Quote To Cash Certification Answers (Fully)

1) What processes are included in the Quote-to-Cash umbrella?

a) Configure, Price, Quote

b) Contract Management

c) Billing and Order Management

d) All of the Above

e) Configure, Price, Quote AND Contract Management

2) What are the benefits of a streamlined quote-to-cash process?

a) Faster sales cycles and bigger deal sizes

b) More accurate forecasting

c) Higher levels of customer satisfaction and renewal

d) Reduced contractual risk

e) All of the above

3) What is NOT a step of the Quote-to-Cash process?

a) Configuration

b) Contract negotiation

c) Product design

d) Order fulfillment

e) Billing

4) Although Quote-to-Cash is an organization-wide initiative, which functional groups are MOST critical to the Quote-to-Cash process?

a) Operations, Finance, Marketing, Legal

b) Sales, Legal, Engineering, Executive-level

c) Suppliers, Sales, Legal, Finance

d) Sales, Legal, Operations, Finance

e) Marketing, Engineering, Sales, Accounting

5) Which organizational challenge is an indicator you need to fix your Quote-to-Cash process?

a) Restatements are a regular part of doing business

b) Marketing and Sales don't get along

c) Engineering creates duplicate product numbers

d) Contracts expire without anyone knowing

e) All of the above

f) Restatements are regular AND contracts expire without notice

6) When measuring the ROI of Quote-to-Cash, Sales Efficiency, Sales Effectiveness, Cost, and Risk are the primary categories you should look at.

a) True

b) False

7) A Sales executive might automate the Quote-to-Cash process to help his or her sales team improve their product knowledge when selling deals.

a) True

b) False

8) In the Gartner report, “How to Analyze Your Sales Processes on Efficiency versus Effectiveness,” which two tools rank the highest for improving sales efficiency and effectiveness?

a) Configure, price, quote, and sales incentive compensation management

b) Configure, price, quote and contract management

c) Contract management, and incentive compensation management

d) Configure, price, quote, and guided selling

e) None of the above

9) How does configure, price, quote (CPQ) support multi-channel sales?

a) CPQ increases partner visibility into product, pricing, and business rules so they know what to sell

b) CPQ provides full visibility into sales trends on a channel-specific basis

c) CPQ enables you to create channel-specific business rules for partners

d) CPQ tools offer role-based access, discount locks, and portals, so you can manage revenue share, e) exclusive discounts, or pricing and shipping fees

f) All of the above

g) CPQ enables channel-specific business rules for partners AND role-based access, discount locks, and portals

10) Warranties, manuals and third-party components can add complexity to the quoting process

a) True

b) False

11) Which is NOT a characteristic of an effective CPQ pricing tool?

a) Triggered approvals when reps sell bigger discounts than management has authorized

b) Options for creative discounts

c) Directs what approvals should kick in when reps go outside the preferred parameters

d) Control and streamlining supply chain operations with real-time visibility into inventory

e) Attribute based, usage based, and subscription pricing

12) What two drivers have to be balanced during the quoting process?

a) Opportunity and Contract

b) Speed and Control

c) Pricing and Configuration

d) Speed and Accuracy

e) Revenue and Margin

13) Pricing can be used to the modify behavior of customers and channel partners, but not sales reps

a) True

b) False

14) Pricing is the #1 lever you can pull to immediately impact revenue and margin

a) True

b) False

15) Why are contracts a critical part of Quote to Cash?

a) More than 80% of business transactions are tied to a contract

b) Insight into real revenue and costs can be found in your contract data

c) Your contracts contain data that is needed by everyone involved in the Quote-to-Cash process

d) Many businesses are moving to a subscription or services model that relies on repeat business with e) current customers

f) All of the above

16) Buy-side contracts are the primary focus for Quote-to-Cash

a) True

b) False

17) What are two challenges you need to balance for effective contract management?

