Question 1

Arrows pointing from the selected cell to cells that depend on the selected cell are generated by using the __________ button of the Formula Auditing group.

Accepted Answer

A) Error Checking 
B) Trace Precedents 
C) Trace Dependents 
D) Watch Window 
A) Error Checking 
B) Trace Precedents 
C) Trace Dependents 
D) Watch Window

Question 2

The function of Trace Precedents and Trace Dependents is to

Accepted Answer

A) highlight errors in copying and formula construction. 
B) ascertain how model parts are segregated. 
C) trace the range of cells included in the Watch Window box list. 
D) investigate the cell calculations in great detail. 
A) highlight errors in copying and formula construction. 
B) ascertain how model parts are segregated. 
C) trace the range of cells included in the Watch Window box list. 
D) investigate the cell calculations in great detail.

Question 3

The arguments supplied to the IF function, in order, are the condition for execution, ​

Accepted Answer

A) the result if condition is true, and the result if condition is false. 
B) and the range of cells to test. 
C) the array1 of data cells to test, and the array2 of data cells to output. 
D) the result if condition is false, and the result if condition is true. 
A) the result if condition is true, and the result if condition is false. 
B) and the range of cells to test. 
C) the array1 of data cells to test, and the array2 of data cells to output. 
D) the result if condition is false, and the result if condition is true.

Question 4

The Watch Window is observable

Accepted Answer

A) only when the complete model is observable on the screen. 
B) only in the same worksheet of a workbook. 
C) across different worksheets of a workbook. 
D) across different workbooks in the same folder. 
A) only when the complete model is observable on the screen. 
B) only in the same worksheet of a workbook. 
C) across different worksheets of a workbook. 
D) across different workbooks in the same folder.

Question 5

Suppose you have $1,100 and decide to purchase a new model of television that costs you $1,100. You find an electronics store where a gift voucher, worth $50, is offered for this TV model if payment is made in full at the time of purchase. Alternatively, it can be financed at zero-percent (0%) interest for 5 months with a monthly payment of $220. You now have two options: either opt for the zero-percent financing option for the full amount and invest your money at an annual interest rate of 10%; or choose the full-payment option with the $50 discount. Develop a spreadsheet model to find the better option that results in the most savings. Also, find the discount rate for the zero-percent financing option.
Hint: Use Goal Seek to find the discount rate that makes the net present value of the payments = $1,050.
​

Accepted Answer

@#IMG-DLM& Key cell formulas: @#IMG-DLM& The zero-percent in

Question 6

Spreadsheet models are referred to as what-if models because they

Accepted Answer

A) are mathematical and logic-based models. 
B) allow easy instantaneous recalculation for a change in model inputs. 
C) come preloaded on computers. 
D) have specialized functions to perform detailed analysis. 
A) are mathematical and logic-based models. 
B) allow easy instantaneous recalculation for a change in model inputs. 
C) come preloaded on computers. 
D) have specialized functions to perform detailed analysis.

Question 7

The __________ button provides an automatic means of checking for mathematical errors within formulas of a worksheet.

Accepted Answer

A) Error Checking 
B) Trace Precedents 
C) Watch Window 
D) Math & Trig 
A) Error Checking 
B) Trace Precedents 
C) Watch Window 
D) Math & Trig

Question 8

Which of the following would be a likely mathematical expression for Total Revenue? ​

Accepted Answer

A) Total Revenue = Production Volume + Revenue per Unit 
B) Total Revenue = Profit - Production Volume × Revenue per Unit 
C) Total Revenue = Production Volume × Revenue per Unit 
D) Total Revenue = Total Variable Cost + Production Volume + Revenue per Unit 
A) Total Revenue = Production Volume + Revenue per Unit 
B) Total Revenue = Profit - Production Volume × Revenue per Unit 
C) Total Revenue = Production Volume × Revenue per Unit 
D) Total Revenue = Total Variable Cost + Production Volume + Revenue per Unit

Question 9

The user can monitor how listed cells change with a change in the model without searching through the worksheet or changing from one worksheet to another by using the __________ functionality.

Accepted Answer

A) Goal Seek 
B) Evaluate Formula 
C) Watch Window 
D) Trial-and-Error 
A) Goal Seek 
B) Evaluate Formula 
C) Watch Window 
D) Trial-and-Error

Question 10

Which of the following is true of spreadsheet packages used in business analytics?

