Check what you learned from Module $5.$

$6.$ A vendor currently has payment terms of Net $10.$ The terms change to Net $15$ starting today for all future bills. This is a new term that you have not used before. Which two actions must you complete to support this change $($Pick $2)$

a$)$ In the All$-$Lists area, go to the Terms list. Add the term Net $15$ to the list.

b$)$ In the Account and Settings area, set the preferred invoice terms to Net $15$

c$)$ Open each unpaid bill for each vendor and change the terms to Net $15.$

d$)$ Edit the vendor record. In the Terms list, select Net $15.$

$7.$ An existing vendor decides to purchase products from your company. In QuickBooks Online, you set up a customer account for the vendor. For each account field, select Yes if the vendor and customer entries must be unique or No if they can be identical.

a$)$ First name

b$)$ Last name

c$)$ Display name

d$)$ Company name

$8.$ Which two statements describe the difference between recording expenses on checks and as credit card expenses?

a$)$ A credit card expense debits the credit card receivable and credits the expense account.

b$)$ A check debits the expense account and credits the bank.

c$)$ A check debits Accounts Payable and credits the expense account.

d$)$ A credit card expense debits the expense account and credits the credit card payable.

$9.$ In QuickBooks Online, what is the difference between voiding and deleting a check?

a$)$ Voiding a check is an internal process and deleting a check notifies the bank to stop payment.

b$)$ Deleting a check keeps it in reports but reduces its value to zero and voiding a check removes it from reports other than the Audit Log.

c$)$ Deleting a check is an internal process and voiding a check notifies the bank to stop payment.

d$)$ Voiding a check keeps it in reports but reduces its value to zero and deleting a check removes it from reports other than the Audit Log.