Question 1

The ____________________ function calculates the lowest value found in its list of cell references.

Accepted Answer

The answer of The ____________________ function calculates the lowest value...

Question 2

When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the Rate field?
A) 8%
B) .08*12
C) .08/12
D) 8%-12

Accepted Answer

The interest rate is given as 8% per year, so to calculate the monthly rate we need to divide by 12 (since there are 12 months in a year). Therefore, the monthly interest rate is 0.08/12, which is answer choice C.

Question 3

To determine the number of cells in a range of test scores,you should use the ____ function.
A) AVERAGE
B) MEDIAN
C) COUNT
D) COUNTAVER

Accepted Answer

The COUNT function is used to determine the number of cells in a range with numerical values. It does not take into account any calculations, just the count of the cells. The AVERAGE function and MEDIAN function would only be used to calculate the mean and median of the scores, respectively. COUNTAVER is not a valid function in Excel.

Question 4

A ____ is a formula that tests a condition that can be either true or false,and then returns a value based on the result of the condition.
A) formula
B) function
C) logical function
D) conditional function

Accepted Answer

A logical function is a formula that tests a condition and then returns a value based on the result of the condition. Logical functions like IF, AND, OR, NOT can help you make decisions based on whether certain conditions are true or false.

Question 5

When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the Nper field?
A) 7
B) 7*12
C) .08/12
D) 20,000

Accepted Answer

The Nper field in financial calculations represents the number of payment periods. In this case, the loan term is seven years, but the interest rate is given annually. Therefore, we need to convert the years to months by multiplying by 12. Thus, the total number of payment periods is 7*12=84 months. Therefore, the value to enter in the Nper field is B) 7*12.

Question 6

If an annual interest rate is 9%,the monthly interest rate is expressed as ____.
A) .09/12
B) 12/9%
C) 12*9%
D) .09*12

Accepted Answer

To find the monthly interest rate, we need to divide the annual interest rate by 12 (the number of months in a year). So, 9% ÷ 12 = 0.09 ÷ 12 = 0.0075 or 0.75%. Therefore, choice A is the correct expression of the monthly interest rate.

Question 7

In Excel,a 3-D reference refers to ____ on more than one worksheet.
A) a different range of cells
B) the same formula found
C) the same function found
D) the same range of cells

Accepted Answer

A 3-D reference in Excel refers to the same range of cells on more than one worksheet. This is useful when you need to perform calculations or create formulas that incorporate data from multiple sheets.

Question 8

Copying a(n)____________________ from one cell to another is accomplished in the same manner as copying a value or number.

Accepted Answer

The answer of Copying a(n)____________________ from one cell to another...

Question 9

The first piece of information the VLOOKUP function requires is the ____.
A) range of lookup cells
B) column that holds the desired value
C) value to look up
D) none of the above

Accepted Answer

The first piece of information required by the VLOOKUP function is the value to look up. This value determines which row to search for the desired value. The other information required is the range of lookup cells and the column that holds the desired value.

Question 10

The ____ function returns one value if the condition is true,and another if the condition is false.
A) SUM
B) MIN
C) MAX
D) IF

Accepted Answer

The IF function is specifically designed to return one value if a condition is true and another if the condition is false. The other functions listed (SUM, MIN, MAX) do not have this capability.

Question 11

Which of the selections below is a valid formula using absolute references?
A) =A1+B1+C1
B) =$A$20+$B$20+$C$20
C) =A1+M6$2+S$4$
D) =$4+Z55+D7

Accepted Answer

The use of dollar signs before the column and row references makes the formula a valid absolute reference. Option A uses only relative references, option C has an invalid reference with an incomplete cell reference, and option D uses a mix of relative and absolute references incorrectly.

Question 12

From the choices listed below,which function determines the number of times the word "YES" appears in a range of cells?
A) =COUNT(G7:G12,"YES")
B) =COUNTIF(G7:G12,"YES")
C) =COUNTA(G7:G12,"YES")
D) =SUMIF(G7:G12,"YES")

Accepted Answer

The function =COUNTIF(range, criteria) is used to count the number of cells within a specified range that meet a given criteria. In this case, the criteria is "YES" and the range is G7:G12, so the function becomes =COUNTIF(G7:G12,"YES"). This will count the number of cells in the range containing "YES".

Question 13

When you copy and paste a formula one cell below its current spreadsheet location,the cells referenced in the formula do not change to reflect its new location.This is an example of a(n)____.
A) function
B) absolute reference
C) link
D) relative reference

Accepted Answer

Absolute references in spreadsheets remain constant, no matter where they are copied. This means the cell references do not change when the formula is moved to a new location.

