Entrepreneurship
Question Bank
Course Introduction
Entrepreneurship is a dynamic course that introduces students to the fundamental principles, theories, and practical aspects of creating and managing new business ventures. The course covers the entrepreneurial mindset, opportunity recognition, business model development, financing, and the legal and ethical considerations faced by entrepreneurs. Students will gain hands-on experience through case studies, project work, and interaction with real-world entrepreneurs, developing skills necessary for innovation, leadership, and navigating the challenges of starting and growing a successful enterprise in todays competitive environment.
Recommended Textbook
Computer Accounting with QuickBooks Online 1st Edition by Donna Kay
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200 Verified Questions
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Page 2
Chapter 1: Quickbooks Online Navigation and Settings
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Sample Questions
Q1) Select the correct statement regarding the business tax return a LLC files.
A)The LLC files a Form 1040 Schedule C
B)The LLC files a Form 1120
C)The LLC chooses how the business is treated for tax purposes.
D)The LLC files a Form 1065
Answer: C
Q2) QBO SatNav allows the user to view the company's financial system in detail or as an overview or big picture.Which of the following is correct regarding the SatNav processes?
A)QBO Transactions - detailed and big picture; QBO Reports - big picture.
B)QBO Transactions - detailed; QBO Reports - big picture.
C)QBO Transactions - big picture; QBO Reports - detailed.
D)QBO Transactions - detailed; QBO Reports big picture and detailed.
Answer: B
Q3) Accounts Receivable is:
A)Amounts owed from customers.
B)Amounts owed from customers plus cash sales.
C)Usually not a meaningful account to a company's financial accounting reports.
D)Part of the Chart of Accounts only if a company has cash sales as well.
Answer: A
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Page 3
Chapter 2: QBO Chart of Accounts
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Sample Questions
Q1) Which of the following statements is not true regarding QBO subaccounts?
A)QBO automatically sets up Subaccounts commonly used by companies.
B)QBO permits the use of Subaccounts which are useful in tracking additional detail.
C)Subaccounts are essentially subcategories of an account.
D)Subaccounts are added by selecting New from the Chart of Accounts window and selecting the Category Type,i.e.Expenses,then selecting Detail Type and entering in the Name.
Answer: A
Q2) In QBO,account numbers are:
A)used to uniquely identify specific accounts but do not assist in identifying an account type i.e.asset,liability,revenue,expense,and equity.
B)used to only identify an account type and the account name identifies the specific account.
C)used to uniquely identify accounts and help identify an account type.
D)a combination of being randomly assigned and assigned alphabetically buy the user of QBO.
Answer: C
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Chapter 3: QBO Transactions
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Sample Questions
Q1) Assets are:
A)Increased with debits and decreased with credits.
B)Increased with credits and decreased with debits.
C)Increased and decreased with credits.
D)Increased and decreased with debits.
Answer: A
Q2) Which of the following is false regarding recurring transactions in QBO?
A)Recurring transactions save time and reduce errors.
B)Recurring transactions are frequently used transactions which are saved to use in future transactions.
C)Recurring transactions are classified in QBO as three different types: Scheduled,Unscheduled and Reminder.
D)Recurring transaction types are set up in QBO to be scheduled and do not represent unscheduled type of transactions.
Answer: D
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Chapter 4: Banking
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Sample Questions
Q1) What impact will a Deposit in Transit and an Outstanding Check have on a company's accounting records after a reconciliation is completed? (will cash have to increase or decrease based on the reconciling item)
A)Deposit in Transit will need to increase the Cash account and Outstanding Checks will decrease the Cash account.
B)Deposit in Transit will need to decrease the Cash account and Outstanding Checks will increase the Cash account.
C)Both will increase the Cash account.
D)No change needs to be made to the Cash account for Outstanding Checks and Deposits in Transit.
Q2) Unrecorded charges that need to be recorded on the bank reconciliation include all of the following except:
A)Deposits in Transit
B)Service charges
C)Loan payments
D)Automatic withdrawals
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Chapter 5: Customers and Sales
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Sample Questions
Q1) In QBO,when is a sales transaction recorded on an invoice?
A)The product or service is provided to the customer and the customer pays immediately.
B)An estimate of the cost of products or services is needed for the future.
C)The product or service is provided to the customer and the customer promises to pay later.
D)A credit or reduction in the amount charged to the customer is needed to be communicated.
Q2) What are the two main ways to record customers and sales transactions using QBO?
A)Customer Sales using Sales Receipts and Customer Sales using Invoices.
