QBO Inventory and Products Management 2

Question 1

Which QBO product type lets you group multiple products and services and sell them as a single line item?

Accepted Answer

Bundle

Answer

Kit

Answer

Package

Answer

Inventory Group

Question 2

What is the purpose of the Reorder Point field on an inventory item in QBO?

Accepted Answer

Alerts you to reorder when stock falls to that quantity

Answer

Sets the selling price

Answer

Caps the maximum stock level

Answer

Sets the applicable tax rate

Question 3

Which income account does QBO assign by default to a new inventory product?

Accepted Answer

Sales of Product Income

Answer

Service Revenue

Answer

Other Income

Answer

Unearned Revenue

Question 4

When you need to write off damaged inventory in QBO, which adjustment type reduces the quantity on hand?

Accepted Answer

Quantity Adjustment

Answer

Value Adjustment

Answer

Both Quantity and Value simultaneously

Answer

Journal Entry only

Question 5

Which QBO report shows how many units of each product were sold during a selected period?

Accepted Answer

Sales by Product/Service Summary

Answer

Inventory Valuation Summary

Answer

Balance Sheet

Answer

Transaction List by Date

Question 6

What does the 'As of Date' field control in the Inventory Valuation Summary report?

Accepted Answer

The point-in-time snapshot for inventory quantities and values

Answer

The date range for sales

Answer

The date range for purchases

Answer

The fiscal year end date