Deck 1: Introduction to Labour Market Economics

Question 1

A trader who wants to predict short-term movements in stock prices is likely to use analytics.

A) predictive
B) descriptive
C) normative
D) prescriptive

Answer 1

predictive

Question 2

Which of the following inputs of a decision model is an example of data?

A) estimated consumer demand
B) inflation rates
C) costs
D) investment allocations

Answer 2

costs

Question 3

Descriptive analytics:

A) can predict risk and find relationships in data not readily apparent with traditional analyses.
B) helps companies classify their customers into segments to develop specific marketing campaigns.
C) helps detect hidden patterns in large quantities of data to group data into sets to predict behavior.
D) can use mathematical techniques with optimization to make decisions that take into account the uncertainty in the data.

Answer 3

helps companies classify their customers into segments to develop specific marketing campaigns.

Question 4

Identify the uncontrollable variable from the following inputs of a decision model.

A) investment returns
B) machine capacities
C) staffing levels
D) intercity distances

Question 5

Decision variables:

A) cannot be directly controlled by the decision maker.
B) are assumed to be constant.
C) are always uncertain.
D) can be selected at the discretion of the decision maker.

Question 6

Prescriptive decision models help:

A) make predictions of how demand is influenced by price.
B) make trade-offs between greater rewards and risks of potential losses.
C) decision makers identify the best solution to decision problems.
D) describe relationships and influence of various elements in the model.

Question 7

Predictive analytics:

A) summarizes data into meaningful charts and reports that can be standardized or customized.
B) identifies the best alternatives to minimize or maximize an objective.
C) uses data to determine a course of action to be executed in a given situation.
D) detects patterns in historical data and extrapolates them forward in time.

Question 8

During which phase in problem solving is a formal model often developed?

A) analyzing the problem
B) structuring the problem
C) defining the problem
D) implementing the solution

Question 9

A manager at Gampco Inc. wishes to know the company's revenue and profit in its previous quarter. Which of the following business analytics will help the manager?

A) prescriptive analytics
B) normative analytics
C) descriptive analytics
D) predictive analytics

Question 10

Which of the following questions will prescriptive analytics help a company address?

A) How many and what types of complaints did they resolve?
B) What is the best way of shipping goods from their factories to minimize costs?
C) What do they expect to pay for fuel over the next several months?
D) What will happen if demand falls by 10% or if supplier prices go up 5%?

Question 11

Which of the following is the first phase in problem solving?

A) defining the problem
B) analyzing the problem
C) recognizing the problem
D) structuring the problem

Question 12

Which decision model incorporates the process of optimization?

A) predictive
B) prescriptive
C) descriptive
D) normative

Question 13

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve. Which form of model was used here?

A) mathematical model
B) visual model
C) kinesthetic tactile) model
D) verbal model

Question 14

The manager at Goody Woods Inc., a manufacturer of wooden utensil sets, has observed that when the company sells its sets at $240, 1,540 units are sold, and when the price is raised to
$320, demand falls to 1,220 units. Use this information to answer the following two questions.
Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

Question 15

Descriptive decision models:

A) aim to predict what will happen in the future.
B) describe relationships but do not tell a manager what to do.
C) help analyze the risks associated with various decisions.
D) do not facilitate evaluation of different decisions.

Question 16

The manager at Goody Woods Inc., a manufacturer of wooden utensil sets, has observed that when the company sells its sets at $240, 1,540 units are sold, and when the price is raised to
$320, demand falls to 1,220 units. Use this information to answer the following two questions.
Develop a linear model relating the demand for Goody Woods' units to the price.

Question 17

Middle managers in operations:

A) develop staffing plans.
B) determine product mix.
C) develop advertising plans.
D) make pricing decisions.

Question 18

The product mix is determined by the:

A) accounting staff.
B) middle managers.
C) finance managers.
D) top managers.

Question 19

Which of the following is true about problem solving?

