Question 1

In the IF function, the second argument determines the value that appears in the cell if the logical test is ____.
A) false
B) true
C) an error
D) none of the above

Accepted Answer

The second argument in the IF function specifies the value that appears if the logical test evaluates to true.

Question 2

The present value of a loan based on equal payments is written as ____.
A) PV(rate,nper,pmt,fv,type)
B) PVAL(rate,nper,pmt,fv,type)
C) PV(rate,nper,pmt,term)
D) PVAL(rate,nper,pmt,term)

Accepted Answer

The present value of a loan based on equal payments is calculated using the PV function in Excel, and the correct syntax is PV(rate,nper,pmt,fv,type). Therefore, option A is the correct choice. B, C, and D are incorrect as they do not use the correct function name and arguments.

Question 3

In a PMT function, the argument indicated by fv refers to ____.
A) future value
B) past value
C) favorite value
D) fixed value

Accepted Answer

The argument fv in a PMT function stands for future value, which represents the expected future value of an investment or a loan.

Question 4

The IFERROR function is written as ____.
A) IFERROR(value_if_error,value)
B) IFERROR(value,value_if_error)
C) IFERROR(value_if_error)
D) IFERROR(value)

Accepted Answer

The correct syntax for the IFERROR function is IFERROR(value, value_if_error), where "value" is the expression to be checked for an error, and "value_if_error" is the value to return if an error is found.

Question 5

Case EX 5-1 Cheryl is planning to use Formula AutoComplete to help her enter some formulas in her new worksheet. Cheryl has found the formula she wants to use by using Formula AutoComplete. How can she access a Screen Tip to guide her in entering the necessary arguments?
A) Double-click the name of the function
B) Double-click anywhere inside the worksheet
C) Double-click anywhere outside the worksheet
D) None of the above

Accepted Answer

Double-clicking the name of the function in Formula AutoComplete will display a Screen Tip that guides the user in entering the necessary arguments. Double-clicking anywhere else in the worksheet or outside the worksheet will not provide this feature.

Question 6

Case EX 5-2 Sam is using the functions within Excel to complete questions in a school homework assignment. Sam needs to find the average of a range of numbers. What would be an example of a formula written correctly?
A) =AVG(E4,E9)
B) =AVERAGE(E4:E9)
C) =AVG(E4:E9)
D) +AVERAGE(E4:E9)

Accepted Answer

The correct function to find the average of a range of numbers in Excel is AVERAGE. Option B correctly uses the AVERAGE function and specifies the range of numbers as E4:E9.

Question 7

The ____________________ is the value the function uses to perform a calculation, including a number, text, or a cell reference that acts as an operand.

Accepted Answer

The answer of The ____________________ is the value the function...

Question 8

You can enter a formula with the AVERAGE, COUNT, MAX, or MIN function in a selected cell by clicking the Sum button arrow in the ____ group on the Home tab, clicking the function name, selecting the appropriate range, and then pressing the Enter key.
A) Editing
B) Formulas
C) Cells
D) Worksheet

Accepted Answer

The correct group on the Home tab for entering formulas with the AVERAGE, COUNT, MAX, or MIN function through the Sum button is the Editing group.

Question 9

An example of the function that returns the number of cells in a range of cells that contain data is ____.
A) =NUMBER(B4)
B) =COUNT(B4)
C) =NUMBER(B4:B15)
D) =COUNT(B4:B15)

Accepted Answer

The function that returns the number of cells in a range of cells that contain data is =COUNT(B4:B15). Option A and C are not valid Excel functions, and Option B returns the number of cells in a range of cells that contain numbers only, not all types of data.

Question 10

The AND function returns the result of ____ if any or all of the arguments are false.
A) TRUE
B) FALSE
C) ERROR
D) none of the above

Accepted Answer

The AND function will only return TRUE if all of the arguments are true. If any of them are false, the function will return FALSE. Therefore, B is the correct answer.

Question 11

The ____ function repeats the text in the specified cell a specified number of times.
A) MIRROR
B) REPT
C) AGAIN
D) OVER

Accepted Answer

The REPT function is used to repeat text a specified number of times.

Question 12

Date and time functions can be used to convert serial numbers to a ____.
A) month
B) day
C) year
D) all of the above

Accepted Answer

Date and time functions in Excel can be used to convert serial numbers to months, days, years, and more. So, all of the choices (A, B, and C) are correct.

Question 13

FIGURE EX 5-1  In Figure EX 5-1 above, the annual interest rate is ____.
A) .015%
B) 0.15%
C) 1.5%
D) 15%

Accepted Answer

The answer of FIGURE EX 5-1  In Figure EX...

