30 days
A three percent discount applies if you pay in full within 10 days
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After creating a Credit Memo, you can not do the following:
You can't apply a credit memo to a sales receipt.
Retain it as an available credit
Give a refund
Apply it to a sales receipt
Apply it to an invoice
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You can not reconcile the following account types:
You can not reconcile an Accounts Receivable account.
Checking
Credit Card
Accounts Receivable
Money Market
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What can you not put on the purchase order form?
You can't put Expense Accounts on the purchase order form.
Service Items
Expense Accounts
Non-inventory items
Inventory items
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On what form do you enter a credit card return or credit?
You enter a credit card return or credit on "Enter credit card charges" forms.
Reconcile
Credit memo
Credit card returns
Enter credit card charges
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You got {number correct} answers right, your score is {percent correct}%!
Nice try! You have a general understanding of how Quickbooks can improve your business finances. But there are a few features you may need to explore to unlock its full potential. Read the Quickbooks user guide to learn everything you need to know.
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You got {number correct} answers right, your score is {percent correct}%!
Awesome job! You have a solid understanding of how Quickbooks works and how to use it to improve your business finances. If you want to learn about more features, check out the Quickbooks user guide.
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