Trivia Quiz: What Do You Know About Expenses?

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Quizzes Created: 59 | Total Attempts: 10,374

Questions: 12 | Attempts: 237 | Updated: Mar 21, 2023

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Trivia Quiz: What Do You Know About Expenses? - Quiz

What Do You Know About Expenses? A business is formed when an exchange is made, and, in most cases, when a sale is made, there is a cost that a business incurs to ensure the service and goods offered are up to par, and these are what are called expenses. The quiz below is designed to see if you know what qualifies as an expense. Give it a try!

Questions and Answers

1.

Expense types may be shared between policies.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Expense types may be shared between policies means that multiple policies can have the same expense types associated with them. This allows for consistency and efficiency in managing expenses across different policies. For example, if there is a common expense type like "travel expenses" that applies to multiple policies, it can be shared among them instead of creating separate expense types for each policy. This helps in streamlining the expense management process and ensures that similar expenses are categorized consistently across policies.

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2.

Company Structure or hierarchy is generally associated with the ________ Fields
- A.
  
  Custom
- B.
  
  Org Unit
- C.
  
  Ledger
- D.
  
  Amount
Correct Answer
B. Org Unit

Explanation
Company structure or hierarchy is generally associated with the organizational units within a company. Organizational units are used to define the different departments, divisions, or sections within a company. They help to establish the reporting relationships, responsibilities, and authority levels within the organization. By defining the organizational units, companies can effectively manage and control their operations, allocate resources, and establish clear lines of communication and decision-making. Therefore, the correct answer is Org Unit.

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3.

What are the two different types of list we can have in Expense?

Correct Answer
Simple list
Simple
Connected list
Connected

Explanation
The two different types of lists that can be found in Expense are a simple list and a connected list. A simple list refers to a basic list without any additional features or connections. On the other hand, a connected list implies that the items in the list are linked or connected in some way, possibly allowing for more complex operations or relationships between the items.

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4
4.

If an end-user contacts the User Support Desk and wants something added to a list, what should the representative do?
- A.
  
  Add it yourself
- B.
  
  Tell the end user to add the list themselves
- C.
  
  Advise them the lists can't be updated
- D.
  
  Advise them to talk to their internal Program Administrator to add it
Correct Answer
D. Advise them to talk to their internal Program Administrator to add it

Explanation
The representative should advise the end-user to talk to their internal Program Administrator to add the item to the list. This is because the Program Administrator is responsible for managing and updating the lists, and they have the necessary permissions and knowledge to make the desired changes. The representative does not have the authority or access to directly add items to the list, so it is appropriate to redirect the end-user to the appropriate person who can fulfill their request.

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5.

Identify the incorrect field data type.
- A.
  
  Text
- B.
  
  List
- C.
  
  Alphabet
- D.
  
  Boolean
Correct Answer
C. AlpHabet

Explanation
The field data type "Alphabet" is incorrect because there is no specific data type called "Alphabet" in most programming or database languages. The other options, such as "Text," "List," and "Boolean," are commonly used data types in various programming and database environments.

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6.

If a manager wants to add all their employees as attendees in one click, where would they go to do this?

Correct Answer
Attendee Groups or Attendee Favorites

Explanation
To add all their employees as attendees in one click, the manager would go to either the Attendee Groups or Attendee Favorites options. These features allow the manager to create groups or select favorite attendees, making it convenient to add multiple employees at once. By utilizing these options, the manager can efficiently add all their employees as attendees without the need for individual selection.

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4
7.

If a line item has allocations and itemizations which action would take place first?
- A.
  
  Itemization
- B.
  
  Allocation
- C.
  
  It doesn't matter
Correct Answer
A. Itemization

Explanation
In this scenario, the itemization would take place first before the allocation. Itemization refers to the process of breaking down a line item into smaller components or sub-items. Once the line item has been itemized, the allocation can then be applied to distribute the value or resources among the different sub-items. Therefore, itemization is the initial step that needs to be completed before any allocation can occur.

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8.

What expense type typically forces itemization?
- A.
  
  Cell phone
- B.
  
  Airfare
- C.
  
  Rental Car
- D.
  
  Hotel
Correct Answer
D. Hotel

Explanation
Hotel expenses typically force itemization because they often include various charges such as room rates, taxes, meals, and additional services like laundry or room service. In order to accurately track and allocate these expenses, itemization is necessary. This allows for a detailed breakdown of all the different components of the hotel expense, making it easier to analyze and manage the overall expenditure.

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9.

What are HCP Attendees and why would a client use them?

Correct Answer
US Law makes pharmaceutical companies track the spend with health care professionals (i.e doctors, nurses, staff).

Explanation
HCP Attendees are health care professionals such as doctors, nurses, and staff who attend events or meetings organized by pharmaceutical companies. A client would use HCP Attendees to track their spending on these professionals, as mandated by US Law. This helps ensure transparency and compliance with regulations regarding financial interactions between pharmaceutical companies and health care professionals.

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1
4 1
10.

Policies control the report settings, and Groups control the Employee settings.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
This statement is true because policies are used to define and enforce specific settings and configurations for reports, while groups are used to manage and control settings and permissions for employees. Policies are typically applied at the organizational level and can include settings such as data retention, sharing permissions, and access controls for reports. On the other hand, groups are used to organize employees and assign them specific settings and permissions. Therefore, policies control the report settings, and groups control the employee settings.

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11.

Identify one of the configuration components that is associated with Policy.

Correct Answer
Workflow, Allocations, Report Header, Expense Types, Print Formats

Explanation
The components listed, such as Workflow, Allocations, Report Header, Expense Types, and Print Formats, are all associated with Policy. These components are typically used in the configuration and setup of a policy management system. Workflow refers to the process and steps involved in policy approval and review. Allocations are used to assign specific expenses to different categories or departments. Report Header is used to customize the header section of policy reports. Expense Types are used to categorize different types of expenses. Print Formats refer to the formatting and layout of printed policy documents.

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4

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Mar 11, 2014

Quiz Created by
CSReadiness

Trivia Quiz: What Do You Know About Expenses?

Expense types may be shared between policies.

Company Structure or hierarchy is generally associated with the ________ Fields

What are the two different types of list we can have in Expense?

If an end-user contacts the User Support Desk and wants something added to a list, what should the representative do?

Identify the incorrect field data type.

If a manager wants to add all their employees as attendees in one click, where would they go to do this?

If a line item has allocations and itemizations which action would take place first?

What expense type typically forces itemization?

What are HCP Attendees and why would a client use them?

Policies control the report settings, and Groups control the Employee settings.

Identify one of the configuration components that is associated with Policy.