A) Recognizing problems involves stating goals and objectives.
B) Analyzing the problem involves characterizing the possible decisions.
C) Decision making involves translating the results of the model in the organization.
D) Structuring the problem involves identifying constraints.

Question 20

Decision support systems evolved from efforts to improve military operations prior to and during World War II.

Question 21

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the total revenue during the full retail sales period.

A) $23,400
B) $16,200
C) $2,880
D) $17,550

Question 22

Data used in business analytics need to be reliable and valid. Explain.

Question 23

Use the table below to answer the following questions).
In the spreadsheet below, there is data on the price, cost, demand, and quantity produced for an item. There are also different "what if" values that can help a manager to calculate costs and revenue with variability in demand. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & \text { C } \\\hline 1 & \text { Prufit Madel } & & \\\hline 2 & & & \\\hline 3 & & & \text { What } \text { V J Demand } \\ & \text { Data } & & \text { Values } \\\hline 4 & & & 20,000 \\\hline 5 & \text { Unit Price \$) } & 50 & 40,000 \\\hline 6 & \text { Unit Cost \$) } & 25 & 55,000 \\\hline 7& \text { Fixed Cast \$) } & 550,000 & 60,000 \\\hline 8 & \text { Demand } & 60,000 & 65,000 \\\hline 9 & \text { Quantity Praduced } & 55,000 & \\\hline 10 & & & \\\hline\end{array}$$

-If D is demand, P is the unit price, and c and d are constants where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

A) D = d + c × P)
B) D = d × P)c
C) D = cd × P
D) D = cP-d

Question 24

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-What is the average daily sale during the full retail sales period?

A) 15
B) 33.33
C) 8
D) 24.55

Question 25

Prescriptive analytics:

A) summarizes data into meaningful charts and reports that can be standardized or customized.
B) identifies patterns and relationships existing in large data sets.
C) uses data to determine a course of action to be executed in a given situation.
D) detects patterns in historical data and extrapolates them forward in time.

Question 26

Use the chart below to answer the following two questions:
What is the slope of the sales function D = a - bP?

A) 4
B) 9
C) 12
D) 17

Question 27

The complexity of a problem increases when the problem belongs to an individual rather than a group.

Question 28

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the total units sold during the discount sales period.

A) 388.13
B) 25.88
C) 133.3
D) 39.28

Question 29

Which of the following is not a challenge faced by organizations that want to develop analytics capabilities?

A) a lack of understanding of how to use analytics.
B) competing business priorities.
C) understanding benefits versus perceived costs of analytics studies.
D) difficulty in getting good data and sharing information.

Question 30

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the total revenue during the discount sales period.

A) $4,478.91
B) $18,921.09
C) $10,042.73
D) $43,321.09

Question 31

Why do predictive decision models incorporate uncertainty?

Question 32

A deterministic model is one in which all model input information is either known or assumed to be known with certainty.

Question 33

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the daily sales during the discount sales period.

A) 39.28
B) 133.3
C) 388.13
D) 25.88

Question 34

Explain how data are used by accountants, economists, and operations managers.

Question 35

Use the table below to answer the following questions).
In the spreadsheet below, there is data on the price, cost, demand, and quantity produced for an item. There are also different "what if" values that can help a manager to calculate costs and revenue with variability in demand. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & \text { C } \\\hline 1 & \text { Prufit Madel } & & \\\hline 2 & & & \\\hline 3 & & & \text { What } \text { V J Demand } \\ & \text { Data } & & \text { Values } \\\hline 4 & & & 20,000 \\\hline 5 & \text { Unit Price \$) } & 50 & 40,000 \\\hline 6 & \text { Unit Cost \$) } & 25 & 55,000 \\\hline 7& \text { Fixed Cast \$) } & 550,000 & 60,000 \\\hline 8 & \text { Demand } & 60,000 & 65,000 \\\hline 9 & \text { Quantity Praduced } & 55,000 & \\\hline 10 & & & \\\hline\end{array}$$

-Which of the following is the Excel formula to determine the number of units sold?

