oDesk Peachtree 7 Test Answer

Is the following statement true or false?
A vendor record cannot be modified once it has been entered.

a. True

b. False

Is the following statement true or false?
The account ID is the only characteristic about an account that cannot be modified.

a. True

b. False

Is the following statement true or false?
There are some payroll reports that are print only. In other words, these reports can be printed but not seen on the computer screen.

a. True

b. False

Is the following statement true or false?
Posting purchases and payments is necessary before posting sales and receipts if all journal entries are not posted at the same time and inventory is being used.

a. True

b. False

Is the following statement true or false?
The process used to print payroll checks is very similar to the process for paying vendors.

a. True

b. False

Which of the following represents a costing method that can be selected for inventory items?

a. FIFO

b. LIFO

c. Average Cost

d. All the above

Is the following statement true or false?
An account cannot be deleted once activity has been posted to it.

a. True

b. False

Is the following statement true or false?
Any data files from previous versions are converted as part of the installation process.

a. True

b. False

Which of the following accounts do not have detailed ledgers maintained in the General Ledger, but only summary amounts?

a. Accounts Receivable

b. Accounts Payable

c. Payroll

d. Inventory

e. All the above

What types of items can be classified under inventory?

a. Stock items

b. Services

c. Non-stock items

d. Standard labor costs

e. All the above

Is the following statement true or false?
At the end of the fiscal year, Peachtree automatically closes the year by posting the necessary journal entries.

a. True

b. False

Which inventory item class does not have quantity or costs calculated?

a. Stock item

b. Service

c. Non-stock item

d. Labor

Which of the following task windows have customized templates?

a. Quotes

b. Sales Orders

c. Sales/Invoicing

d. Purchase Orders

e. Purchase/Receive Inventory

f. All of the above

What happens when the payroll year is closed?

a. Year-to-date payroll totals are zeroed out on all pay levels

b. Year-to-date payroll totals are not zeroed out on all pay levels

c. 1099 vendor totals are not zeroed out

d. 1099 vendor totals are zeroed out

Is the following statement true or false?
Depreciation can be calculated even though all the fixed assets records and all adjustments have not been made.

a. True

b. False

When should the check register be printed?

a. Never since this report appears on the screen

b. Immediately after paychecks are printed and filed as a permanent record

c. When there is a payroll issue

d. When there is a new employee

Is the following statement true or false?
Customer defaults can be overridden for any one customer or specific invoice.But,the defaults cannot be changed for all customers that use standard terms.

a. True

b. False

Is the following statement true or false?
Before the payroll year is closed, which payroll reports need to be printed?

a. Yearly Earnings Report

b. Payroll Tax Report

c. Payroll Journal

d. All the above

Is the following statement true or false?
There is a reminder message displayed to backup data if the specified number of days elapses since the last time the company data was backed up.

a. True

b. False

What information is displayed in the check register?

a. Employee information

b. Most recent payroll check number

c. Check date

d. Employee name

e. Check amount

f. All of the above

Is the following statement true or false?
The process used to void paychecks is not the same as that for voiding checks to vendors.

a. True

b. False

What allows a purchase order to enter the General Ledger?

a. The items are received

b. The items on the purchase order are received

c. Under accrual basis accounting, when a payment is entered for the vendor

d. Under cash basis accounting, when a payment is entered for the vendor

When does a quote enter into Accounts Receivable?

a. When the offer is made to a customer.

b. When most of the information needed for an invoiced sale is received.

c. When all of the information needed for an invoiced sale is received.

d. When a quote is accepted by a customer and changed to a sales order.

Is the following statement true or false?
Transactions can be posted to any accounting period within the fiscal year by changing the accounting period.

a. True

b. False

Is the following statement true or false?
invoices that post to a vendor's account on a regular basis are considered recurring vendor invoices.

a. True

b. False

Is the following true or false?
If a 401(k) plan is set up, the payroll fields and tax tables need to be manually updated.

a. True

b. False

Which of the following account IDs are different?

a. Cash

b. CASH

c. cash

d. Sales

e. All the above

Is the following statement true or false?
The General Ledger account used for Accounts Receivable finance charges must be an Income account type.

a. True

b. False

When can paychecks be selected for payment and checks printed?

a. If there is a positive cash balance

b. If there is enough cash to cover the total disbursements

c. If there is not enough cash to cover the total disbursements

d. All the above

Why is it important to select the correct asset class?

a. It is used to sort the asset information

b. It becomes part of the asset's record

c. It is used to determine the depreciation method and life

d. It will affect the conversion date

Is the following statement true or false?
Since Peachtree Fixed Assets is a separate application from Peachtree Accounting, Peachtree Fixed Assets needs to be started separately.

a. True

b. False

What is the first step in setting up and using Accounts Payable?

a. Print checks

b. Set up Accounts Payable and vendor defaults

c. Select invoices for payment

d. Add, modify, and delete vendors

What would cause the depreciable basis of an asset to vary?