B)Customer Sales using Credit Memos and Customer Sales using Invoices.
C)Customer Sales using Sales Receipts and Customer Sales using Payment Receipts.
D)Customer Sales using Sales Receipts and Customer Sales using Estimates.
Q3) All of the following are true regarding the Products and Services List except:
A)It collects information about the products and services sold to customers.
B)New products must be entered twice to confirm the initial information is correct.
C)It is a time-saving feature.
D)QBO uses four types of products and services: Inventory,Non-inventory,Service,and Bundle.
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Page 7
Chapter 6: Vendors and Expenses
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Sample Questions
Q1) In QBO,what onscreen form do you use to select bills that are due and ready to pay?
A)Check form
B)Expense form
C)Pay Bills form
D)Cash form
Q2) What is an accounts payable?
A)Amounts a customer owes our business from a credit sale where the customer promises to pay later.
B)Amounts our company has already payed to our vendors.
C)Amounts our business is obligated to pay in the future.
D)Amounts our company must return to our vendor if discounts are not granted on our purchases.
Q3) In what situation would you NOT use the Pay Bills form?
A)When a bill is due and must be paid.
B)If the Expense form or Check form was used to enter the vendor transaction.
C)When a company is ready to pay its accounts payable.
D)When the bill has been entered using the Bill form.
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Chapter 7: Inventory
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Sample Questions
Q1) What is not TRUE regarding the QBO Products and Services List?
A)It is used for products and services sold to customers that were not purchased from vendors.
B)It is used for products that are both purchased and sold.
C)A company only has to enter one set of product information used for both purchasing and sales.
D)It collects information about products purchased from vendors and sold to customers.
Q2) Why does an internal control system use a 3-way match?
A)Comparing what was ordered with what was received,and what was billed ensures a company does not pay more than what was ordered or received.
B)Comparing what was received with what was budgeted,and ensuring a company does not overspend on inventory items.
C)Comparing what a company physically has with what was ordered,and ensuring inventory is maintained at quality level.
D)Comparing what was ordered with what was received,and what was physically sold or remains on hand.
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Chapter 8: Employees and Payroll
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Sample Questions
Q1) All of the following are payroll liabilities except:
A)Federal income taxes withheld from employee paychecks
B)State income taxes withheld from employee paychecks
C)FICO Employer's annual credit assessment
D)FICA Social Security and Medicare including both the employee and employer portion
Q2) What two payroll taxes are the responsibility of the employer?
A)Employer share of FICA and Employer share of unemployment taxes
B)Employer share of FICA and Employee share of FICA
C)Employer share of FUTA and Employee share unemployment taxes
D)Employer share of FICA and Employee income taxes
Q3) What are the 2 main aspects of using QBO Employee and Payroll?
A)Setting up payroll and Processing payroll
B)Payroll taxes and Payroll Reporting
C)Payroll payment and Payroll reporting
D)Employee hiring and Employee dismissal
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Chapter 9: QBO Adjustments
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Sample Questions
Q1) What is the difference between the accrual basis and the cash basis of accounting?
A)Accrual basis records revenue when cash is received and cash basis matches expenses with the revenues it generates.
B)Accrual basis records revenue when cash is received and the cash basis records revenue when it is earned.
C)Accrual basis matches expenses with the revenues it generates and cash basis records revenue when cash is received.
D)Accrual basis records expenses when cash is paid and cash basis records expenses in the accounting period,it is incurred.
Q2) What is the accounting cycle?
A)It is a series of accounting activities a business performs each accounting period.
B)It consists of a period of steps beginning with preparing the financial statements.
C)It is closing out revenue and expense accounts to begin a new accounting year.
D)It is preparing adjustments to ensure revenue and expenses are correctly recorded.
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Chapter 10: QBO Reports
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Sample Questions
Q1) How are the Accounts Payable and Accounts Receivable Aging reports similar and how are they different?
A)Similar: Both reports summarize account balances by the age of the account.
Different: One report summarizes how much our company sold on account and one summarizes how much our company has purchased on credit this accounting period.
B)Similar: Both reports summarize account balances by the age of the account. Different: One report summarizes amounts we owe our customers and one summarizes amounts our vendors owe us.
C)Similar: Both reports summarize account balances by the age of the account.
Different: One report summarizes amounts owed to us from customers and one summarizes amounts due to our vendors.
D)Similar: Both reports summarize account balances by the age of the account.
Different: One report summarizes amounts we need to finance to pay our debts and one summarizes amounts we need to provide as financing to our customers to pay their debts when due.
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