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What is the purpose of the project statements form?
A. to display an overview of the progress of all in-process projects
B. to print customer statements for a single project
C. to display an overview of the progress of a project
D. to print customer statements for multiple projects
Which statement describes what happens during the elimination process for a fixed-price project?
A. The work in process (WIP) on-account account postings and the WIP production and profit postings are reversed automatically.
B. All existing lines are removed from the estimate.
C. The fixed-price project is removed.
D. The WIP on-account account postings and the WIP production and profit postings must be reversed manually.
Which two tools enable you to control a project? (Each correct answer presents part of the solution. Choose two.)
A. project forecasts
B. project quotations
C. project budgets
D. project statements
You define project requirements in the work breakdown structure. What do the Importance settings determine?
A. relative importance between tasks
B. relative importance between projects
C. relative importance between activity requirements
D. relative importance of schedule versus activity requirements
You create an invoice proposal and use the Manage invoice form to manage the presentment of the invoice. Which two steps are required to group transactions with a subtotal on the invoice? (Each correct answer presents part of the solution. Choose two.)
A. Select the transactions to be included.
B. Create an invoice line summary.
C. Select the user-defined invoice format.
D. Enter text for the invoice header and footer.
E. Define the type of transactions to be included.
Your company invoices in U.S. dollars on a project for a company whose currency is euros. To avoid any issues with currency exchange rate fluctuations, you agree on a fixed currency exchange rate for invoices. How should you set up the project?
A. Specify a fixed-rate agreement on the project.
B. Specify a fixed exchange rate on the invoice proposal.
C. Specify a fixed exchange rate on the sales order.
D. Specify a fixed-rate agreement on the project contract.
Which three fields are specified when configuring a project contract? (Each correct answer presents part of the solution. Choose three.)
A. Invoice frequency
B. Line property
C. Project type
D. Sales currency
E. Sales tax group
You set up the project validation feature. You need to restrict certain employees to use specific categories when they enter transactions in journals for particular projects. Which type of validation group should you configure?
Which statement about the customer advance feature is true?
A. The customer advance cannot be created once transactions have been posted to the project.
B. The customer advance is created by using the payment journal.
C. The customer advance can be used to offset billable charges by using the invoice proposal process.
D. The customer advance amount can be defined as a percentage of an existing invoice amount.
You analyze the progress of a project. Which two groups of parameters should you configure prior to using the Hour utilization form? (Each correct answer presents part of the solution. Choose two.)
A. Budget overrun default
B. Budget control interval
C. Definition of billable rate
D. Definition of efficiency rate
You create a new work breakdown structure (WBS) template. You then create a new activity in the WBS template and assign a resource to the activity. What happens if you add a child activity under the new activity?
A. The child activity is added at the folder level.
B. An error message is displayed stating that you must remove a worker resource from the selected activity.
C. The child activity is added at the summary activity level.
D. An error message is displayed stating that you cannot add the child activity.
You enter and post a vendor invoice. You do not know to which project to allocate the expenses. You need to ensure that the vendor invoice will be posted with basic information and transferred to an invoice pool for approval. Which method of managing incoming invoices should you use?
A. invoice journal
B. invoice register
C. invoice approval journal
D. invoice pool excluding posting
You have a project with multiple funding sources. You need to set up the allocation of funds in the project contract. How many funding sources can you select for rounding off the differences?
A. one funding source for rounding off the differences is automatically selected and cannot be changed
B. all funding sources on the project contract
C. only the funding source with the lowest fund allocation percentage
D. only the funding source with the highest or equal fund allocation percentage
You are responsible for a customer’s fixed-price project. The customer requests that you provide additional spare parts. The purchase of these spare parts falls outside the scope of the project. You need to ensure that the customer is charged for the spare parts. How should you create the sales order so that the customer is invoiced for the spare parts?
A. Create the sales order by using a subproject of the type cost.
B. Create the sales order by using a subproject of the type time and material.
C. The sales order cannot be created because this is a fixed-price project.
D. Create the sales order from the fixed-price project and ensure that the line property for the order lines is chargeable to the customer.
You set up a billing rule. Which line type option for the billing rule allows you to include or exclude indirect costs?
D. time and material
E. unit of delivery
You create a project contract with three funding sources. How many funding rules are created by default?
Based on which method do time and material projects create invoices?
A. monthly payments
B. predefined milestones in the project
C. transactions posted to the project
D. project phases
You set up a category group and a project category to post customer payment retention transactions. Which transaction type should you select?
You set up project management and accounting validation parameters. You need to accept valid options that are not defined in the respective validation groups. Which option should you select for the project/category combination?
E. Line amount
What is the purpose of the My Delegates feature?
A. to designate a linked worker in another legal entity
B. to designate multiple workers assigned to the same timesheet
C. to designate a worker who may approve a timesheet on a worker’s behalf
D. to designate a worker who may submit a timesheet on a worker’s behalf
Which statement about fee forecasts is true?
A. Fee forecasts are included as part of the regular billing process.
B. Fee forecasts apply only to fixed-price projects.
C. Fee forecasts apply only to time and material projects.
D. Fee forecasts can be used for unexpected costs.
Which three parameters are required when entering the hours forecast for a project? (Each correct answer presents part of the solution. Choose three.)
B. cost price
D. number of hours
E. funding source
Changing the Project group item may also change which other project field?
A. Project stage
B. Project ID
C. Parent project
D. Project type
Which statement about funding sources is true?
A. A project contract must have one and only one funding source.
B. Funding sources must be created when the project contract is created and cannot be added later.
C. A project contract must have at least one funding source.
D. Funding sources can be created at any time during a project and will apply retroactively.
E. A project contract does not have to have a funding source.
Your company negotiates a project contract worth 120,000 USD with a customer. To maintain an acceptable profit margin, the budget for the project is set at 85,000 USD. The project manager wants to manage the project as three related subprojects, so you divide the total budget into 25,000 USD, 40,000 USD, and 20,000 USD. When you create the root project, you create the original budget and submit the budget to workflow for approval. How should you manage the budgeting for the entire project hierarchy?
A. Manage the budgeting only at the subproject level in the project hierarchy.
B. Manage the budgeting as a single unit for the entire project hierarchy.
C. Manage the budgeting separately for each project type in the project hierarchy.
D. Manage the budgeting separately for each subproject in the project hierarchy.