Question 1

The ___________ button in the Formula Auditing group allows the user to inspect each formula in detail in its cell location.

Accepted Answer

A) Evaluate Formula 
B) Error Checking 
C) Watch Window 
D) Show Formulas 
A) Evaluate Formula 
B) Error Checking 
C) Watch Window 
D) Show Formulas D

Question 2

With reference to the SUMPRODUCT function, which of the following statements is true?

Accepted Answer

A) The range of cells for each array must contain only nonzero values. 
B) Any cell that does not satisfy the specified given condition or criteria will not be considered. 
C) The array appearing as the first argument must be sorted in ascending order. 
D) The arrays that appear as arguments must be of the same dimension. 
A) The range of cells for each array must contain only nonzero values. 
B) Any cell that does not satisfy the specified given condition or criteria will not be considered. 
C) The array appearing as the first argument must be sorted in ascending order. 
D) The arrays that appear as arguments must be of the same dimension. D

Question 3

Which of the following tools provides an excellent means of identifying the exact location of an error in a formula?

Accepted Answer

A) Error Checking 
B) Function Library 
C) Show Formulas 
D) Evaluate Formula 
A) Error Checking 
B) Function Library 
C) Show Formulas 
D) Evaluate Formula D

Question 4

The modeling process begins with the framing of a _________ model that shows the relationships between the various parts of the problem being modeled.

Accepted Answer

A) mathematical 
B) conceptual 
C) circular 
D) correlation 
A) mathematical 
B) conceptual 
C) circular 
D) correlation

Question 5

Using only the "SUMIF" function, complete the "Team Sales."
​
​ $$\begin{array}{l}
\text { Individual Sales }\
\begin{array} { | l | l | l | l | } 
\hline \text { Rank } & \text { Name } & \text { Sales } & \text { Team } \
\hline 1 & & & \
\hline 2 & & & \
\hline 3 & & & \
\hline 4 & & & \
\hline 5 & & & \
\hline 6 & & & \
\hline 7 & & & \
\hline 8 & & & \
\hline 9 & & & \
\hline 10 & & & \
\hline
\end{array}
\end{array}$$

Accepted Answer

The answer of Using only the "SUMIF" function, complete the...

Question 6

The __________ function pairs each element of the first array with its counterpart in the second array, multiplies the elements of the pairs together, and adds the results.

Accepted Answer

A) SUM 
B) SUMPRODUCT 
C) SUMIF 
D) VLOOKUP 
A) SUM 
B) SUMPRODUCT 
C) SUMIF 
D) VLOOKUP

Question 7

A __________ decision is one in which companies have to decide whether they should manufacture a product or outsource production to another firm.

Accepted Answer

A) goal seek 
B) two-way 
C) voting-based 
D) make-versus-buy 
A) goal seek 
B) two-way 
C) voting-based 
D) make-versus-buy

Question 8

The influence in an influence diagram is visually depicted by

Accepted Answer

A) a circular symbol. 
B) an arrow. 
C) a straight line. 
D) the height of the influence diagram. 
A) a circular symbol. 
B) an arrow. 
C) a straight line. 
D) the height of the influence diagram.

Question 9

The average cost/unit for the production of a particular component at a manufacturing plant varies with the number of units produced in each batch. The data are given below.
​ $$\begin{array} { | l | l | } 
\hline \text { Number of units produced } & \text { Cost/unit } \
\hline 0 - 49 & \$ 37.72 \
\hline 50 - 100 & \$ 25.02 \
\hline
\end{array}$$ ​
Suppose the selling price of each unit is $35.
Use a two-way data table to show how the profit changes as a function of demand and the selling price of the product. Vary the demand from 20 units to 80 units in increments of 10 units and selling price from $30 to $40 in increments of $2.

Accepted Answer

The answer of The average cost/unit for the production of...

Question 10

Excel's __________ tool allows the user to determine the value of an input cell that will cause the value of a related output cell to equal some specified value.

Accepted Answer

A) Goal Seek 
B) Watch Window 
C) Data Validation 
D) XLMiner 
A) Goal Seek 
B) Watch Window 
C) Data Validation 
D) XLMiner

Question 11

The __________ function allows the user to pull a subset of data from a larger table of data based on some criterion.

Accepted Answer

A) VLOOKUP 
B) IF 
C) SUMIF 
D) COUNTIF 
A) VLOOKUP 
B) IF 
C) SUMIF 
D) COUNTIF

Question 12

What do nodes in an influence diagram represent?

Accepted Answer

A) Parts of the model 
B) Influence levels 
C) Road maps 
D) Environmental factors 
A) Parts of the model 
B) Influence levels 
C) Road maps 
D) Environmental factors

Question 13

With reference to a spreadsheet model, an uncontrollable model input is known as a(n)

Accepted Answer

A) decision variable. 
B) dummy variable. 
C) parameter. 
D) statistic. 
A) decision variable. 
B) dummy variable. 
C) parameter. 
D) statistic.

