Quello è buono is an Italian equivalent of the English phrase "That is good".
Specifically, the masculine indefinite pronoun quello is "that". The verb è means "is". The masculine adjective buono translates as "good".
The pronunciation will be "KWEHL-loh eh BWOH-noh" in Italian.
"Good" in English is buono in Italian.
"It is good!" in English is È buono! in Italian.
"Good night!" in English is Buonanotte! in Italian.
"Good! And you?" in English is Buono! E tu? in Italian.
"Good! How are you?" in English is Bene! Come stai? in Italian.
"Good food!" in English is Buon cibo! in Italian.
"Good health" in English is buona salute in Italian.
"Good head!" in English is Buona testa! in Italian.
"Good artist!" in English is Buona artista! in Italian.
"Good fortune" in English is buona fortuna in Italian.
"Good lover" in English is buon amante in Italian.
"Good vacation" in English is buona vacanza in Italian.