a. Changing the depreciation method used

b. Changing the location of the asset

c. Deleting a fixed asset record

d. Changing the description of the asset

Which of the following are reports to assist in reconciling accounts?

a. Accounts Reconciliation Report

b. Deposits in Transit

c. Outstanding Checks

d. Account Register

e. All the above

Is the following statement true or false?
The costing method can be changed once the inventory item record has been saved.

a. True

b. False

What information is needed to set up a vendor record?

a. General vendor information only

b. Vendor history only

c. General vendor information, purchase defaults, custom fields, and vendor history

d. General vendor information and purchase defaults

What is made to correct or adjust entries in the General Ledger when accounts already have transactions posted against them?

a. Initial Entries

b. General Entries

c. Prior Period Adjustments

d. Reposting Entries

Which of the following methods can be changed once a company has been created?

a. Batch Posting Method

b. Real-Time Posting Method

c. Cash Accounting Method

d. Accrual Accounting Method

Is the following statement true or false?
If an inventory item is classified as a Stock Item, then it cannot be changed to another inventory class.

a. True

b. False

What circumstances prompts depreciation to be recalculated for retroactive changes?

a. If errors have been corrected to a fixed asset record

b. If there are discrepancies with the fixed assets and depreciation accounts in Peachtree Accounting

c. If a fixed asset is disposed of and not recorded in Peachtree Fixed Assets

d. All the above

Operations Management Test Answer

Which of the following statements is/are true?

i) The 'Six Sigma' methodology developed by Motorola is about reducing time to market.
ii) The 'Capability Maturity Model' relates specifically to software engineering.

a. Both (i) and (ii) are true.    

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following statements is/are true?

i) A manufacturing organization's responsibility for its product ceases once it has been delivered to a retailer.
ii) 'Service integration' refers to organizations forming partnerships to link their services.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following terms relates to ensuring that different elements of product development are undertaken at the same time rather than consecutively?

a. 'Just-in-time' production

b. 'Lean production'

c. 'Simultaneous engineering'

d. 'Concurrent development'

What does the term 'kaizen' refer to?

a. Continuous improvement

b. Introducing a flatter management structure

c. Work ethics

d. Up-skilling employees

Which of the following refers to an approach to reducing production costs developed by Toyota?

a. Raw production

b. Lean production

c. Base production

d. Mass production

A 'balanced ________' is a tool for evaluating organisational performance across the full range of factors.

a. scorecard.

b. ledger.

c. matrix.

d. healthcheck.

If a company is commissioned to build a bridge, it will use computer modeling as part of the design process. Which of the following would be benefits of computer modeling in this scenario?

i) It is cheaper than building physical models.
ii) It allows parameters to be rapidly adjusted and tested.
iii) It guarantees that the finished product will perform as intended.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

A company with 12 employees used to produce 600 units per week. Now with 16 employees, it produces 960 units per week.  How much has each employee's productivity increased?

a. 10%

b. 15%

c. 20%

d. 25%

What does the term 'distribution chain' refer to?

a. A way of organizing staff to make distribution more effective.

b. A series of organizations involved in taking a product from the manufacturer to the consumer.

c. The retail outlets at which a product is sold.

d. A factor that hinders distribution.

Which of the following is NOT a reason for selling products via wholesalers?

a. Higher prices can be charged by doing so than by selling directly to consumers.

b. Transport costs for the manufacturer are reduced.

c. The wholesalers have greater sales expertise.

d. The manufacturer does not have to store unsold stock.

Which of the following initiatives would a company expect to reduce its defect rate?

i) Increased training of staff
ii) Introducing simultaneous engineering

a. Both (i) and (ii)

b. Only (i)

c. Only (ii)

d. Neither (i) nor (ii)

A situation where there is one intermediary organization between the manufacturer and the consumer is known as:

a. three-level channel

b. two-level channel

c. one-level channel

d. zero-level channel

Which one of the Maslow's hierarchy of needs would primarily be addressed by introducing 'team-based management'?

a. Physiological

b. Social/belonging

c. Security

d. Self-actualization

Which of the following elements of 'marketing mix' relates to distribution?

a. Product

b. Place

c. Pricing

d. Promotion

Which of the following is NOT characteristic of a primary industry?

a. Products tend to be sold directly to consumers.

b. It often has a significant impact on the local environment.

c. A low percentage of people in developed countries tend to be engaged in it.

d. Productivity can be dramatically increased through mechanization.

Which of these is NOT generally associated with a 'Just-In-Time' approach to production?

a. Reduced motivation among workers.

b. Reduced storage costs.

c. Improved cash flow.

d. Increased vulnerability to the reliability of suppliers.