A) =B8
B) =MIN0,B8,B9)
C) =MINB8,B9)
D) =MAX0,B8,B9)

Question 36

What are the three components of decision support systems DSS)?

Question 37

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the total number of units sold during the full retail sales period.

A) 33.33
B) 520
C) 187.5
D) 360

Question 38

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the revenue for the clearance sales period.

A) $18,921.09
B) $23,400
C) $48,871.88
D) $17,105.16

Question 39

Use the table below to answer the following questions).
Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters as part of the winter collection for $65 with an inventory of 1500. The main selling season is 60 days between November and December. The store then sells the remaining units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia sells the sweaters at full retail price for only 45 days, while giving a discount of 25 percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and 1.1 respectively. $$\begin{array} { | l | l | } \hline \text { Marked Dawn PricingModel for } & \\ \text { Fiberin Accessaries's nev sweater } & \\\hline & \\\hline \text { Data } & \\\hline & \\\hline \text { Retail Price } & \$ 65 \\\hline \text { Inventary } & 1500 \\\hline \text { SellingSensan days) } & 60 \\\hline \text { Days at Full Retail } & 45 \\\hline \text { Intermediate Markdawn } & 25 \text { percent } \\\hline \text { Clearance Markdawn } & 65 \text { percent } \\\hline \text { Demand Function } & \\\hline \text { A } & 79.5 \\\hline \text { B } & 1.1 \\\hline\end{array}$$

-Calculate the total revenue for the new line of sweaters.

A) $59,426.25
B) $48,871.88
C) $23,400
D) $43,231.09

Question 40

A goal of Korel & Marke, a dot-com company, is to gain strategic advantage over its rival firms. How can Korel & Marke use analytics and exploit social media to accomplish this goal?

Question 41

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-If a dollar sign is used before the column label B4 $B4), how will the formula at B10 be represented in C11 using absolute addressing?

A) $B5-C6*B11
B) $C5-C6*A10
C) $B4-C5*B11
D) $A5-C6*B11

Question 42

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-Trace the process of copying and pasting a cell, which has a formula in it, such that the formula is not retained in the pasted cell.

A) Home - Paste - Paste Special - Paste Values
B) Home - Paste - Paste Special - Paste Validation
C) Home - Paste - Paste Special - Paste Formats
D) Home - Paste - Paste Special - Paste Formulas

Question 43

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-Using a $ sign before a column label .

A) keeps the reference to both the row and column fixed
B) keeps the reference to the row fixed, but allows the column reference to change
C) keeps the reference to column fixed, but allows the row reference to change
D) allows both the row and column references to change

Question 44

Use the chart below to answer the following two questions:
Which of the following is a difference between relative addressing and absolute addressing when using cell formulas in Excel?

A) A relative address uses a dollar sign before either the row or column label; an absolute address uses the ampersand symbol before either the row or column label.
B) A relative address uses a dollar sign before either the row or column label; an absolute address uses just the row and column label in the cell reference.
C) A relative address uses just the row and column label in the cell reference; an absolute address uses a dollar sign before either the row or column label.
D) A relative address uses only the column label in the cell reference; an absolute address uses the row.

Question 45

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-If, in the spreadsheet, cells B9 and B10 were empty, which of the following formulas should be entered in B8 so that the formula can be dragged to B9 and B10 to obtain their correct values?

