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

The Bundle product type allows you to combine products and services and sell them together as one unit.

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

The Reorder Point triggers a low-stock alert when inventory quantity on hand reaches that level.

Question 3

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

Accepted Answer

Sales of Product Income

Answer

QBO pre-selects 'Sales of Product Income' as the default income account for new inventory items.

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

A Quantity Adjustment is used to reduce on-hand stock counts for damaged or lost goods.

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

The Sales by Product/Service Summary shows quantity sold and revenue broken down by item for the chosen period.

(QBO) Certified QuickBooks ProAdvisor Practice Test