Accepted Answer

A) They are more expensive than specialized packages. 
B) They require substantial user training. 
C) They come preloaded on computers. 
D) They do not have specialized functions to perform detailed analyses. 
A) They are more expensive than specialized packages. 
B) They require substantial user training. 
C) They come preloaded on computers. 
D) They do not have specialized functions to perform detailed analyses.

Question 11

Which of the following design guidelines, if followed, enables the user to update the model parameters without the risk of mistakenly creating an error in a formula?

Accepted Answer

A) Separating the parameters from the spreadsheet model 
B) Documenting the spreadsheet model 
C) Using numbers in the spreadsheet formula 
D) Using simple formulas 
A) Separating the parameters from the spreadsheet model 
B) Documenting the spreadsheet model 
C) Using numbers in the spreadsheet formula 
D) Using simple formulas

Question 12

Using the diagram below, which of the following would be a likely mathematical expression for Total Cost? ​   ​

Accepted Answer

A) Total Cost = Total Variable Cost × Fixed Cost 
B) Total Cost = Fixed Cost + Total Variable Cost 
C) Total Cost = Total Variable Cost + Total Revenue × Production Volume 
D) Total Cost = Fixed Cost + Total Variable Cost + Production Volume 
A) Total Cost = Total Variable Cost × Fixed Cost 
B) Total Cost = Fixed Cost + Total Variable Cost 
C) Total Cost = Total Variable Cost + Total Revenue × Production Volume 
D) Total Cost = Fixed Cost + Total Variable Cost + Production Volume

Question 13

The SUM function in Excel

Accepted Answer

A) adds up all the numbers in the cells diagonally. 
B) adds up only positive numbers in a range of cells. 
C) adds up all the numbers in a range of cells. 
D) adds up the cells specified by a given condition or criteria. 
A) adds up all the numbers in the cells diagonally. 
B) adds up only positive numbers in a range of cells. 
C) adds up all the numbers in a range of cells. 
D) adds up the cells specified by a given condition or criteria.

Question 14

Using only the "VLOOKUP" function, transfer all of the data from the table below into the "Individual Sales" table.
​ $$\begin{array} { | l | l | l | l | } 
\hline & { \text { Individual Sales } } \
\hline \text { Rank } & \text { Name } & \text { Sales } & \text { Team } \
\hline 6 & \text { Susan } & 5 & \text { red } \
\hline 8 & \text { Thomas } & 7 & \text { red } \
\hline 9 & \text { Lynn } & 2 & \text { blue } \
\hline 5 & \text { Sean } & 6 & \text { blue } \
\hline 1 & \text { Jerry } & 20 & \text { yellow } \
\hline 2 & \text { George } & 12 & \text { red } \
\hline 10 & \text { Elaine } & 1 & \text { red } \
\hline 7 & \text { Delores } & 4 & \text { blue } \
\hline 4 & \text { Tony } & 9 & \text { yellow } \
\hline 3 & \text { Ast } & 12 & \text { blue } \
\hline
\end{array}$$ ​ $$\begin{array}{l}
\text { Individual Sales }\
\begin{array} { | l | l | l | l | } 
\hline \text { Rank } & \text { Name } & \text { Sales } & \text { Team } \
\hline 1 & & & \
\hline 2 & & & \
\hline 3 & & & \
\hline 4 & & & \
\hline 5 & & & \
\hline 6 & & & \
\hline 7 & & & \
\hline 8 & & & \
\hline 9 & & & \
\hline 10 & & & \
\hline
\end{array}
\end{array}$$

Accepted Answer

The answer of Using only the "VLOOKUP" function, transfer all...

Question 15

A(n) __________ is a visual representation that shows which entities affect others in a model.

Accepted Answer

A) decision tree diagram 
B) influence diagram 
C) entity chart 
D) time series plot 
A) decision tree diagram 
B) influence diagram 
C) entity chart 
D) time series plot

Question 16

A clothing retail store offers a discount at the rate of 10% on the customer bill if the purchase exceeds $100. The owner of the store wishes to know the total amount that has been discounted on the customers' purchases on a particular day. The purchase amount for each of the 12 customers who visited the store on that day is given below. Display your use of the IF and SUM functions and calculate the total amount discounted on this single day purchases. $$\begin{array}{cc}
\text { Customer } & \text { Purchase Amount (\$) } \
1 & 123 \
2 & 114 \
3 & 43 \
4 & 123 \
5 & 32 \
6 & 72 \
7 & 119 \
8 & 52 \
9 & 89 \
10 & 116 \
11 & 176 \
12 & 9

\end{array}$$

Accepted Answer

@#IMG-DLM& The total amount di

Question 17

The impact of two inputs on the output of interest is summarized by a

Accepted Answer

A) Goal Seek. 
B) Watch Window. 
C) multiple-way data table. 
D) two-way data table. 
A) Goal Seek. 
B) Watch Window. 
C) multiple-way data table. 
D) two-way data table.