A) B4-B5*A8
B) B4-B5*$A8
C) $B4-B5*$A8
D) $B$4-$B$5*$A8

Question 46

Use the data given below to answer the following questions).
Below is a spreadsheet of purchase orders for a computer hardware retailer. $\begin{array}{|l|l|l|l|l|l|l|l|l|}\hline& \text { A } & \text { B } & C & \mathrm{D}&E&F&G&H \\\hline &\text { Purchase } & & & \\1& \text { Orders } & & & \\\hline 2\\\hline 3 & \text { Supplier } & \begin{array}{l}\text { item }\\\text { Description }\\\end{array} & \begin{array}{l}\text { Item } \\\text { Cost }\end{array} & \text { Quantity } & \begin{array}{l}\text { Cost per } \\\text { Order }\end{array} & \begin{array}{l}\text { AP Terms } \\\text { Months) }\end{array} & \begin{array}{l}\text { Order } \\\text { No. }\end{array} & \begin{array}{l}\text { Order } \\\text { Size }\end{array} \\\hline & \text { Rex } & \text { Graphics } & & & & & \\4&\text { Technologies } & \text { Card } & \$ 89 & 35 & \text { \$3115 } & 20 & \text { AL123 } & \text { Large } \\\hline5 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}& \text { Monitor } & \$ 150 & 15 & \$ 2250 & 25 & \text { AL234 } & \text { Small } \\\hline6 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Keyboard } & \$ 15 & 40 & \$ 600 & 15 & \text { AL345 } & \text { Large } \\\hline7 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Speakers } & \$ 15 & 20 & \$ 300 & 25 & \text { AL456 } & \text { Small } \\\hline8 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { HD Cables } & \$ 5 & 10 & \$ 50 & 25 & \text { KO876 } & \text { Small } \\\hline9 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Processor } & \$ 278 & 27 & \$ 6950 & 30 & \text { KO765 } & \text { Large }\\\hline10 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Hard disk } & \$ 120 & 18 & \$ 2160 & 20 & \text { KO654 } & \text { Small }\\\hline 11\\\hline12\\\hline\end{array}$

-To find the total order cost, what Excel formula should be used in A12?

A) =COUNTC4:C10)
B) =COUNTC4:C7)
C) =MAXC4:C10)
D) =SUME4:E10)

Question 47

measures the worth of a stream of cash flows, taking into account the time value of money.

A) Accounting rate of return
B) Net present value
C) Internal rate of return
D) Adjusted present value

Question 48

The Excel function of is used to find the largest value in a range of cells.

A) SUMrange)
B) COUNTrange)
C) MAXrange)
D) COUNTIFrange, criteria)

Question 49

Use the chart below to answer the following two questions:
Which of the following ways would 10² × 5³ / 100 - 73 be represented in an Excel spreadsheet?

A) 102) * 53) / 100 ^ 73
B) 102) ^ 53) / 100 - 73
C) 10^2 * 5^3 / 100 - 73
D) 10*2 ^ 5*3 / 100 - 73

Question 50

What is the Insert function in Excel?

Question 51

Use the data given below to answer the following questions).
Below is a spreadsheet of purchase orders for a computer hardware retailer. $\begin{array}{|l|l|l|l|l|l|l|l|l|}\hline& \text { A } & \text { B } & C & \mathrm{D}&E&F&G&H \\\hline &\text { Purchase } & & & \\1& \text { Orders } & & & \\\hline 2\\\hline 3 & \text { Supplier } & \begin{array}{l}\text { item }\\\text { Description }\\\end{array} & \begin{array}{l}\text { Item } \\\text { Cost }\end{array} & \text { Quantity } & \begin{array}{l}\text { Cost per } \\\text { Order }\end{array} & \begin{array}{l}\text { AP Terms } \\\text { Months) }\end{array} & \begin{array}{l}\text { Order } \\\text { No. }\end{array} & \begin{array}{l}\text { Order } \\\text { Size }\end{array} \\\hline & \text { Rex } & \text { Graphics } & & & & & \\4&\text { Technologies } & \text { Card } & \$ 89 & 35 & \text { \$3115 } & 20 & \text { AL123 } & \text { Large } \\\hline5 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}& \text { Monitor } & \$ 150 & 15 & \$ 2250 & 25 & \text { AL234 } & \text { Small } \\\hline6 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Keyboard } & \$ 15 & 40 & \$ 600 & 15 & \text { AL345 } & \text { Large } \\\hline7 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Speakers } & \$ 15 & 20 & \$ 300 & 25 & \text { AL456 } & \text { Small } \\\hline8 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { HD Cables } & \$ 5 & 10 & \$ 50 & 25 & \text { KO876 } & \text { Small } \\\hline9 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Processor } & \$ 278 & 27 & \$ 6950 & 30 & \text { KO765 } & \text { Large }\\\hline10 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Hard disk } & \$ 120 & 18 & \$ 2160 & 20 & \text { KO654 } & \text { Small }\\\hline 11\\\hline12\\\hline\end{array}$

