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Sample Questions

Below is a sample of the questions on the test - actual questions vary by test.  All questions are multiple choice or true/false.

The gross profit on sales for a period is determined by:

• Subtracting the cost of goods sold from the sales.
• Subtracting the sales returned and the discount on sales from the gross sales.
• Subtracting the sales from the purchases for the period.
• Calculating the difference between the inventory at the beginning of the period and the inventory at the end of the period.

The Profit and Loss Statement doesn't show:

• The cost of goods sold.
• Depreciation of fixed assets.
• Payroll taxes expenses.
• The net worth of the business.

ABC Company has assets of $14,000 and liabilities of $2,000.   The company's net worth is $16,000.

• True
• False

How often is FUTA paid?

• Monthly
• Quarterly
• Annually
• When the amount due exceeds $500.

How often is the 941 filed?

• Monthly
• Quarterly
• Annually
• When the amount due exceeds $500.

When beginning a Bank Reconciliation, QuickBooks will ask you to enter all of  the following information except:

• The ending bank balance.
• The statement closing date.
• The checkbook balance.
• The bank service charges.

How do you determine if a check has been reconciled in QuickBooks?

• A checkmark is displayed in the bank account register.
• The word "Reconciled" appears on the check in QuickBooks.
• All of the above.
• Look at the bank reconciliation in QuickBooks.

If you regularly invoice a customer for the same items or services, you can save time by:

• Entering multiple invoices at once.
• Copying the original invoice.
• Memorizing the original invoice.
• Using Statement Charges.

When entering a bill from a vendor using "Enter Bills", the bill must be paid:

• Using Pay Liabilities.
• Using Write Checks.By entering the payment in the check register.
• Using Pay Bills.

When paying payroll taxes, you must:

• Use Write Checks.
• Enter the payment in the check register.
• Use Pay Bills.
• Use Pay Liabilities.