$1.$ What feature must be enabled to use inventory in QuickBooks Online Plus? $(1$ point$)$

a$.$ Products and Services

b$.$ Track Inventory and Quantity on Hand

c$.$ Sales Tax

d$.$ Custom Transaction Numbers

$2.$ Where do you enable the inventory tracking feature in QuickBooks Online? $1$ point

a$.$ Gear menu $>$ Account and Settings $>$ Sales

b$.$ Reports $>$ Manage Inventory

c$.$ Expenses $>$ Purchase Orders

d$.$ Customers $>$ Sales Forms

$3.$ Which column is enabled by default when inventory tracking is turned on$?1$ point

a$.$ SKU Column

b$.$ Product$/$Service Columns

c$.$ Sales Tax Column

d$.$ Income Account Column

$4.$ Which menu should you navigate to set up inventory parts? $1$ point

a$.$ Gear menu $>$ Products and Services

b$.$ Reports $>$ Manage Inventory

c$.$ Sales $>$ Invoices

d$.$ Expenses $>$ Purchase Orders

$5.$ What is the purpose of entering a reorder point for an inventory item? $1$ point

a$.$ To calculate sales tax

b$.$ To automate reordering when stock falls below a certain level

c$.$ To set sales prices

d$.$ To track supplier information

$6.$ What does the SKU field help you track? $1$ point

a$.$ Sales tax information

b$.$ Inventory categories

c$.$ Supplier details

d$.$ Specific products by their unique stock keeping unit

$7.$ What is a QuickBooks bundle? $1$ point

a$.$ A collection of invoices

b$.$ A grouping of products and services sold together

c$.$ A sales tax category

d$.$ A report type

$8.$ What is one benefit of using bundles in QuickBooks? $1$ point

a$.$ Faster sales transactions

b$.$ Reduced tax rates

c$.$ Higher inventory costs

d$.$ Simplified chart of accounts

$9.$ How many products and services can a bundle contain? $1$ point

a$.$ Up to $10$

b$.$ Up to $25$

c$.$ Up to $50$

d$.$ Unlimited

$10.$ What is the purpose of a purchase order $($PO$)?1$ point

a$.$ To track customer invoices

b$.$ To document the intent to purchase products or services from a supplier

c$.$ To manage employee expenses

d$.$ To calculate sales tax

$11.$ Where can you enable the purchase order feature? $1$ point

a$.$ Gear menu $>$ Account and Settings $>$ Expenses

b$.$ Reports $>$ Manage Inventory

c$.$ Sales $>$ Invoices

d$.$ Customers $>$ Sales Forms

$12.$ Which report provides information about open purchase orders? $1$ point

a$.$ Inventory Valuation Summary

b$.$ Open Purchase Order List

c$.$ Sales by Product$/$Service

d$.$ Physical Inventory Worksheet

$13.$ What must you do after a supplier fulfills a product or service for your purchase order? $1$ point

a$.$ Create an invoice

b$.$ Record a bill, check, or expense

c$.$ Update the sales tax rate

d$.$ Adjust the income account

$14.$ Where can you link a purchase order to a bill in QuickBooks? $1$ point

a$.$ From the Customers menu

b$.$ In the Itemize by Product$/$Service section

c$.$ In the Sales Tax Center

d$.$ In the Account Settings

$15.$ What happens to a purchase order when it is added to a transaction and saved? $1$ point

a$.$ It remains open

b$.$ It is deleted

c$.$ It is automatically changed to a Closed status

d$.$ It is archived

$16.$ How does QuickBooks handle inventory items when they are sold? $1$ point

a$.$ Increases quantity on hand

b$.$ Adjusts the cost of goods sold and inventory asset accounts

c$.$ Deletes the inventory record

d$.$ Changes the supplier details

$17.$ Where do you add inventory items for sale in QuickBooks? $1$ point

a$.$ Customers menu

b$.$ Reports menu

c$.$ New menu $>$ Invoice

d$.$ Expenses menu

$18.$ What is recorded when inventory items are sold? $1$ point

a$.$ Sales tax only

b$.$ Income and cost of goods sold

c$.$ Supplier information

d$.$ Purchase order details

$19.$ Which report summarizes the value of your inventory? $1$ point

a$.$ Inventory Valuation Summary

b$.$ Open Purchase Order List

c$.$ Physical Inventory Worksheet

d$.$ Sales by Product$/$Service

$20.$ What information is included in the Inventory Valuation Detail report? $1$ point

a$.$ Sales tax rates

b$.$ Transactions affecting inventory value

c$.$ Supplier contact information

d$.$ Employee expenses

$21.$ What is the purpose of the Physical Inventory Worksheet? $1$ point

a$.$ To calculate sales tax

b$.$ To list the quantity on hand and physical count of inventory items

c$.$ To manage employee payroll

d$.$ To track customer invoices

$22.$ What should you do if you find a different count of an inventory item than what QuickBooks displays? $1$ point

a$.$ Create a new purchase order

b$.$ Adjust the item$$s quantity in QuickBooks

c$.$ Delete the inventory record

d$.$ Update the sales tax rate

$23.$ Where do you adjust inventory quantities in QuickBooks? $1$ point

a$.$ Gear menu $>$ Products and Services

b$.$ Reports menu

c$.$ Sales menu

d$.$ Customers menu

$24.$ Which account is typically used for inventory adjustments in QuickBooks? $1$ point

a$.$ Income account

b$.$ Cost of Goods Sold account

c$.$ Sales Tax account

d$.$ Accounts Payable account

$25.$ What method does QuickBooks Online use to cost inventory? $1$ point

a$.$ Last In First Out $($LIFO$)$

b$.$ First In First Out $($FIFO$)$

c$.$ Average Cost

d$.$ Specific Identification