Deck 4: Customers and Sales

Question 1

From the Customers Section, "Assess Finance Charges" allows you to:

A)Re-calculate the correct payment when a discount is applied to a customer bill
B)Re-calculate the correct payment when a bill is not paid to a vendor on time
C)Add finance charges to customer bills when bills are not paid by the due date
D)All of these

Answer 1

Add finance charges to customer bills when bills are not paid by the due date

Question 2

Which report provides information to help in tracking accounts receivable?

A)Customers with Open Invoices
B)Accounts Receivable Aging Summary
C)Collections Reports
D)All of these

Answer 2

D

Question 3

The Customer List in QuickBooks can be accessed from all of the following except:

A)Banking section of the Home page
B)Customer section of the Home page
C)Customer Menu
D)Customer Center

Answer 3

A

Question 4

Which report provides information on customers who have overdue accounts?
A.Accounts Receivable Aging Summary
B.Accounts Receivable Aging Detail
C.Customers with Open Invoices
D.Collections Report
Short Answer Questions

Question 5

To record a credit sale, select:

A)Create Purchase Order
B)Sales Receipts
C)Create Estimates
D)None of these

Question 6

Credit sales are:

A)Recorded using a Create Invoices window
B)Recorded in a Credit Card Sales window
C)Recorded using the Create Sales Receipts window
D)None of these

Question 7

Online bill pay allows you to:
A.Sell goods over the internet
B.Email invoices to customers
C.Receive online payments from customers
D.QuickBooks does not support online bill pay

Question 8

When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use?
A.Purchase Order billing
B.Estimates Pre-billing
C.Progress billing
D.Normal (end-of-job) billing

Question 9

Online billing allows you to:

A)Sell goods over the internet
B)Email invoices to customers
C)Receive online payments from customers
D)QuickBooks does not support online billing

Question 10

A Reminder Statement provides the following information, except:

A)Purchase Order details
B)Customer's previous account balance
C)Payments received from the customer
D)Customer's ending balance

Question 11

When recording a customer payment from a credit sale, select:

A)Create Invoice > Customer Payment > Customer & Job Name
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name

Question 12

The Customer List stores all the information listed below except:
A.Sales tax rates
B.Notes about a project/job
C.Project/job estimate information
D.Customer transaction information

Question 13

From the Customers Section, "Create Credit Memos/Refunds" allows you to:

A)Record a refund or credit to a vendor account for returned or damaged merchandise
B)Record a refund or credit to a customer account for returned or damaged merchandise
C)Prepare a billing statement for a customer
D)All of these

Question 14

Name 3 (three) reasons why a job for a customer might be "pending".

Question 15

When a credit sale is recorded on an invoice, QuickBooks records:

A)An increase to Sales and a decrease to Accounts Receivable
B)An increase to Sales and an increase to Accounts Payable
C)An increase to Sales and an increase to Accounts Receivable
D)A decrease to Sales and a decrease to Accounts Payable

Question 16

When recording a payment from a customer, if the customer does not send the full amount:
A.Record the full amount as paid and make a note in the To Do List to follow up with the customer regarding the remainder of the payment
B.You can record the partial payment but must leave the funds in the Undeposited Funds account until receiving the full payment
C.You must wait until the customer pays the full amount to record the payment
D.Enter the amount received in the Amount field in the Customer Payment window

Question 17

Briefly explain the difference between creating a sales receipt and creating an invoice.

Question 18

All the reports below provide information about customer and job profitability, except:

A)Customer Detail List
B)Income by Customer Summary
C)Income by Customer Detail
D)Job Profitability Detail

Question 19

When recording a customer payment from a cash sale, select:

A)Create Invoice > Customer Payment > Customer Name Only
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name

Question 20

The Undeposited Funds account:
A.Partial payments received from customers
B.Holds funds received but not deposited in the bank
C.Funds the company owes vendors
D.Petty Cash funds

Question 21

Which report provides information on customers who have overdue accounts?

A)Accounts Receivable Aging Summary
B)Accounts Receivable Aging Detail
C)Customers with Open Invoices
D)Collections Report

Question 22

The Customer List stores all the information listed below except:

A)Sales tax rates
B)Notes about a project/job
C)Project/job estimate information
D)Customer transaction information

Question 23

To print the Income by Customer Summary report:

A)Select Report Center, Customer & Sales
B)Select Customer Center, Income by Customer
C)Select Report Center, Company & Financials
D)Select Company Center, Customer & Sales

Question 24

To increase collections of payments, you can use all the following QuickBooks features, except:

A)E-mail Invoices
B)Customers with New Invoices Report
C)Customers with Overdue Balances Report
D)Reminder Statements

Question 25

The Undeposited Funds account:

A)Partial payments received from customers
B)Holds funds received but not deposited in the bank
C)Funds the company owes vendors
D)Petty Cash funds

Question 26

To print the Aging of Accounts Receivable report:

A)Select Customer Center, Customer & Receivables
B)Select Company Center, Customer & Receivables
C)Select Report Center, Company & Financials
D)Select Report Center, Customer & Receivables

Question 27

When recording a payment from a customer, if the customer does not send the full amount:

A)Record the full amount as paid and make a note in the To Do List to follow up with the customer regarding the remainder of the payment
B)You can record the partial payment but must leave the funds in the Undeposited Funds account until receiving the full payment
C)You must wait until the customer pays the full amount to record the payment
D)Enter the amount received in the Amount field in the Customer Payment window

Question 28

From the Customers

Question 29

Online bill pay allows you to:

A)Sell goods over the internet
B)Email invoices to customers
C)Receive online payments from customers
D)QuickBooks does not support online bill pay

Question 30

To add a new job to the Customer List:

A)Select Customer menu, Click Add Job
B)Select Customer Center Window, Click New Customer & Job
C)Select the Customer List icon from the Customer section of the Home page
D)Select Report Center, add Customer

Question 31

From the Customers

Question 32

Name 3 (three) reasons why a job for a customer might be "pending".

Question 33

When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use?

A)Purchase Order billing
B)Estimates Pre-billing
C)Progress billing
D)Normal (end-of-job) billing

Question 34

Briefly explain the difference between creating a sales receipt and creating an invoice.

Question 35

Sales in QuickBooks can be recorded with all the following means of payment, except:

A)Cash
B)Check
C)Credit Card
D)Purchase Order

Question 36

The Job Profitability Summary Report is accessed from the:

A)Report Center
B)Vendor Center
C)Employee Center
D)Company Center

Question 37

Which one of the following activities is not shown in the Customer section of the Home page?

A)Make Deposit
B)Receive Payments
C)Create Estimates
D)All of these