Question 14

In Excel,the ____________________ function adds the cells directly above it by default.

Accepted Answer

The answer of In Excel,the ____________________ function adds the cells...

Question 15

The PMT function is useful when you need to ____.
A) compute sales tax on an item purchased
B) calculate a car loan payment
C) compare one number against another number
D) compute the payment due at a cash register

Accepted Answer

The PMT function is commonly used in financial calculations, such as calculating loan payments. Therefore, the best choice is B - calculate a car loan payment.

Question 16

When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the PV field?
A) 7
B) 7*12
C) .08/12
D) 20,000

Accepted Answer

The PV field in this context refers to the present value or the initial cost of the auto loan, which is $20,000.

Question 17

A formula in cell Z10 references values found in cells A1,B1,and C1.The cursor is situated in cell C1.Clicking Excel's Trace Dependents button creates red arrows pointing from cell ____ to all cells that reference that cell in a formula or function.
A) A1
B) B1
C) C1
D) Z10

Accepted Answer

The trace dependents button shows arrows pointing from the selected cell, in this case C1, to all cells that reference it in a formula or function.

Question 18

A formula in cell Z10 references values found in cells A1,B1,and C1.The cursor is situated in cell Z10.Clicking Excel's Trace Precedents button creates blue arrows pointing from cell ____ to all of the other cells mentioned above.
A) A1
B) B1
C) C1
D) Z10

Accepted Answer

The Trace Precedents feature in Excel shows arrows from cells that provide data to the selected cell, indicating where its data comes from. Since Z10 is the cell with the formula referencing A1, B1, and C1, the arrows would point from these cells to Z10, not the other way around.

Question 19

Which of the selections below is a valid formula using relative references?
A) =A1+B1+C1
B) =$A$20+$B$20+$C$20
C) =A1+M6$2+S$4$
D) =$4+Z55+D7

Accepted Answer

Option A uses relative references correctly, as it references cells A1, B1, and C1 without using absolute references like the '$' symbol.

Option B uses absolute references, denoted by the '$' symbol, which means the formula will always reference cells A20, B20, and C20 no matter where the formula is copied or pasted.

Option C contains syntax errors, as it includes both the '$' symbol and the 'M6' text in the same cell reference, as well as an extra '$' symbol.

Option D is also incorrect, as it references cells using row and column numbers instead of letters and numbers.

Question 20

When you copy and paste a formula one cell below its current spreadsheet location,the cells referenced in the formula change to reflect its new location.This is an example of a(n)____.
A) function
B) absolute reference
C) link
D) relative reference

Accepted Answer

This is an example of a relative reference, as the cells referenced in the formula change relative to their new location. Absolute references use dollar signs to indicate cells that should remain constant when copied or moved. Functions and links are different concepts altogether.

Quiz 96: Functions

The ____________________ function calculates the lowest value found in its list of cell references.

When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the Rate field?

To determine the number of cells in a range of test scores,you should use the ____ function.

A ____ is a formula that tests a condition that can be either true or false,and then returns a value based on the result of the condition.

When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the Nper field?

If an annual interest rate is 9%,the monthly interest rate is expressed as ____.

In Excel,a 3-D reference refers to ____ on more than one worksheet.

Copying a(n)____________________ from one cell to another is accomplished in the same manner as copying a value or number.

The first piece of information the VLOOKUP function requires is the ____.

The ____ function returns one value if the condition is true,and another if the condition is false.

Which of the selections below is a valid formula using absolute references?

From the choices listed below,which function determines the number of times the word "YES" appears in a range of cells?

When you copy and paste a formula one cell below its current spreadsheet location,the cells referenced in the formula do not change to reflect its new location.This is an example of a(n) ____.

In Excel,the ____________________ function adds the cells directly above it by default.

The PMT function is useful when you need to ____.

When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the PV field?

A formula in cell Z10 references values found in cells A1,B1,and C1.The cursor is situated in cell C1.Clicking Excel's Trace Dependents button creates red arrows pointing from cell ____ to all cells that reference that cell in a formula or function.

A formula in cell Z10 references values found in cells A1,B1,and C1.The cursor is situated in cell Z10.Clicking Excel's Trace Precedents button creates blue arrows pointing from cell ____ to all of the other cells mentioned above.

Which of the selections below is a valid formula using relative references?

When you copy and paste a formula one cell below its current spreadsheet location,the cells referenced in the formula change to reflect its new location.This is an example of a(n) ____.