Question 1

If you want to apply a conditional format that would format different cells with different colors,where one color is assigned to the lowest group of values,another color is assigned to the highest group of values,and gradient colors are assigned to other values,you would use ________.
A)Top/Bottom Rules
B)Data Bars
C)Color Scales
D)Icon Sets

Accepted Answer

Color Scales allow you to apply a gradient of colors based on the value of each cell. You can choose different colors for the lowest, highest, and middle range of values, and Excel will automatically apply the correct color based on the value of each cell. This is the best choice if you want to assign different colors to different groups of values, and also include gradient colors for other values. Top/Bottom Rules, Data Bars, and Icon Sets are more limited in terms of the number of colors and ranges that you can use.

Question 2

The Goal Seek command is located in the ________ command on the Data tab.
A)Consolidate
B)Data Validation
C)What-If Analysis
D)Advanced

Accepted Answer

The Goal Seek command is a What-If Analysis tool which allows you to find a result by adjusting an input value.

Question 3

Which What-If Analysis tool would be best at determining how much you can borrow for a car loan while paying only $275 a month?
A)Scenario Manager
B)Solver
C)Data Table
D)Goal Seek

Accepted Answer

Goal Seek would be the best choice for this scenario as it allows the user to set a specific target (in this case, a maximum payment of $275) and then determine the corresponding input value (the maximum loan amount). This tool can help determine the loan amount that would fit within the specified budget.

Question 4

Which What-If Analysis tool would be best at comparing how interest rates affect a monthly car payment?
A)Goal Seek
B)Scenario Manager
C)One-variable data table
D)Two-variable data table

Accepted Answer

A one-variable data table is the best choice for comparing how interest rates affect a monthly car payment as it allows for the comparison of multiple interest rates while keeping all other variables constant.

Question 5

The Scenario Manager dialog box enables you to do all of the following EXCEPT ________.
A)add scenarios
B)delete scenarios
C)format scenarios
D)edit scenarios

Accepted Answer

The Scenario Manager dialog box allows you to add, delete, and edit scenarios, but it does not provide any options for formatting scenarios.

Question 6

A two-variable data table returns ________ result(s)for each combination of two variables.
A)one
B)two
C)three
D)four

Accepted Answer

A two-variable data table shows the result of one variable given two inputs. Therefore, it only returns one result for each combination of two variables.

Question 7

All of the following statements are TRUE about one-variable data tables EXCEPT:
A)A one-variable data table can help you analyze how different values of one variable in one or more formulas will change the results of those formulas.
B)If you change the formula used in your data table, the data table will need to be manually updated by pressing F5.
C)The formulas that are used in a one-variable data table must refer to only one input cell.
D)A one-variable data table has input values that are listed either as column-oriented or row-oriented.

Accepted Answer

One-variable data tables automatically update when the formula is changed, so they do not need to be manually updated by pressing F5.

Question 8

All of the following statements are TRUE about data tables EXCEPT:
A)A data table takes sets of input values, determines possible results, and displays all the results in one table on one worksheet.
B)Although a data table is limited to only one or two variables, a data table can include as many different variable values as needed.
C)Because data tables only focus on one or two variables, the results are easy to read and share in tabular form.
D)Data tables are one of the four types of what-if analyses tools in Excel.

Accepted Answer

All of the other statements are true about data tables. Data tables are actually one of the three types of what-if analysis tools in Excel, not four. So statement D is the one that is false.

Question 9

In the Goal Seek dialog box,the ________ box must contain a formula.
A)Goal
B)To value
C)By changing cell
D)Set cell

Accepted Answer

The Set cell box is the one that must contain a formula, as this is where the value being sought will be displayed. The Goal box is where the desired outcome is entered, the To value box is where the initial value that will be changed is entered, and the By changing cell box is where the reference to the cell that will be adjusted until the desired result is achieved will be entered. Therefore, the best choice is option D.

Question 10

Which of the following is NOT one of the three cost types to consider when calculating the break-even point?
A)Variable costs
B)Mixed costs
C)Fixed costs
D)Alternative costs

Accepted Answer

The three cost types to consider when calculating the break-even point are variable costs, fixed costs, and mixed costs. Alternative costs are not a relevant factor when calculating break-even point.

Question 11

A ________ analysis studies the relationship between fixed and variable costs,sales volume,and profits.
A)Variable cost
B)Cost-volume-prices
C)Cost-volume-profit
D)Cost-variable-profit

Accepted Answer

A Cost-Volume-Profit analysis studies the relationship between fixed and variable costs, sales volume, and profits. It helps in determining the break-even point and how changes in sales volume, costs, and prices affect the profits.

Question 12

A ________ is a type of scenario tool that allows you to change a number in a target cell location in single-unit increments.
A)variable
B)data bar
C)break-even point
D)scroll bar

Accepted Answer

A scroll bar is a scenario tool that allows you to change a number in a target cell location in single-unit increments by dragging the bar up or down. The other options, such as a variable or break-even point, are not specific tools used for scenario analysis in Excel. A data bar is also not a tool for scenario analysis, but rather a conditional formatting option to visually represent data in a cell.

