Excel Chapter 4 - Financial Functions, Data Tables, and

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```					Excel Chapter 4 - Financial Functions, Data Tables, and Amortization Schedules

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Figure 4-1

1. In the accompanying figure, the worksheet contains 4 sections.

ANS: F                 PTS: 1                REF: EX 267

2. In the accompanying figure, the amortization schedule shows a principal decrease over the life of the
loan.

ANS: F                 PTS: 1                REF: EX 267

3. In the accompanying figure, the worksheet does not contain formatted sections.

ANS: F                 PTS: 1                REF: EX 267

4. In the accompanying figure, the width of column A is 1.57 (16 pixels). One way to adjust the width is
to position the mouse pointer on the right boundary of column heading A and then drag to the left until
the ScreenTip indicates Width.

ANS: F                 PTS: 1                REF: EX 271

5. In the accompanying figure, the section title ―Loan Payment Calculator‖ was centered across columns
B, C, D, and E by using the Merge & Center button on the Ribbon.

ANS: T                 PTS: 1                REF: EX 271
6. Two of the more powerful aspects of Excel are its wide array of functions and its capability
of organizing answers to what-if questions.

ANS: T                PTS: 1                REF: EX 266

7. You can have more than one instance of Excel running. Besides opening multiple workbooks in Excel,
you can run multiple instances of Excel. Each instance of Excel will show as a button on the Windows

ANS: T                PTS: 1                REF: EX 270

8. The ampersand character (&) is the concatenation operator.

ANS: T                PTS: 1                REF: EX 271

9. Global formatting assigns formats to all the cells in all of the worksheets in a workbook.

ANS: T                PTS: 1                REF: EX 271

10. A shortcut menu is displayed when you right-click on a worksheet object.

ANS: T                PTS: 1                REF: EX 272

11. Excel does not allow you to format cells before you enter the values.

ANS: F                PTS: 1                REF: EX 275

12. The Currency style format has no impact on text in a cell.

ANS: T                PTS: 1                REF: EX 275

13. When you format a cell to display percentages, Excel will not assume that whatever you enter into that
cell in the future will be a percentage.

ANS: F                PTS: 1                REF: EX 275

14. When a cell is formatted for a percent if you enter the number .5, Excel translates the value as 50%.

ANS: T                PTS: 1                REF: EX 275

15. The Name Manager can help add clarity to your formulas by allowing you to assign names to cells.

ANS: T                PTS: 1                REF: EX 276

16. Worksheets often have column titles at the top of each column and row titles to the left of each row
that describe the data within the worksheet.

ANS: T                PTS: 1                REF: EX 276

17. A cell name is created from column and row titles through the use of the Title command on the Insert
ANS: F                PTS: 1                 REF: EX 276

18. A name can be a minimum of 10 characters to a maximum of 399 characters.

ANS: F                PTS: 1                 REF: EX 278

19. The PMT function has four arguments — rate, payment, years, and loan amount.

ANS: F                PTS: 1                 REF: EX 280

20. It is good practice to test the formulas in a worksheet over and over again until you are confident they
are correct.

ANS: T                PTS: 1                 REF: EX 283

21. Excel instantaneously recalculates all formulas in the worksheet each time you enter a value.

ANS: T                PTS: 1                 REF: EX 283

Figure 4-2

22. In the accompanying figure, rows 7–15 will not print when the Set Print Area command and the Print
command are given.

ANS: T                PTS: 1                 REF: EX 309

23. In the accompanying figure, the Loan Payment Calculator section will print.

ANS: T                PTS: 1                 REF: EX 309
24. In the accompanying figure, after a range is selected and the print area is set, the selected range will
print after you click Print on the Office Button menu.

ANS: T                 PTS: 1                 REF: EX 310

25. In the accompanying figure, after you set the print area and save the workbook, Excel remembers this
setting the next time you open the workbook.

ANS: T                 PTS: 1                 REF: EX 310

MULTIPLE CHOICE

1. When you first install Excel, Excel shows ____ in the taskbar.
a. all open workbooks                          c. a maximum of 5 open workbooks
b. 1 of the open workbooks                     d. 2 open workbooks
ANS: A                 PTS: 1                 REF: EX 270

2. Assigning formats to all of the cells in all of the worksheets in a workbook, is called ____ formatting.
a. massive                                         c. consistent
b. global                                          d. local
ANS: B                 PTS: 1                 REF: EX 271

3. You can ensure correctness in your formulas by carefully checking them using ____.
a. Range Finder                               c. the TOTAL function
b. the Ribbon                                 d. the Edit menu
ANS: A                 PTS: 1                 REF: EX 281

4. It is important to select border characteristics in a specific order. What is the correct order?
a. choose the border type, choose the border c. choose the border line style, choose the
color, and choose the border line style            border type, and choose the border color
b. choose the border color, choose the border d. choose the border color, choose the border
line style, and choose the border type             type, and choose the border line style
ANS: B                 PTS: 1                 REF: EX 274

