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100
What is the result of a Boolean logical statement?
True or False
100
How must the data be organized to use a ‘HLOOKUP’ function?
Horizontally or by rows.
100
What does 'nper' argument indicate in the financial functions?
The number of periods for the entire loan. Or the number of periods per year times the number of years.
100
All of the following are variable costs EXCEPT: A. Materials B. Labor C. Payroll D. Distribution per unit
C. Payroll, all other costs are dependent upon the quantity of items sold.
100
What are the 3 arguments in the IF function?
=IF( logical_test, value_if_true, value_if_false) 1- logical test 2-value if true 3-value if false
200
TRUE/ FALSE A Boolean Logical Function can evaluate if all the criteria is met, at least one of the criteria is met, or none of the criteria is met.
TRUE!! These functions can evaluate any of the listed statements.
200
TRUE/FALSE You can use ranges of values in the Lookup Table.
FALSE! You must use a single value in the lookup range in order for the approximate (TRUE) lookup functions to work properly.
200
What function can I use to determine the end result of a C.D. investment I made if given the interest rate, starting amount, duration in years, and how its compounded.
The 'FV' function
200
Break-Even Analysis involves examining _____________________________________. A. how sensitive the results are to changes in inputs values B. the point at which the revenue and the cost are equal C. the point at which the fixed expenses equal the variable expenses
B. The point at which the revenue and the cost are equal
200
List 3 of the 9 'IS' functions.
=ISBLANK() =ISERR() =ISERROR() =ISTEXT() =ISNONTEXT() =ISNUM() =ISNA() =ISREF() =ISLOGICAL()
300
What is the output for the following formula: = AND(FALSE, FALSE, TRUE)
FALSE! The AND function asks if ALL of the statements are TRUE. If all are TRUE then the result is TRUE.
300
What does the ‘#N/A’ message indicate when specifically using a lookup function?
The lookup value was not in the lookup range specified in the table array. In other words, the lookup value could not be matched in the table array in order to bring back a corresponding value.
300
How do you determine the 'rate' argument in the PMT function? =PMT(rate, nper, pv, [fv], [type])
Divide the annual interest rate by the number of periods per year.
300
A One Variable Data Table involves _________ input variable(s) and ________________ output variable(s). A. 1, 2 B. 2, 1 C. 2, Multiple D. 1, Multiple
D. 1 input and Multiple outputs
300
The OR function evaluates if ________________________.
any of the logical tests are TRUE. Only returns FALSE if all are FALSE.
400
TRUE/FALSE The ‘NOT’ function returns a negated value for any input value in its parentheses.
FALSE! It only returns the opposite of a TRUE or FALSE value.
400
Explain what the ‘ISBLANK’ function does.
Tests whether a specified cell is empty or not. Returns a value of TRUE if the cell is empty and a value of FALSE if the cell is not empty.
400
What is compound interest?
Interest that is computed by adding the interest to principle at each period before calculating the next periods interest amount.
400
An specific analysis that examines how sensitive the results are to changes in the input values is called___________________
Sensitivity Analysis
400
Explain the what the 'col_index_num' argument is in a ‘VLOOKUP’ function: =VLOOKUP(lookup_value, table_array, col_index_num, range_lookup)
It is the number of the corresponding column in which to search if the lookup value is found. The area in which to search for the lookup value is the first column...
500
Provide one example of a logical test.
Anything that returns a single value of TRUE or FALSE.
500
In what instance would you use the LOOKUP function in place of the VLOOKUP or HLOOKUP functions?
When the corresponding range is not located adjacent to the lookup range. In other words, when the lookup range and the corresponding range are located in different areas of a spreadsheet or workbook.
500
What function can I use to determine the amount of the payment that goes to the principle.
The =PPMT function
500
In order to create a One Variable Data Table, what must you do to the result (output) labels (before you can highlight the table and actually perform the Data Table function).
Indicate formulas or reference cells with formulas to calculate the result (output) variables.
500
Explain the purpose of a Data Table
To examine how changing the input variable(s) to different values affects the result or output variable(s) all at once.