Question 14

The ____ function replaces existing text in a specified cell with new text.
A) FIND AND REPLACE
B) WRITE OVER
C) SUBSTITUTE
D) REPLACE

Accepted Answer

The answer of The ____ function replaces existing text in...

Question 15

Case EX 5-1 Cheryl is planning to use Formula AutoComplete to help her enter some formulas in her new worksheet. What should Cheryl do to access Formula AutoComplete to help her write her formulas?
A) Type the first letters in a cell
B) Click Formula AutoComplete on the Ribbon
C) Open the AutoComplete Wizard by right-clicking on the active cell
D) None of the above

Accepted Answer

To access Formula AutoComplete, Cheryl should start typing the first few letters of the formula in a cell. Excel will then display a list of functions and defined names that match the letters she has typed, allowing her to select the desired formula from the list.

Question 16

FIGURE EX 5-1  In Figure EX 5-1 above, the Pmt figure is -250. The negative number means ____.
A) the entry is income
B) the entry is a payment
C) there is an error
D) the person is behind on their payments

Accepted Answer

A negative Pmt figure means that the entry is a payment being made.

Question 17

The function ____ returns the estimated variance of the numbers in the range.
A) VAR(number1,number2...)
B) EVAR(number1,number2...)
C) ESTVAR(number1,number2...)
D) EV(number1,number2...)

Accepted Answer

The function VAR(number1,number2...) is used in various spreadsheet programs like Microsoft Excel to calculate the variance based on a sample from a population, thus estimating the variance of the numbers in the range provided.

Question 18

In the IF function, the third argument determines the value that appears in the cell if the logical test is ____.
A) false
B) true
C) an error
D) none of the above

Accepted Answer

The third argument in an IF function is what appears in the cell if the logical test is false. Therefore, the value that appears in the cell when the logical test is true is determined by the second argument, not the third.

Question 19

The ____ function returns the current date and time based on the computer's date and time settings.
A) NOW( )
B) WHEN( )
C) CURRENT( )
D) DATE( )

Accepted Answer

The NOW( ) function is used to return the current date and time based on the computer's date and time settings.

Question 20

Case EX 5-2 Sam is using the functions within Excel to complete questions in a school homework assignment. Sam needs to round some figures in a worksheet. The Round function is considered to be a _____ function.
A) date and time
B) financial
C) mathematical
D) statistical

Accepted Answer

The Round function is a mathematical function that allows the user to round a given number to a certain number of decimal places. It is often used in financial and statistical calculations as well, but its primary function is mathematical.

Quiz 11: Excel Lesson 5: Using Functions

In the IF function, the second argument determines the value that appears in the cell if the logical test is ____.

The present value of a loan based on equal payments is written as ____.

In a PMT function, the argument indicated by fv refers to ____.

The IFERROR function is written as ____.

Case EX 5-1 Cheryl is planning to use Formula AutoComplete to help her enter some formulas in her new worksheet. Cheryl has found the formula she wants to use by using Formula AutoComplete. How can she access a Screen Tip to guide her in entering the necessary arguments?

Case EX 5-2 Sam is using the functions within Excel to complete questions in a school homework assignment. Sam needs to find the average of a range of numbers. What would be an example of a formula written correctly?

The ____________________ is the value the function uses to perform a calculation, including a number, text, or a cell reference that acts as an operand.

You can enter a formula with the AVERAGE, COUNT, MAX, or MIN function in a selected cell by clicking the Sum button arrow in the ____ group on the Home tab, clicking the function name, selecting the appropriate range, and then pressing the Enter key.

An example of the function that returns the number of cells in a range of cells that contain data is ____.

The AND function returns the result of ____ if any or all of the arguments are false.

The ____ function repeats the text in the specified cell a specified number of times.

Date and time functions can be used to convert serial numbers to a ____.

FIGURE EX 5-1 In Figure EX 5-1 above, the annual interest rate is ____.

The ____ function replaces existing text in a specified cell with new text.

Case EX 5-1 Cheryl is planning to use Formula AutoComplete to help her enter some formulas in her new worksheet. What should Cheryl do to access Formula AutoComplete to help her write her formulas?

FIGURE EX 5-1 In Figure EX 5-1 above, the Pmt figure is -250. The negative number means ____.

The function ____ returns the estimated variance of the numbers in the range.

In the IF function, the third argument determines the value that appears in the cell if the logical test is ____.

The ____ function returns the current date and time based on the computer's date and time settings.

Case EX 5-2 Sam is using the functions within Excel to complete questions in a school homework assignment. Sam needs to round some figures in a worksheet. The Round function is considered to be a _____ function.