Chapter 9-Project Costing and billing for Time and Expenses. Multiple Choice:

1. An engineering company enters into "fixed-fee" and "time-and-materials" contracts with its clients. The company:

a. would have no reason for tracking labor hours for "fixed-fee" jobs.

b. would have no reason for tracking labor hours for "time-and-materials" jobs.

c. would normally track labor hours for both "fixed-fee" and "time-and-materials" jobs.

d. must track hours for "time-and-materials" jobs but should never track hours for "fixed-fee" jobs.

2. A service item must be selected for timesheet entries:

a. only if time will be billed to a client.

b. only if the user tracks time by job but doesn't bill time to clients.

c. if user tracks time by client (whether time is billed or not).

d. None of the above. Timesheets never have to include service items.

3. The rates used to bill clients for employee hours are:

a. found in the item list.

b. found in the employee center.

C. always set when the invoice or sales receipt is created.

d. found in either the item list or employee center, depending on preferences selected.

4. Which of the following statements is not true?

a. Both expenses and items can be identified as billable as part of the entry of a vendor bill.

b. Changes to hours and Customer:Job can be made in the preview paycheck screen.

c. If changes are made to Customer:Job in the preview paycheck screen, the related timesheets will be automatically adjusted.

d. Data entered into timesheets in QuickBooks should be carefully reviewed before paychecks are created.

5. The Time by Name report is found under _________ in the Reports dropdown menu.

a. Accountant & Taxes

b. Lists

C. Jobs, Time & Mileage

d. Company & Financial