Question 13

________ makes the data easier to read and understand because it adds a visual or graphical element to the cells or values.
A)Break-even analysis
B)Conditional formatting
C)A data table
D)A scroll bar

Accepted Answer

Conditional formatting adds color, icons, and data bars to cells or values to help users easily identify patterns and trends in the data. This makes the data easier to read and understand. Option A, break-even analysis, is a financial analysis tool used to determine the point at which revenue from sales equals the costs of producing the product or providing the service. Option C, a data table, is simply a method of organizing data in rows and columns. Option D, a scroll bar, allows users to scroll through large amounts of data without having to scroll through the entire worksheet. While a scroll bar can make it easier to navigate the data, it does not add a visual or graphical element to the cells or values.

Question 14

What is the main difference between Goal Seek and variable data tables?
A)Goal Seek produces a list of result values.
B)Goal Seek uses the original worksheet data to change an input.
C)Goal Seek manipulates multiple variables to produce multiple results.
D)Goal Seek shows results in a separate table.

Accepted Answer

The main difference between Goal Seek and variable data tables is that Goal Seek uses the original worksheet data to change an input, whereas variable data tables manipulate multiple variables to produce multiple results. Goal Seek is used when you know the result you want to achieve, but need to find the input value to achieve it. Variable data tables, on the other hand, are used to perform what-if analysis, examining how changing multiple input values will affect the output. Therefore, B is the correct answer.

Question 15

Through a process called ________,Goal Seek repeatedly enters new values in the variable cell to find a solution to the problem.
A)iteration
B)repetition
C)valuation
D)seeking

Accepted Answer

The process described is iteration, which involves repeatedly updating a value or calculation until a desired outcome is achieved. The other options do not accurately describe this process.

Question 16

The To value box in the Goal Seek dialog box contains ________.
A)a cell reference from the formula that can be adjusted to achieve the goal
B)a formula
C)the result desired for the formula
D)a function

Accepted Answer

The To value box in the Goal Seek dialog box contains the result desired for the formula. In Goal Seek, you specify a desired result (the To value) and a cell reference from the formula that can be adjusted to achieve the goal. The To value is the target value that you want to achieve by varying the input value of a formula, and it can be a number, cell reference, or formula.

Question 17

All of the following statements are TRUE about two-variable data tables EXCEPT:
A)The data table can calculate elasticity.
B)You must specify both the row input cell and the column input cell from the original data set.
C)The top left corner must contain a formula or reference the original formula.
D)A custom format can be applied to the formula cell.

Accepted Answer

Two-variable data tables can manipulate and analyze data based on different variables, such as changing interest rates and sales figures. However, data tables do not have the ability to calculate elasticity, which is a measure of the responsiveness of one variable to changes in another variable.

Question 18

In a data table,the ________ number format is used to disguise the formula references in the first row as labels.
A)Custom
B)Scientific
C)Text
D)Special

Accepted Answer

The answer of In a data table,the ________ number format...

Question 19

A phone bill,which contains a base plan fee and then per minute used,is an example of ________.
A)Variable costs
B)Mixed costs
C)Fixed costs
D)Alternative costs

Accepted Answer

A phone bill contains a fixed component (the base plan fee) and a variable component (per minute used), making it an example of a mixed cost.

Question 20

A manager may want to highlight cells for employees who exceeded monthly sales quotas or products that are selling below cost.This is an example of ________.
A)break-even analysis
B)conditional formatting
C)a data bar
D)a data table

Accepted Answer

Conditional formatting allows a manager to highlight specific cells based on certain criteria, such as exceeding sales quotas or selling products below cost. Break-even analysis, data bars, and data tables are not relevant in this scenario.

Quiz 10: Data Tables, scenario Manager, and Solver

If you want to apply a conditional format that would format different cells with different colors,where one color is assigned to the lowest group of values,another color is assigned to the highest group of values,and gradient colors are assigned to other values,you would use ________.

The Goal Seek command is located in the ________ command on the Data tab.

Which What-If Analysis tool would be best at determining how much you can borrow for a car loan while paying only $275 a month?

Which What-If Analysis tool would be best at comparing how interest rates affect a monthly car payment?

The Scenario Manager dialog box enables you to do all of the following EXCEPT ________.

A two-variable data table returns ________ result(s) for each combination of two variables.

All of the following statements are TRUE about one-variable data tables EXCEPT:

All of the following statements are TRUE about data tables EXCEPT:

In the Goal Seek dialog box,the ________ box must contain a formula.

Which of the following is NOT one of the three cost types to consider when calculating the break-even point?

A ________ analysis studies the relationship between fixed and variable costs,sales volume,and profits.

A ________ is a type of scenario tool that allows you to change a number in a target cell location in single-unit increments.

________ makes the data easier to read and understand because it adds a visual or graphical element to the cells or values.

What is the main difference between Goal Seek and variable data tables?

Through a process called ________,Goal Seek repeatedly enters new values in the variable cell to find a solution to the problem.

The To value box in the Goal Seek dialog box contains ________.

All of the following statements are TRUE about two-variable data tables EXCEPT:

In a data table,the ________ number format is used to disguise the formula references in the first row as labels.

A phone bill,which contains a base plan fee and then per minute used,is an example of ________.

A manager may want to highlight cells for employees who exceeded monthly sales quotas or products that are selling below cost.This is an example of ________.