5. When a cell is formatted to display percentages, a potential problem arises when you start to enter
numbers greater than or equal to ____.
a. 1.0                                          c. 100.0
b. .5                                           d. .05
ANS: A                 PTS: 1                 REF: EX 275

6. In a formula, to use a cell name that is made up of two or more words, replace any space with the
____.
a. ampersand character (&)                       c. plus sign character (+)
b. hyphen (-)                                    d. underscore character (_)
ANS: D                 PTS: 1                 REF: EX 278

7. Which arguments belong to the PMT function?
a. rate                                     c. loan amount
b. payment                                     d. all of the above
ANS: D                PTS: 1                REF: EX 280

8. What does Excel do as you enter a function in a cell?
a. displays the function’s form in a           c. displays the function’s form in the
ScreenTip                                        ToolTips
b. calculates the value                        d. finishes entering the formula
ANS: A                PTS: 1                REF: EX 280

9. To test formulas in a worksheet, consider using ____.
a. negative numbers                             c. zero
b. large positive numbers                       d. all of the above
ANS: D                PTS: 1                REF: EX 283

10. A ____ is a range of cells that shows the answers generated by formulas in
which different values have been substituted.
a. function                                     c. formula variable
b. data table                                   d. formula table
ANS: B                PTS: 1                REF: EX 284

11. With a ____, you vary the value in one cell and then Excel calculates the results of one or more
formulas and fills the data table with the results.
a. two-input data table                            c. one–input data table
b. function                                        d. formula
ANS: C                PTS: 1                REF: EX 284

12. The purpose of a data table is to organize ____.
a. sections and formats                          c. the answers to what-if questions
b. functions in the worksheet                    d. formulas in the worksheet
ANS: C                PTS: 1                REF: EX 284

13. The two kinds of data tables that can be created are ____ and ____.
a. row, column                                   c. section, title
b. one input, two input                          d. single, multiple
ANS: B                PTS: 1                REF: EX 284

14. By double-clicking the top of the heavy black border surrounding an active cell, Excel will make the
first ____ in the column active.
a. non-blank cell                              c. filled cell
b. row                                         d. formatted cell
ANS: A                PTS: 1                REF: EX 285

15. By double-clicking the ____ side of the heavy black border surrounding the active cell, Excel will
make the first non-blank cell in the row the active cell.
a. top                                            c. bottom
b. left                                           d. right
ANS: B                PTS: 1                REF: EX 285
16. How many active data tables are allowed in a worksheet?
a. 255                                        c. unlimited
b. 5                                          d. 2
ANS: C                PTS: 1                 REF: EX 290

17. How do you delete a data table?
a. select it and press the Delete key             c. delete the formula first
b. it cannot be deleted                           d. none of the above
ANS: A                PTS: 1                 REF: EX 290

18. Excel allows you to add ____ conditional formats to a range.
a. 10                                         c. 50
b. 100                                        d. unlimited
ANS: D                PTS: 1                 REF: EX 291

19. If more than one condition is true for a cell, then Excel applies the formats of each condition,
beginning with the____.
a. most recent                                     c. row
b. first                                           d. column
ANS: B                PTS: 1                 REF: EX 291

20. To make the row stand out, you can add formatting that serves as a(n) ____ to a row.
a. variable                                   c. pointer
b. absolute                                   d. constant
ANS: C                PTS: 1                 REF: EX 292

21. On which tab is the Conditional Formatting button located?
a. the Home tab                                c. the Insert tab
b. the Page Layout tab                         d. none of the above
ANS: A                PTS: 1                 REF: EX 292

22. A column border is an unused column with a significantly reduced ____.
a. cell value                                 c. line dimension
b. font                                       d. width
ANS: D                PTS: 1                 REF: EX 295

23. A series of fixed payments is called ____.
a. an annuity                                     c. a loan
b. amortization                                   d. a mortgage
ANS: A                PTS: 1                 REF: EX 298

24. If a column has entries adjacent to the range you plan to drag the fill handle down through, then you
can double-click the fill handle instead of ____.
a. deleting                                       c. copying
b. moving                                         d. dragging
ANS: D                PTS: 1                 REF: EX 304
25. A round-off error is due to the fact that some of the numbers involved in computations have additional
____ that do not appear in the cells.
a. spaces                                         c. decimal places
b. blanks                                         d. formulas
ANS: C               PTS: 1                 REF: EX 304

26. To prevent round-off errors, use the ____.
a. correct formula                              c. Range Finder
b. ROUND function                               d. data table
ANS: B               PTS: 1                 REF: EX 304

27. To print the worksheet on one page, use the ____ option on the Page tab of the Page Setup dialog box.
a. Landscape                                   c. Fit to
b. Portrait                                    d. Quick Fit
ANS: C               PTS: 1                 REF: EX 307

