Inventory and Products Management Flashcards
6 cards from real QBO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Inventory and Products Management flashcards as text
Which QBO product type lets you group multiple products and services and sell them as a single line item?
Answer: Bundle
The Bundle product type allows you to combine products and services and sell them together as one unit.
What is the purpose of the Reorder Point field on an inventory item in QBO?
Answer: Alerts you to reorder when stock falls to that quantity
The Reorder Point triggers a low-stock alert when inventory quantity on hand reaches that level.
Which income account does QBO assign by default to a new inventory product?
Answer: Sales of Product Income
QBO pre-selects 'Sales of Product Income' as the default income account for new inventory items.
When you need to write off damaged inventory in QBO, which adjustment type reduces the quantity on hand?
Answer: Quantity Adjustment
A Quantity Adjustment is used to reduce on-hand stock counts for damaged or lost goods.
Which QBO report shows how many units of each product were sold during a selected period?
Answer: Sales by Product/Service Summary
The Sales by Product/Service Summary shows quantity sold and revenue broken down by item for the chosen period.
What does the 'As of Date' field control in the Inventory Valuation Summary report?
Answer: The point-in-time snapshot for inventory quantities and values
The As of Date sets the specific date for which inventory quantities and values are displayed.