Deck 17: Spreadsheet Modeling: An Introduction

Question 1

Which of the following models is "built" in the user's head and represents the most common form of model?

A) physical model
B) mathematical model
C) mental model
D) spreadsheet model
E) visual model

Answer 1

C

Question 2

If the model produces the numerically correct values, it is said to be:

A) flexible
B) adjustable
C) a transformation
D) accurate
E) inaccurate

Answer 2

D

Question 3

A(n) _______________ is a quantity or factor that depends on how the inputs are related to one another.

A) observation
B) element
C) equation
D) integer constraint
E) output

Answer 3

E

Question 4

One of the first things you must do in developing a model is:

A) select the correct modeling software.
B) consult a transformation text book.
C) determine the formulas that are required.
D) define the logic necessary to transform the inputs into the outputs.
E) backwards calculate what inputs are required for the defined inputs.

Question 5

A _________________ is a specific set of conditions that could occur in the real situation.

A) parameter
B) scenario
C) sensitivity set
D) break-even set
E) circumstance

Question 6

A model __________ inputs into ______.

A) estimates, transformation
B) transformation, estimates
C) transforms, outputs
D) makes, parameters
E) modifies, decision variables

Question 7

Uncontrollable inputs are also called _______________________.

A) decision variables
B) parameters
C) unregulated inputs
D) unregulated variables
E) recessive variables

Question 8

What are the most important three dimensions along which a spreadsheet model should be evaluated?

A) aesthetic, correct, and flexible
B) aesthetic, documented, and flexible
C) correct, documented, and flexible
D) aesthetic, correct, and documented
E) correct, documented, and random

Question 9

Which of the following is a means of implementing mathematical models?

A) physical model
B) spiritual model
C) mental model
D) spreadsheet model
E) visual model

Question 10

Which of the following models uses equations and relationships among quantities to represent situations?

A) physical model
B) mathematical model
C) mental model
D) spreadsheet model
E) visual model

Question 11

Controllable inputs are also called _________________________.

A) decision variables
B) parameters
C) regulated inputs
D) regulated variables
E) dominant variables

Question 12

Research has shown that most spreadsheet developers believe their products:

A) accurately reflect reality.
B) are error free.
C) are the best solution.
D) are eloquent solutions to the decision.
E) deserve more credit.

Question 13

The key to spreadsheet model flexibility is to keep all the ___________ of the model separate from the ______________ of the model.

A) inputs; formulas
B) inputs; outputs
C) outputs; formulas
D) constraints; formulas
E) parameters; decision variables

Question 14

A road atlas represents which type of model?

A) physical model
B) mathematical model
C) mental model
D) spreadsheet model
E) visual model

Question 15

Which of the following models involves objects that represent other objects?

A) physical model
B) mathematical model
C) mental model
D) spreadsheet model
E) visual model

Question 16

Models can also be described as:

A) an abstraction of the real situation
B) an accurate representation of the real situation
C) the decision
D) absolute representation of reality
E) a general view of reality

Question 17

__________________ analysis deals with studying the changes to the output of the model as one or more of the inputs change.

A) Scenario
B) Transformation
C) Decision
D) Sensitivity
E) Change

Question 18

If a model produces numerically correct values for the outputs for any legitimate values of inputs, it is said to be

A) flexible
B) adjustable
C) a transformation
D) accurate
E) inaccurate

Question 19

A model needs to do more than transform inputs to outputs; it must also:

A) modify the process
B) adjust the controllable inputs
C) have a purpose
D) control the output
E) be accurate

Question 20

Break-even analysis is one special case of _________________ analysis.

A) scenario
B) transformation
C) sensitivity
D) decision
E) change

Question 21

Which of the following is not one of the standard items included in a footer?

A) worksheet name
B) author name
C) solution time
D) date
E) time

Question 22

What are the most common useful numerical formats?

A) date, currency, and percentage
B) date, time, and custom
C) time, custom, and number
D) number, custom, and percentage
E) number, currency, and percentage

Question 23

In Excel, the command to print formulas is checked under which menu/submenu?

A) Print
B) Page Setup
C) Tools
D) Edit
E) Insert

Question 24

You can insert __________________ for a cell to add explanatory information about a calculation or assumption that does not have to be in the model itself.