Figure 4-3

28. In the accompanying figure, setting the black and white option speeds up the printing process and
____.
b. saves ink                                    d. all of the above
ANS: B                PTS: 1                 REF: EX 307

29. In the accompanying figure, the Print area field accepts a range or the name of a ____.
a. range                                         c. worksheet
b. file                                          d. tab
ANS: A                PTS: 1                 REF: EX 308

30. A check mark in the ____ check box speeds up printing by ignoring formatting and not printing most
graphics.
a. Print titles                              c. Gridlines
b. Black and white                           d. Draft quality
ANS: D                PTS: 1                 REF: EX 309

31. Instead of setting a print range each time, you can also assign a ____ to a range.
a. function                                       c. name
b. formula                                        d. number
ANS: C                PTS: 1                 REF: EX 310

32. When building a worksheet for novice users, you should ____ the cells in the worksheet that you do
not want changed, such as cells that contain text or formulas.
a. hide                                          c. code
b. protect                                       d. delete
ANS: B                PTS: 1                 REF: EX 313

33. You should create a(n) ____ when you want to keep others from changing the worksheet from
protected to unprotected.
b. authorized user                           d. administrative account
ANS: A                PTS: 1                 REF: EX 315

34. To prevent sensitive data from being seen in the worksheet, use ____.
a. the Hide Sheet command                       c. the Password function
b. the PV function                              d. the Hide command
ANS: D                PTS: 1                 REF: EX 316

35. You can choose which rules you want Excel to use by ____ in the Formulas area in the Excel Options
dialog box.
a. deleting them                             c. enabling and disabling them
b. selecting the what-if formula             d. editing their values
ANS: C                PTS: 1                 REF: EX 318

36. In a process called ____, Excel continually reviews the workbook for errors in formulas as you create
or manipulate it.
a. background formula checking                   c. spell checking
b. workbook formula checking                     d. background function checking
ANS: A                PTS: 1                 REF: EX 319
Figure 4-4

37. In the accompanying figure, the Enable background formula checking option instructs Excel to ____.
a. review the background colors of the        c. continually review the workbook for
worksheet to make sure they are Web         errors in formulas as you create or
b. check the workbook for any protected or d. check the workbook for password
unprotected cells                           protected rows, columns, or ranges
ANS: C                PTS: 1                REF: EX 319

38. In the accompanying figure, the statement ―Cells containing years represented as 2 digits‖ is an
example of ____.
a. formulas containing years                   c. an error checking rule
b. working with formulas                       d. enable background checking
ANS: C                PTS: 1                REF: EX 320

39. In the accompanying figure, if you add or remove check marks from the Error checking rules area,
then you should ____.
a. click the Formulas button to enable         c. click the Reset Ignored Errors button to
formulas                                      reset error checking
b. select Automatic calculation                d. all of the above
ANS: C                PTS: 1                REF: EX 319

40. In the accompanying figure, if you select a color in Error Checking, Excel will ____.
a. keep a color chart of errors found           c. look for errors of that color
b. disallow color in the background             d. use the color to represent errors found
ANS: D                   PTS: 1                 REF: EX 320
MATCHING

Identify the letter of the choice that best matches the phrase or definition.
a. Page order area                                f. PV (rate, periods, payment)
b. Print titles area                              g. Cell errors as box
c. unprotected                                    h. Draft quality check box
d. background formula checking                    i. FV (rate, periods, payment)
e. PMT (rate, periods, loan amount)               j. Gridlines check box
1.   Prints row titles and column titles on each printed page of a worksheet
2.   Indicates how errors in cells should be displayed on the printout.
3.   Speeds up printing by ignoring formatting and not printing most graphics.
4.   Determines the order in which multipage worksheets will print.
5.   Prints gridlines.
6.   Returns the future value of an investment based on periodic, constant payments, and a constant interest
rate.
7.   Returns the present value of an investment. The present value is the total amount that a series of future
payments is worth now.
8.   Calculates the payment for a loan based on the loan amount, constant payments, and a constant interest
rate.
9.   Excel searches for errors in formulas while you continue to manipulate the worksheet.
10.   Allows the value in cells to be changed at any time.

1.   ANS:   B              PTS:    1              REF:   EX 309
2.   ANS:   G              PTS:    1              REF:   EX 309
3.   ANS:   H              PTS:    1              REF:   EX 309
4.   ANS:   A              PTS:    1              REF:   EX 309
5.   ANS:   J              PTS:    1              REF:   EX 309
6.   ANS:   I              PTS:    1              REF:   EX 281
7.   ANS:   F              PTS:    1              REF:   EX 281
8.   ANS:   E              PTS:    1              REF:   EX 281
9.   ANS:   D              PTS:    1              REF:   EX 319
10.   ANS:   C              PTS:    1              REF:   EX 313

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