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101 Quickbook Questions And Answers

21⟩ How do you track sick or vacation time in QuickBooks? a. When you set up an employee, define how QuickBooks should accrue time. b. Set up a sick or vacation wage item. c. Pay an employee with a sick or vacation wage item. d. All of the above.

d. All of the above.

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22⟩ When would you use the Expenses tab on a payroll liability check? a. Never. QuickBooks automatically uses payroll items to show what you are paying. b. To enter late fees/penalties or interest. c. There is no Expenses tab on a payroll liability check. d. To pay an employee's garnishment.

b. To enter late fees/penalties or interest.

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23⟩ Which of the following Payroll Services are available with QuickBooks? a. Basic b. Enhanced c. Assisted d. All of the above

d. All of the above

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24⟩ How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate? a. You can't. b. On the Write Checks window, click the Items tab and enter the Payroll Items you are paying. c. On the Write Checks window, click the Payroll Items tab and enter the Payroll Items you are paying. d. Select the Payroll Liability checkbox on the Write Checks window.

a. You can't.

You can't enter Payroll Items on the Write Checks window. This means your payroll reports would be wrong because they are based on Payroll Items. You should select the payments you want to make from the Pay Scheduled Liabilities list in the Payroll Center. Then click View/Pay.

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25⟩ When you set up a new Payroll Item using the EZ setup wizard, which is not a choice? a. Compensation b. Retirement Benefits c. City/Local Taxes d. Insurance Benefits

c. City/Local Taxes

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26⟩ When setting up a new employee, what is important about the Payroll Info tab? a. Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself. b. It identifies the state subject to withholding and the state where the employee lives (usually the same). c. You enter Emergency Contact information, which is required by law in many states. d. This tab tracks an employee's age and gender necessary for tax calculations.

a. Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself.

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27⟩ How do you set up QuickBooks to automatically use discounts and credits? a. QuickBooks cannot be set up to automatically use discounts and credits. b. Choose Edit > Preferences > Discounts & Credits. c. Memorize a bill and select the box next to Automatically use discounts and credits. d. Choose Edit > Preferences > Bills > Company Preferences, and then select to automatically use discounts/credits.

d. Choose Edit > Preferences > Bills > Company Preferences, and then select to automatically use discounts/credits.

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28⟩ What are the first two steps to set up payroll in QuickBooks? a. 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview. b. 1) Sign up for a payroll service; and 2) Setup Payroll Schedules. c. 1) Turn on payroll through preferences; and 2) complete the Payroll Setup Interview. d. 1) Complete the Payroll Setup Interview; and 2) set up employees.

a. 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview.

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29⟩ When printing paychecks, what is the preferred check style to give an employee a paystub? a. Standard b. Wallet c. Payroll d. Voucher

d. Voucher

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30⟩ Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)? a. This is required by State and Federal governments. If these are not set up, a warning is sent to the agency. b. So that QuickBooks can enter the dates on the Payroll Calendar that checks are due. c. So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center. d. You don't need to set deposit frequencies. QuickBooks does it for you.

c. So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center.

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31⟩ Suppose you own a company that repairs bicycles. What item type should you use for "bicycle repair"? a. Inventory Part b. Non-inventory Part c. Other Charge d. Service

d. Service

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32⟩ Which of the following is noy an item Type? a. Inventory Part b. Service c. Non-inventory Part d. Income

d. Income

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33⟩ What is a reason to use the Items tab when entering a bill? a. To track expenses. b. To assign a cost to a job or purchase inventory. c. To track freight charges. d. There is not an Items tab on the Enter Bills form.

b. To assign a cost to a job or purchase inventory.

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34⟩ What keyboard shortcut allows you to see a total for all four names lists? a. F2 b. Ctrl + L c. F12 d. Ctrl + 4

a. F2

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35⟩ How do you combine or merge two list entries? a. Rename the unwanted list entry to match the name of the list entry you want to merge into. b. Open the list entry you want to get rid of and click Merge. c. From the bottom of the list, click the Activities menu and select Combine Entries. d. You cannot combine or merge two list entries.

d. You cannot combine or merge two list entries.

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36⟩ What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier? a. 10,000 b. 1,000 c. 2,500 d. 14,500

d. 14,500

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37⟩ If you moved a list entry up or down, what happens when you add a new entry to the list? a. QuickBooks adds new list entries to the bottom of the list, regardless of alphabetic order. b. QuickBooks adds new list entries in alphabetic order. c. QuickBooks adds new list entries to the top of the list, regardless of alphabetic order. d. QuickBooks asks you how to sort new list entries.

c. QuickBooks adds new list entries to the top of the list, regardless of alphabetic order.

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38⟩ What do the diamonds mean on certain lists (for example, the diamonds to the left of each CustomerJob)? a. You are not allowed to delete that entry. b. You can click on the diamond and move the list entry to a different location on the list. c. There are open transactions related to the list entry d. You cannot move the list entry.

b. You can click on the diamond and move the list entry to a different location on the list.

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39⟩ When entering a journal entry, what happens if the debits don't equal the credits? a. QuickBooks sends the difference to an adjustment account. b. QuickBooks will not allow you to record the transaction. c. QuickBooks asks you what to do with the "unequal" amount. d. Nothing. QuickBooks records the transaction as is.

b. QuickBooks will not allow you to record the transaction.

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40⟩ When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions? a. QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions b. QuickBooks Online, QuickBooks Basic, QuickBooks Pro c. QuickBooks Basic, QuickBooks Pro d. QuickBooks Premier, QuickBooks Enterprise Solutions

a. QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions

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