Quiz
EXAM 3 -TAXES
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Questions in this quiz (21)
1This is referred to as a tax jurisdiction in which you collect and pay taxes. Usually per State.
- Aedition
- Bnexus
- Ctax
- Dadvanced taxes
2To Enable Taxation Features in OneWorld Accounts and Accounts With Advanced Taxes, navigate to:
- ASetup > Company > Enable Features > Accounting > Advance Features > Advanced Taxes
- BSetup > Company > Accounting > Accounting Preference > Advance Features > Advanced Taxes
- CSetup > Company > Enable Features > Tax > Advanced Taxes
- DSetup > Company > Company Information > Tax > Advanced Taxes
3For NetSuite accounts without the Advanced Taxes feature, you must set up the following (choose atleast 3):
- ATax Agency Vendors
- BTax Control Accounts
- CTax Types
- DSales Tax Tables (for US only)
- ETax Periods (for all except US and Canada)
- FTax Codes
- GTax Groups
- HTax preferences on Setup > Accounting > Taxes > Set Up Taxes
4Once you turn on Advanced Taxes, you cannot disable it.
- ATrue
- BFalse
5Each subsidiary record is associated with the nexuses in which it must pay taxes.
- ATrue
- BFalse
6When Advanced Taxes is enabled, the system creates tax schedules for each tax code, and links tax control accounts to a nexus so you can more effectively manage tax postings in your ledger. Advanced Taxes is not enabled by default for OneWorld.
- ATrue
- BFalse
7A subsidiary can have more than one nexus
- ATrue
- BFalse
8Multiple subsidiaries cannot share a single nexus, as well as its related tax items
- ATrue
- BFalse
9This feature provides management of taxes for multiple tax jurisdictions and must be enabled in OneWorld accounts.
- AAdvanced Taxes Feature
- BTax Agency Vendors
- CTax Control Accounts
- DTax Types
10These represent taxing authorities to whom you pay collected taxes. The system automatically creates these records when you create a tax nexus.
- ATax Agency Vendors
- BTax Agency Customers
- CTax Groups
- DTax Schedules
11You cannot share a vendor tax agency with multiple subsidiaries. You CAN, however, share non tax agency vendors with multiple subsidiaries.
- ATrue
- BFalse
12These are Other Current Liability Accounts that you can set up in your General Ledger to post and track tax collection and payments.
- ATax Agency Vendors
- BTax Control Accounts
- CTax Types
- DTax Schedules
13These types provide categories used to link each tax code or tax group to a tax control account. They depend upon the country selected for the tax code.
- ATax Codes and Tax Groups
- BTax Control Accounts
- CTax Types
- DTax Agency Vendors
14A [blank_start]tax code[blank_end] represents a tax collected from customers in a specific geographic area and paid on their behalf to a taxing authority, based on a specific percentage rate. You can create [blank_start]tax groups[blank_end] that combine taxes for all tax jurisdictions relevant to a transaction.
- ATax code
- BTax Groups
- CTax groups
- DTax Codes
15Allow different calculations of taxes on items, for different nexuses. When you enable the Advanced Taxes feature, the system creates these records for each tax code. These records are linked to items; Tax rates are applied according to the schedule when the item is sold in appropriate nexus.
- ATax Schedules
- BTax code
- CTax Types
- DTax Control Accounts
16Used to track tax reporting separately from accounting periods.
- ATax Schedules
- BTax Codes and Tax Groups
- CTax Reporting Periods
- DTax Types
17Tax Codes cannot be imported for each state (nexus) .
- ATrue
- BFalse
18If you want to exempt customers from paying tax, what needs to be done?
- AClear 'Taxable' checkbox in Customer Record
- BClear 'Taxable' checkbox on Transaction lines
- COn Tax schedule, Clear 'Taxable' checkbox of the Nexus where Customer is included.
- DNot possible
19Tax on Sales and Transactions: Taxes are done automatically and NetSuite based its tax code/nexus on the ______________________ of the item (from sales invoice).
- Ashipping address
- Bbilling address
- Ccustomer's address
- Dcustomer's default address
20NetSuite receives the tax table updates from:
- AThe State
- BCustomer
- CAvalara
- DE-Trade
21How can you update sales tax codes for the states in which you charge sales tax?
- AImport
- BThird Party Application
- CNetSuite Tax Integration Feature
- DManual update
Information
- Description
- EXAM 3 - TAXES
- Author
- kristinephil558
- Language
- English
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