Question 14

The calculations of a cell can be investigated in great detail by using the __________ button.

Accepted Answer

A) Calculation Options 
B) Evaluate Formula 
C) Error Checking 
D) Show Formulas 
A) Calculation Options 
B) Evaluate Formula 
C) Error Checking 
D) Show Formulas

Question 15

The following table is used to lookup information on a specific product. The Product ID is entered into cell B2 and the information is returned in the shaded box. There are several formulas in the table. How could I look at the cells that use the value in cell B2? ​

Accepted Answer

A) Select "Trace Dependents" in the Formula Auditing Group on the Formulas tab. 
B) Select "Trace Precedents" in the Formula Auditing Group on the Formulas tab. 
C) Select "Show Formulas" in the Formula Auditing Group on the Formulas tab. 
D) Select "Evaluate Formulas" in the Formula Auditing Group on the Formulas tab. 
A) Select "Trace Dependents" in the Formula Auditing Group on the Formulas tab. 
B) Select "Trace Precedents" in the Formula Auditing Group on the Formulas tab. 
C) Select "Show Formulas" in the Formula Auditing Group on the Formulas tab. 
D) Select "Evaluate Formulas" in the Formula Auditing Group on the Formulas tab.

Question 16

Suppose a company supplies four of its products A, B, C, and D, to five different regions. The management wants to know the total number of all products supplied to each region as well as the total number of units of each product supplied. The data collected over a period of month are given below. \[\begin{array} { | c | c | c | } 
\hline \text { Region } & \text { Model } & \begin{array} { c } 
\text { Number of } \
\text { units }
\end{array} \
\hline \text { Region 1 } & \text { A } & 1,784 \
\hline \text { Region 2 } & \text { A } & 2,170 \
\hline \text { Region 3 } & \text { A } & 415 \
\hline \text { Region 4 } & \text { A } & 2,040 \
\hline \text { Region 5 } & \text { A } & 2,991 \
\hline \text { Region 1 } & \text { B } & 947 \
\hline \text { Region 2 } & \text { B } & 2,111 \
\hline \text { Region 3 } & \text { B } & 1,234 \
\hline \text { Region 4 } & \text { B } & 2,061 \
\hline \text { Region 5 } & \text { B } & 607 \
\hline \text { Region 1 } & \text { C } & 2,907 \
\hline \text { Region 2 } & \text { C } & 4,790 \
\hline \text { Region 3 } & \text { C } & 2,191 \
\hline \text { Region 4 } & \text { C } & 1,942 \
\hline \text { Region 5 } & \text { C } & 220 \
\hline \text { Region 1 } & \text { D } & 2,557 \
\hline \text { Region 2 } & \text { D } & 2,980 \
\hline \text { Region 3 } & \text { D } & 1,518 \
\hline \text { Region 4 } & \text { D } & 2,957 \
\hline \text { Region 5 } & \text { D } & 4,462 \
\hline
\end{array}\] Display your use of the SUMIF function and find the total volume by each region and total volume by each product.
​
​

Accepted Answer

The answer of Suppose a company supplies four of its...

Question 17

The VLOOKUP with range set to __________ takes the first argument and searches the first column of the table for the last row that is strictly less than the first argument.

Accepted Answer

A) FALSE 
B) TRUE 
C) LESS 
D) NULL 
A) FALSE 
B) TRUE 
C) LESS 
D) NULL

Question 18

The __________ function is used for the conditional computation of expressions in Excel.

Accepted Answer

A) EFFECT 
B) IF 
C) FALSE 
D) NOT 
A) EFFECT 
B) IF 
C) FALSE 
D) NOT

Question 19

Navigation in a spreadsheet model can be facilitated by

Accepted Answer

A) using different spreadsheets for each formula in the model. 
B) using long calculations in the cells. 
C) using clear labels and proper formatting and alignment. 
D) referencing data by using hyperlinks to the problem statement. 
A) using different spreadsheets for each formula in the model. 
B) using long calculations in the cells. 
C) using clear labels and proper formatting and alignment. 
D) referencing data by using hyperlinks to the problem statement.

Question 20

Which of the following approaches is a good way to proceed with the influence diagram building for a problem?