-The easiest way to locate a particular function is to select a cell and click on the Insert function button represented by on the Excel ribbon.

A) fx
B) ?
C) $
D) %

Question 52

Use the chart below to answer the following two questions:
How many gallons will be sold if the price is increased to $4.75?

A) 833.26
B) 843
C) 798.72
D) 818

Question 53

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-If a dollar sign is used after the column in B5 B$5), how will the formula at B8 be represented in C9 using absolute addressing?

A) C3-B$5*C9
B) C5-C$6*B9
C) C5-C$6*C9
D) C5-C$5*B9

Question 54

Use the data given below to answer the following questions).
Below is a spreadsheet of purchase orders for a computer hardware retailer. $\begin{array}{|l|l|l|l|l|l|l|l|l|}\hline& \text { A } & \text { B } & C & \mathrm{D}&E&F&G&H \\\hline &\text { Purchase } & & & \\1& \text { Orders } & & & \\\hline 2\\\hline 3 & \text { Supplier } & \begin{array}{l}\text { item }\\\text { Description }\\\end{array} & \begin{array}{l}\text { Item } \\\text { Cost }\end{array} & \text { Quantity } & \begin{array}{l}\text { Cost per } \\\text { Order }\end{array} & \begin{array}{l}\text { AP Terms } \\\text { Months) }\end{array} & \begin{array}{l}\text { Order } \\\text { No. }\end{array} & \begin{array}{l}\text { Order } \\\text { Size }\end{array} \\\hline & \text { Rex } & \text { Graphics } & & & & & \\4&\text { Technologies } & \text { Card } & \$ 89 & 35 & \text { \$3115 } & 20 & \text { AL123 } & \text { Large } \\\hline5 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}& \text { Monitor } & \$ 150 & 15 & \$ 2250 & 25 & \text { AL234 } & \text { Small } \\\hline6 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Keyboard } & \$ 15 & 40 & \$ 600 & 15 & \text { AL345 } & \text { Large } \\\hline7 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Speakers } & \$ 15 & 20 & \$ 300 & 25 & \text { AL456 } & \text { Small } \\\hline8 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { HD Cables } & \$ 5 & 10 & \$ 50 & 25 & \text { KO876 } & \text { Small } \\\hline9 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Processor } & \$ 278 & 27 & \$ 6950 & 30 & \text { KO765 } & \text { Large }\\\hline10 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Hard disk } & \$ 120 & 18 & \$ 2160 & 20 & \text { KO654 } & \text { Small }\\\hline 11\\\hline12\\\hline\end{array}$

-To find the average of the total cost of orders from Rex Technologies, what Excel formula should be used in A12?

A) =AVERAGEC4:C10)
B) =AVERAGEC4:C7)
C) =AVERAGEE4:E7)
D) =AVERAGEE4:E10)

Question 55

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-To copy a formula from a single cell or range of cells down a column or across a row, first , click and hold the mouse on the small square in the lower right-hand corner of the cell, and drag the formula to the "target" cells which you wish to copy.