Question 18

When should you use a one-way data table in Excel instead of a two-way data table?
​

Accepted Answer

A one-way data table should be used, rat

Question 19

Which of the following would be a likely mathematical expression for Total Variable Cost? ​   ​

Accepted Answer

A) Total Variable Cost = Production Volume × Revenue per Unit 
B) Total Variable Cost = Material Cost per Unit × Labor Cost per Unit 
C) Total Variable Cost = Total Cost - (Material Cost per Unit + Labor Cost per Unit) 
D) Total Variable Cost = (Material Cost per Unit + Labor Cost per Unit) × Production Volume 
A) Total Variable Cost = Production Volume × Revenue per Unit 
B) Total Variable Cost = Material Cost per Unit × Labor Cost per Unit 
C) Total Variable Cost = Total Cost - (Material Cost per Unit + Labor Cost per Unit) 
D) Total Variable Cost = (Material Cost per Unit + Labor Cost per Unit) × Production Volume

Question 20

The ___________ button, located in the Formula Auditing group, creates arrows pointing to the selected cell from cells that are part of the formula in that cell.

Accepted Answer

A) Trace Dependents 
B) Trace Precedents 
C) Error Checking 
D) Watch Window 
A) Trace Dependents 
B) Trace Precedents 
C) Error Checking 
D) Watch Window

Arrows pointing from the selected cell to cells that depend on the selected cell are generated by using the __________ button of the Formula Auditing group.

The function of Trace Precedents and Trace Dependents is to

The arguments supplied to the IF function, in order, are the condition for execution,

The Watch Window is observable

Spreadsheet models are referred to as what-if models because they

The __________ button provides an automatic means of checking for mathematical errors within formulas of a worksheet.

Which of the following would be a likely mathematical expression for Total Revenue?

The user can monitor how listed cells change with a change in the model without searching through the worksheet or changing from one worksheet to another by using the __________ functionality.

Which of the following is true of spreadsheet packages used in business analytics?

Which of the following design guidelines, if followed, enables the user to update the model parameters without the risk of mistakenly creating an error in a formula?

Using the diagram below, which of the following would be a likely mathematical expression for Total Cost?

The SUM function in Excel

A(n) __________ is a visual representation that shows which entities affect others in a model.

The impact of two inputs on the output of interest is summarized by a

When should you use a one-way data table in Excel instead of a two-way data table?

Which of the following would be a likely mathematical expression for Total Variable Cost?

The ___________ button, located in the Formula Auditing group, creates arrows pointing to the selected cell from cells that are part of the formula in that cell.

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

Arrows pointing from the selected cell to cells that depend on the selected cell are generated by using the __________ button of the Formula Auditing group.

The function of Trace Precedents and Trace Dependents is to

The arguments supplied to the IF function, in order, are the condition for execution, ​

The Watch Window is observable

Spreadsheet models are referred to as what-if models because they

The __________ button provides an automatic means of checking for mathematical errors within formulas of a worksheet.

Which of the following would be a likely mathematical expression for Total Revenue? ​

The user can monitor how listed cells change with a change in the model without searching through the worksheet or changing from one worksheet to another by using the __________ functionality.

Which of the following is true of spreadsheet packages used in business analytics?

Which of the following design guidelines, if followed, enables the user to update the model parameters without the risk of mistakenly creating an error in a formula?

Using the diagram below, which of the following would be a likely mathematical expression for Total Cost? ​ ​

The SUM function in Excel

A(n) __________ is a visual representation that shows which entities affect others in a model.

The impact of two inputs on the output of interest is summarized by a

When should you use a one-way data table in Excel instead of a two-way data table? ​

Which of the following would be a likely mathematical expression for Total Variable Cost? ​ ​

The ___________ button, located in the Formula Auditing group, creates arrows pointing to the selected cell from cells that are part of the formula in that cell.

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

The arguments supplied to the IF function, in order, are the condition for execution,

Which of the following would be a likely mathematical expression for Total Revenue?

Using the diagram below, which of the following would be a likely mathematical expression for Total Cost?

When should you use a one-way data table in Excel instead of a two-way data table?

Which of the following would be a likely mathematical expression for Total Variable Cost?