Question 1

The break-even point is reached when ________.

Accepted Answer

The break-even point is reached when income equals expenses, meaning the business is not making a profit but also not incurring a loss.

Question 2

Which of the following would NOT be considered a fixed expense?

Accepted Answer

Wages are typically considered a variable expense as they can vary based on the number of hours worked or the level of production. Utilities, insurance, and rent are all examples of fixed expenses as they are typically set amounts that are paid consistently each month or year.

Question 3

Income for a business generally consists of the ________ of products and services.

Accepted Answer

Income for a business comes from selling its products and services, which is represented by the sale of those products and services.

Question 4

When calculating a ________,the number range that is averaged is constantly changing-dropping off the first number in the range and adding on the most recent number.

Accepted Answer

A moving average is a calculation that takes the average of a certain number of data points in a set, but that certain number of points is constantly changing as new data points are added and old points are dropped. It is commonly used in finance and forecasting to smooth out fluctuations in data and highlight trends over time.

Question 5

To show the year using four digits,such as 2016,you would enter ________ for the custom code format.

Accepted Answer

"yyyy" stands for the year using four digits.

Question 6

A moving average is a ________ of averages computed from parts of a data series.

Accepted Answer

A moving average is a sequence of averages computed from parts of a data series. It is called "moving" because as each new piece of data is added, the oldest data is dropped, and the average is recalculated based on the remaining data.

Question 7

When you use a moving average,you choose how many preceding ________ to include in the average.

Accepted Answer

When using a moving average, you choose how many preceding time intervals to include in the average. Therefore, the best choice is D - intervals.

Question 8

Business owners expect that,at some future point,the business will become ________.

Accepted Answer

Profitability is the ultimate goal of any business owner. They expect that their hard work and dedication will result in financial success and stability for the business. Adverse, negative, and even useful outcomes may occur, but profitability is the desired objective.

Question 9

Excel has ________ codes that enable you to display dates in a specific date format.

Accepted Answer

Excel has date codes that enable you to display dates in a specific format. These codes include displaying the day of the week, month name, and other variations depending on the specific formatting code used.

Question 10

One of the basic tools to help project future results based on past performance is ________.

Accepted Answer

A moving average is used to smooth out fluctuations in data over time and can help project future results based on past performance. An interval is a range of values, not a tool for projecting future results. A decision variable is a factor that can affect the outcome of a decision, and a scenario is a hypothetical situation used for planning purposes.

Question 11

Excel offers tools to help you project ________ results based on past performance.

Accepted Answer

Excel has features such as trend analysis, forecasting, and regression analysis that can use past data to predict future results. Therefore, Excel tools are primarily used for projecting future results based on past performance.

Question 12

To determine a 10% growth rate over a previous month sales,you would take the previous month's sales and ________.

Accepted Answer

To determine a 10% growth rate, we would need to increase the previous month's sales by 10%. Multiplying the previous month's sales by 110% (100% + 10%) would give us the new sales amount that includes the 10% growth.

Question 13

A moving average calculates an average for a group of numbers over a specified interval allowing you to see ________ for widely fluctuating numbers.

Accepted Answer

A moving average helps to identify trends by smoothing out fluctuations in data over time. By looking at the moving average, you can see the direction the numbers are moving and get a better overall picture of the data.

Question 14

The formula that calculates the gross profit or loss for a month uses ________.

Accepted Answer

The formula for gross profit or loss is sales minus expenses.

Question 15

When you use the fill handle to copy a formula across columns,cell references that should NOT change must be ________.

Accepted Answer

When using the fill handle to copy a formula across columns, cell references that should not change must be made absolute by adding a dollar sign ($) before the column letter and row number (e.g., $A$1). This ensures that the reference remains fixed while the formula is being copied across columns.

Question 16

Expenses are classified according to which two broad categories?

Accepted Answer

Expenses are classified into two broad categories - fixed and variable. Fixed expenses remain constant irrespective of the changes in production or sales volume (e.g. rent, salaries, insurance), whereas variable expenses depend on production or sales volume (e.g. raw materials, labor, transportation). The other options (A, B, D) do not accurately represent the two categories of expenses.

Question 17

Optional commands and features that are not immediately available and must first be installed for you to use them are referred to as ________.

Accepted Answer

Add-ins are additional software components that provide additional features or commands to an application. They must be installed separately before they become available for use. The other options (decision variables, constraints, scenarios) are terms related to optimization and modeling in operations research and do not apply to this question.

Question 18

A sequence of averages computed from parts of a data series is ________.

Accepted Answer

A moving average is a sequence of averages computed from parts of a data series. It is usually used to identify trends and smooth out fluctuations in the data. A constraint is a limitation or restriction, a scenario is a hypothetical situation, and an add-in is an additional component or feature added to a software program.

Question 19

Which of the following would NOT be considered a variable expense for a restaurant?

Accepted Answer

Rent is typically considered a fixed expense for a restaurant as it is a consistent, recurring cost that does not vary with the level of sales or number of customers. Wages, food, and beverages are all considered variable expenses as they can fluctuate based on factors such as sales volume, menu changes, and seasonality.

Question 20

The custom date code,"ddd,mmm dd" displays in the format ________.

Accepted Answer

The custom date code "ddd,mmm dd" displays the abbreviated version of the day (3 letters) and month (3 letters) followed by the day of the month. Therefore, option B is the best fit as it displays the abbreviated version of the day (Wed) followed by the abbreviated version of the month (Jul) and the day of the month (15). Options A and C display the full version of the day while option D displays the full version of the month.

Quiz 8: Excell: Using the Data Analysis, Solver, and Scenario Features, and Building Complex Formulas