A) press Ctrl-C
B) select the cell or range
C) press Ctrl-Enter
D) select the whole spreadsheet

Question 56

Use the data given below to answer the following questions).
Below is a spreadsheet of purchase orders for a computer hardware retailer. $\begin{array}{|l|l|l|l|l|l|l|l|l|}\hline& \text { A } & \text { B } & C & \mathrm{D}&E&F&G&H \\\hline &\text { Purchase } & & & \\1& \text { Orders } & & & \\\hline 2\\\hline 3 & \text { Supplier } & \begin{array}{l}\text { item }\\\text { Description }\\\end{array} & \begin{array}{l}\text { Item } \\\text { Cost }\end{array} & \text { Quantity } & \begin{array}{l}\text { Cost per } \\\text { Order }\end{array} & \begin{array}{l}\text { AP Terms } \\\text { Months) }\end{array} & \begin{array}{l}\text { Order } \\\text { No. }\end{array} & \begin{array}{l}\text { Order } \\\text { Size }\end{array} \\\hline & \text { Rex } & \text { Graphics } & & & & & \\4&\text { Technologies } & \text { Card } & \$ 89 & 35 & \text { \$3115 } & 20 & \text { AL123 } & \text { Large } \\\hline5 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}& \text { Monitor } & \$ 150 & 15 & \$ 2250 & 25 & \text { AL234 } & \text { Small } \\\hline6 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Keyboard } & \$ 15 & 40 & \$ 600 & 15 & \text { AL345 } & \text { Large } \\\hline7 & \begin{array}{l}\text { Rex } \\\text { Technologies }\end{array}&\text { Speakers } & \$ 15 & 20 & \$ 300 & 25 & \text { AL456 } & \text { Small } \\\hline8 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { HD Cables } & \$ 5 & 10 & \$ 50 & 25 & \text { KO876 } & \text { Small } \\\hline9 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Processor } & \$ 278 & 27 & \$ 6950 & 30 & \text { KO765 } & \text { Large }\\\hline10 & \begin{array}{l}\text { Max's } \\\text { wavetech }\end{array}&\text { Hard disk } & \$ 120 & 18 & \$ 2160 & 20 & \text { KO654 } & \text { Small }\\\hline 11\\\hline12\\\hline\end{array}$

-For which of the following columns can the COUNT function be performed?

A) column G
B) column E
C) column B
D) column A

Question 57

Use the chart below to answer the following two questions:
What does business analytics use to help managers make better decisions?

A) data and information technology.
B) statistical analysis and quantitative methods.
C) mathematical or computer-based models.
D) all of the above.

Question 58

Use the chart below to answer the following two questions:
Which of the following symbols is used to represent exponents in Excel?

A) ^
B) *
C) #
D) !

Question 59

Use the data given below to answer the following questions)
Below is the spreadsheet for demand prediction of a company that sells chocolates. $$\begin{array} { | l | l | l | l | } \hline & \text { A } & \text { B } & C \\\hline 1 & \text { Demand Predictim } & & \\& \text { Models } & & \\\hline 2 & & & \\\hline 3 & \text { Linear Model } & & \\\hline 4 & \text { A } & 10,000 & \\\hline 5 & B & 10 & \\\hline 6 & & & \\\hline 7 & \text { Price } & \text { Demand } & \\\hline 8 & \$ 50 & 9,500 & \\\hline 9 & \$ 55 & 9,450 & \\\hline 10 & \$ 45 & 9,550 & \\\hline 11 & & & \\\hline\end{array}$$

-Given that D = a-bP, where D, is demand, "a" and "b," are linear constants, and P, is price, from the below spreadsheet, how will the formula in B9 be represented in Excel using relative addressing?

A) B4-B5*A9
B) C5-C6*A10
C) B4-B5*A10
D) B5-B6*A10

Question 60

The reflects the opportunity costs of spending funds now versus achieving a return through another investment, as well as the risks associated with not receiving returns until a later time.

A) modified internal rate of return
B) payback period
C) accounting rate of return
D) discount rate

Question 61

A positive NPV means that the investment will provide added value because the projected return exceeds the .

A) modified internal rate of return
B) discount rate
C) accounting rate of return
D) adjusted present value

Question 62

Describe the method of calculating the net present value NPV) in Excel.