Accepted Answer

A) The influence diagram for the entire problem is built first and then separate portions are clustered to form separate models. 
B) The influence diagram for all the model parts at the same level are built in parallel to reduce the likelihood of error. 
C) The influence diagram is reverse engineered-the diagram is developed in the opposite direction starting with the model output. 
D) The influence diagram for a portion of the problem is built first and then expanded until the total problem is conceptually modeled. 
A) The influence diagram for the entire problem is built first and then separate portions are clustered to form separate models. 
B) The influence diagram for all the model parts at the same level are built in parallel to reduce the likelihood of error. 
C) The influence diagram is reverse engineered-the diagram is developed in the opposite direction starting with the model output. 
D) The influence diagram for a portion of the problem is built first and then expanded until the total problem is conceptually modeled.

The ___________ button in the Formula Auditing group allows the user to inspect each formula in detail in its cell location.

With reference to the SUMPRODUCT function, which of the following statements is true?

Which of the following tools provides an excellent means of identifying the exact location of an error in a formula?

The modeling process begins with the framing of a _________ model that shows the relationships between the various parts of the problem being modeled.

Using only the "SUMIF" function, complete the "Team Sales." Individual Sales Rank Name Sales Team 1 2 3 4 5 6 7 8 9 10

The __________ function pairs each element of the first array with its counterpart in the second array, multiplies the elements of the pairs together, and adds the results.

A __________ decision is one in which companies have to decide whether they should manufacture a product or outsource production to another firm.

The influence in an influence diagram is visually depicted by

Excel's __________ tool allows the user to determine the value of an input cell that will cause the value of a related output cell to equal some specified value.

The __________ function allows the user to pull a subset of data from a larger table of data based on some criterion.

What do nodes in an influence diagram represent?

With reference to a spreadsheet model, an uncontrollable model input is known as a(n)

The calculations of a cell can be investigated in great detail by using the __________ button.

The following table is used to lookup information on a specific product. The Product ID is entered into cell B2 and the information is returned in the shaded box. There are several formulas in the table. How could I look at the cells that use the value in cell B2?

The VLOOKUP with range set to __________ takes the first argument and searches the first column of the table for the last row that is strictly less than the first argument.

The __________ function is used for the conditional computation of expressions in Excel.

Navigation in a spreadsheet model can be facilitated by

Which of the following approaches is a good way to proceed with the influence diagram building for a problem?

Introduction

Descriptive Statistics

Data Visualization

Descriptive Data Mining

Probability: an Introduction to Modeling Uncertainty

Statistical Inference

Linear Regression

Time Series Analysis and Forecasting

Predictive Data Mining

Monte Carlo Simulation

Linear Optimization Models

Integer Linear Optimization Models

Nonlinear Optimization Models

Decision Analysis

Filters

Exam 10: Spreadsheet Models

The ___________ button in the Formula Auditing group allows the user to inspect each formula in detail in its cell location.

With reference to the SUMPRODUCT function, which of the following statements is true?

Which of the following tools provides an excellent means of identifying the exact location of an error in a formula?

The modeling process begins with the framing of a _________ model that shows the relationships between the various parts of the problem being modeled.

Using only the "SUMIF" function, complete the "Team Sales." ​ ​ Individual Sales Rank Name Sales Team 1 2 3 4 5 6 7 8 9 10

The __________ function pairs each element of the first array with its counterpart in the second array, multiplies the elements of the pairs together, and adds the results.

A __________ decision is one in which companies have to decide whether they should manufacture a product or outsource production to another firm.

The influence in an influence diagram is visually depicted by

Excel's __________ tool allows the user to determine the value of an input cell that will cause the value of a related output cell to equal some specified value.

The __________ function allows the user to pull a subset of data from a larger table of data based on some criterion.

What do nodes in an influence diagram represent?

With reference to a spreadsheet model, an uncontrollable model input is known as a(n)

The calculations of a cell can be investigated in great detail by using the __________ button.

The following table is used to lookup information on a specific product. The Product ID is entered into cell B2 and the information is returned in the shaded box. There are several formulas in the table. How could I look at the cells that use the value in cell B2? ​

The VLOOKUP with range set to __________ takes the first argument and searches the first column of the table for the last row that is strictly less than the first argument.

The __________ function is used for the conditional computation of expressions in Excel.

Navigation in a spreadsheet model can be facilitated by

Which of the following approaches is a good way to proceed with the influence diagram building for a problem?

Introduction

Descriptive Statistics

Data Visualization

Descriptive Data Mining

Probability: an Introduction to Modeling Uncertainty

Statistical Inference

Linear Regression

Time Series Analysis and Forecasting

Predictive Data Mining

Monte Carlo Simulation

Linear Optimization Models

Integer Linear Optimization Models

Nonlinear Optimization Models

Decision Analysis

Filters

Using only the "SUMIF" function, complete the "Team Sales." Individual Sales Rank Name Sales Team 1 2 3 4 5 6 7 8 9 10

The following table is used to lookup information on a specific product. The Product ID is entered into cell B2 and the information is returned in the shaded box. There are several formulas in the table. How could I look at the cells that use the value in cell B2?