If a company invests in new equipment to make its production process more efficient, which of the following will be considered 'opportunity costs'?

i) The cost of the new equipment.
ii) The anticipated additional revenue.
iii) The alternative improvements for which the capital might have been used.
iv) The interest that could have been earned on the capital.

a. i and ii only

b. i and iii only

c. i and iv only

d. ii and iii only

e. ii and iv only

f. iii and iv only

Which of the following describes the term 'time-based management'?

a. Monitoring staff productivity with a stop-watch.

b. Using IT-based tools to manage diaries.

c. Prioritizing schedule above cost and quality.

d. Reducing the time taken to develop, launch and manufacture a product.

Which of the following is NOT part of the role of an industrial engineer?

a. Making processes more efficient.

b. Improving the consistency of manufacturing quality.

c. Making products easier to manufacture.

d. Monitoring productivity

A 'Just-In-Time' approach to production involves ________.

a. closely monitoring the employees' hours.

b. faster delivery of products to customers.

c. minimising the amount of unused stock.

d. prioritising 'schedule' above other variables.

Which of the following is an alternative term for the 'Scalar Principle'?

a. Chain of Command

b. Personal ability

c. Unity of Command

d. Span of Control

e. Unity of Direction

Which of the following statements is/are true?

i) 'Job' production is associated with low unit costs.
ii) 'Job' production permits customers to request a particular specification.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following statements is/are true?

i ) Prototypes should be constructed using the same manufacturing processes as are intended for the final product.
ii) The cost of producing a prototype will generally be higher than the unit cost of the final product.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

A factory can produce 1000 units per day but has only been able to produce 800 units due to a lack of skilled staff.  What will its capacity utilization be after a 10% productivity increase?

a. 880 units

b. 900 units

c. 960 units

d. 88%

e. 90%

f. 96%

Which of the following is a potential problem /are potential problems associated with benchmarking?

i) It leads to increased production costs.
ii) Necessary information is difficult to obtain.
iii) Organizations may not be directly comparable.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

For targets to be effective, they should be 'SMART'.  Which of the following is not part of the acronym 'SMART'?

a. Specific

b. Measurable

c. Achievable

d. Rigid

e. Time-bound

f. They are all parts of the acronym.

Who developed the fourteen key principles for transforming business effectiveness?

a. W. Edwards Deming

b. Frederick Winslow Taylor

c. Walter Shewhart

d. Malcolm Baldridge

e. Woodrow Wilson

Which of the following is/are a reason/reasons for undertaking 'reverse engineering'?

i) To check that a product functions properly.
ii) To determine interoperability.
iii) To examine rival products.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

Which of the following statements is/are true?

i) A capital intensive production process is one that involves a relatively-high proportion of labor.
ii) Training staff can be an effective method of boosting productivity.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which two of the following are used to calculate an 'efficiency ratio'?

i) profit margin
ii) expenses
iii) output
iv)revenue

a. i and ii only

b. i and iii only

c. i and iv only

d. ii and iii only

e. ii and iv only

f. iii and iv only

What is the correct expansion of the acronym KPI?

a. Kinds of Product Information

b. Key Performance Indicator

c. Keen Productivity Implementation

d. Keeping People Interested

What process would a design engineer use to ensure a product meets the user's specifications?

a. Stakeholder Mapping

b. Customer Relationship Management

c. Product Attribute Verification

d. Requirements Management

Organizations often outsource elements of their operations in order to improve profitability. Which of the following activities may NOT be outsourced ?

a. Marketing

b. Project management

c. Human Resources

d. Core business

e. Sales

Which of the following is/are typically qualitative measures?

i) Profit margin
ii) Oral customer feedback
iii) Share price

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

Which of the following is/are a disadvantage/disadvantages of gaining a quality award?

i) Loss of administrative time required to prepare and apply for certification.
ii) Increased requirement for record-keeping.
iii) Decreased brand image with customers.

a. None of the above

b. i only

c. ii only

d. iii only

e. i and ii only

f. i and iii only

g. ii and iii only

h. All of the above

What is reducing the number of levels within an organization's hierarchy  known as?

a. Smoothing

b. Delayering

c. De-verticalization

d. Simplifying

Which of the following statements is/are correct?

i) 'Time and Motion' studies seek to improve a process by increasing the number of steps involved.
ii) Decisions should be made only on the basis of quantitative data.

a. Both (i) and (ii) are true.

b. Only (i) is true.

c. Only (ii) is true.

d. Neither is true.

Which of the following is the best characterization of a decentralized organization?

a. The staff are no longer managed.

b. The staff work unsupervised.

c. The staff enjoy significant discretion.

d. The staff are permitted only limited discretion.

e. The staff do not have any discretion.

A factory currently produces 1000 units at a unit cost of $3. If doubling output will decrease production costs by 20%, how much would it cost to produce 2000 units then?

a. $4,800

b. $6,000

c. $5,000

d. $5,200

Which of the following products would be most suited to transportation by an airplane?

a. Canned goods

b. Mail

c. Electrical items

d. Books