a) Opportunity and Contract

b) Speed and Control

c) Pricing and Configuration

d) Speed and Accuracy

e) Revenue and Margin

18) Which is NOT a step in the contract management lifecycle?

a) Comply

b) Generate

c) Renew

d) Quote

e) Request

f) Approval

19) What role does Finance play in the contracting process?

a) Evaluates a contract’s financial impact and risks

b) Approves the commitment of resources per contract terms

c) Acts as the primary player during contract review, negotiation, and content assurance

d) Designs, creates, and maintains contract templates

e) All of the above

f) Evaluates financial impact and risk, AND approves the commitment of resources for contracts

20) Your business has a problem if more than 20% of contracts expire without notice

a) True

b) False

21) What are the four stages of contract maturity?

a) Hunting and gathering, grouping, committing, executing

b) Task automation, authoring, maximizing, performance enhancement

c) Consolidation, task automation, process efficiencies, contract performance

d) Co-termination, task automation, process efficiencies, performance

e) None of the above

22) What is the Billing Schedule?

a) A method of revenue recognition allowed by GAAP

b) A plan for recognizing revenue from an accounting perspective

c) A method of accounting which uses an accrual methodology

d) A plan for invoicing customers for products and services

23) What type of accounting is more complex

a) Cash accounting

b) Accrual accounting

c) They are equally complex

24) What is GAAP revenue?

a) Generally Accepted Automatic Payments

b) The revenue reported annually by GAP Inc to its shareholders

c) Revenue which is recognized in accordance with the standard accounting practices defined under GAAP

d) International Financial Reporting Standards

25) CDEF, the criteria that determine how revenue can be recognized, stands for:

a) Customer has accepted, Dollars are documented, Exchange is complete, Final payment secured

b) Cash on the table, Deliver the products, Expedite shipping, Fiscal impact

c) Collection is probable, Delivery is complete, Evidence of an arrangement, Fixed or determinable price

d) Contract acceptance rated, Deal documentation, Elevated price, Financial followup

26) Who is the Revenue team

a) The group of executive managers, including your CEO, CFO, and EVP of Sales, who are responsible to owners and shareholders for meeting the business’s financial objectives

b) The group of managers responsible for counting the cash at the end of each quarter

c) The partners responsible for conducting sales with your customers

d) The customers and prospects that bring revenue to your business

e) None of the above

27) Which is NOT a characteristic of effective Revenue Management?

a) Adopting cash based accounting

b) Automate and streamline the process with contract integration

c) Increase your executive management's team's visibility to revenue risks

d) Increase collaboration and eliminate bottlenecks across departments

e) Actively manage partner performance

28) Integrated contract management is an important characteristic of revenue management

a) True

b) False

29) The entire Quote-to-Cash process--including ecommerce capabilities and analytics, can be managed on Salesforce1

a) True

b) False

30) How do Apttus, Jitterbit, Adobe, and Xactly work together to streamline Quote-to-Cash

a) Apttus provides enterprise resource management on Salesforce1, Xactly offers CPQ, Jitterbit provides full revenue management and accounting software, and Adobe helps you bring all your agreements to the cloud.

b) Apttus provides full CPQ, contract management, and revenue management on Salesforce1, Jitterbit integrates your Quote-to-Cash with ERP, Xactly aligns your sales compensation with the behaviors that bring more dollars to your business, and Adobe speeds approvals for proposals and quotes with e-signature.

c) Apttus provides full CPQ, contract management, and revenue management on Salesforce1, Adobe allows you to make pdfs of sales agreements, Xactly helps you import your old contracts into Salesforce, and Jitterbit offers guided selling.

d) Xactly provides full CPQ, contract management, and revenue management on Salesforce1, Jitterbit integrates your Quote-to-Cash with ERP, Adobe aligns your sales compensation with the behaviors that bring more dollars to your business, and Apttus speeds approvals for proposals and quotes with e-signature.