Question 1.
How many checkbooks can be set up in Microsoft Small Business Financials?

A. 1
B. 5
C. Unlimited
D. 10

Answer: C

Question 2.
When an invoice with line items is entered in Sales, what quantity field is decreased if you save the invoice and don't post it?

A. Quantity On-Hand
B. Quantity On Hold
C. Quantity Damaged
D. Quantity Available

Answer: D

Question 3.
What two fields in the Checkbooks window cannot be changed once a reconcile has been performed on a checkbook?

A. Next check number and next deposit number
B. Last reconciled date and bank account number
C. Last reconciled balance and next check number
D. Last reconciled date and last reconciled balance

Answer: D

Question 4.
What do you need to do if you want sales and purchase transactions entered in a batch to use the transaction date of each transaction to update posting accounts?

A. Set the option in Sales Utilities and Purchase Utilities to use the transaction date
B. Set the option on each batch to use the transaction date
C. Transactions always use the transaction date when updating accounts
D. In Transaction Setup, set the Posting Date From option to Transaction

Answer: D

Question 5.
Which of the following are requirements to delete an account from your chart of accounts?

A. The account must be a balance sheet account
B. There currently are no history records for the account
C. The account must have a zero balance
D. The account must have been inactivated

Answer: B, C

Question 6.
How many item price levels can be entered for an item in the Item Prices window?

A. 3
B. 1
C. 7
D. 5

Answer: D

Question 7.
What application has a seamless link to import budget information into Microsoft Small Business Financials?

A. Lotus Notes
B. Microsoft Word
C. Microsoft Excel
D. Quicken

Answer: C

Question 8.
What happens when a reversing transaction is entered in the Journal Entry window?

A. A transaction is posted immediately, and another will be posted after the year-end closing is run
B. Two transactions are posted immediately, one on the transaction date, and one on the reversing date
C. A transaction is posted on the transaction date, and when the user date is set to the reversing date, a reversing transaction will post
D. A previously entered transaction is reversed

Answer: B

Question 9.
Which of the following can be accomplished when printing statements using the statements wizard?

A. Print customer credit limits on the statement
B. Print statements for a range of customers
C. Print special messages to overdue customers
D. Exclude transactions after a particular date

Answer: A, B, C, D

Question 10.
Which of the following statements are true about the year-end closing function for general ledger accounts?

A. The account balances for profit and loss accounts are closed to retained earnings
B. The account balances for balance sheet accounts are carried forward as beginning balances 
    for the new fiscal year
C. It automatically creates a new fiscal year to carry beginning balances forward
D. The account balances for balance sheet accounts are closed to retained earnings

Answer: A, B

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