A) Cell Explanations
B) Cell Descriptions
C) Cell Comments
D) Cell Information
E) Cell Documentation

Question 25

More times than not, modelers tend to ignore making the model flexible because:

A) they don't know how.
B) it takes too much time.
C) it provides little benefit.
D) they believe the model is a onetime use item.
E) they want to keep the model modification control to themselves.

Question 26

In Excel, the command to print row and column headings is checked under which menu/submenu?

A) Print
B) Page Setup
C) Tools
D) View
E) Insert

Question 27

___________________ perform repetitive what-if analysis quickly and easily in Excel.

A) What-If Tables
B) Repetitive Tables
C) Sensitivity Tables
D) Scenario Tables
E) Data Tables

Question 28

In Excel, Goal Seek is found under which menu option?

A) Insert
B) Edit
C) File
D) Tools
E) Data

Question 29

In the custom footer box in Excel, what symbol precedes the set of brackets containing the commands "[File]," "[Tab]," "[Date]," or "[Time]?"

A) *
B) %
C) #
D) @
E) &

Question 30

In Excel, to center a label that continues across several cells, highlight the cells, go to Format/Cell/Alignment, and click on _____________________.

A) Center
B) Center across selection
C) Justify
D) Fill
E) General

Question 31

When the "Formulas" box is checked under Tools/Options/View, what happens to the size of the columns?

A) The widths are cut in half.
B) There's no change in the column size.
C) The widths are doubled.
D) Columns containing items are doubled in size and empty columns are cut in half.
E) Their widths are automatically expanded to the size of the printed formulas.

Question 32

Using Excel, what method other than the algebraic one can be used to find the breakeven quantity?

A) Goal Seek
B) Find
C) Search
D) Break Even
E) Steepest Ascent

Question 33

In the custom footer box, which of the following is the command to insert the worksheet name?

A) &[worksheet]
B) &[tab]
C) &[work]
D) &[sheet]
E) &[page]

Question 34

Formulas are entered into Excel by first typing which key?

A) ^
B) &
C) #
D) !
E) =

Question 35

Which of the following is not one of the standard items included in a footer?

A) file name
B) author name
C) user name
D) date
E) time

Question 36

What are the two main reasons why one should break up larger calculations into smaller ones in spreadsheet modeling?

A) to speed solution time and to determine intermediate values
B) to speed solution time and to avoid errors
C) so the formula can fit on the formula line and to speed solution time
D) to avoid errors and to determine intermediate values
E) so the formula can fit on the formula line and to avoid errors

Question 37

One mistake Excel users make in forming the DATA TABLE is:

A) use too large data steps.
B) use incorrect addressing.
C) forget to leave the first cell blank in the data column.
D) forget to label the columns.
E) modify the default settings.

Question 38

Which of the following does not have a button for automatic insertion into the custom footer box?

A) file name
B) worksheet name
C) author name
D) date
E) time

Question 39

To add Cell Comments for a cell in Excel, right-click and choose ____________________.

A) Insert Comment
B) Format Cells…
C) Hyperlink…
D) Insert…
E) Pick From List…

Question 40

The principle, "Do not hard-code an input directly into a formula," is the main feature of spreadsheet ________________.

A) correctness
B) documentation
C) aesthetics
D) flexibility
E) randomness

Question 41

In Excel, what combination of functions can produce the label for an item that equals a given number?

A) MAX and INDEX
B) MAX and MIN
C) MATCH and INDEX
D) MATCH and MAX
E) ABS and MAX

Question 42

In Excel, what does the formula "=MAX(B25:D25)" do?

A) It returns the largest value in either cell B25 or cell D25.
B) It converts all values in the range between B25 and D25 to the highest value in that range.
C) Whichever of B25 or D25 is lowest, it converts that value to the other one.
D) It returns the largest value among cells B25, C25, and D25.
E) It maximizes the formulas in each of the cells in the range between B25 and D25.

Question 43

In Excel, ___________________ references are indicated by the lack of a dollar sign character preceding either the column or the row reference.

A) absolute
B) comparative
C) analogous
D) relative
E) correlative

Question 44

Which Excel function takes as inputs two separate ranges, then multiplies each pair of numbers in the ranges, and then adds up all these individual products?

A) RANGE
B) RANGEPRODUCT
C) PRODUCTSUM
D) SUMPRODUCT
E) DOTPRODUCT

Question 45

How many arguments does the MATCH function in Excel take?

A) 1
B) 2
C) 3
D) 4
E) 5

Question 46

In Excel, you can copy text labels by using the:

A) @
B) &
C) +
D) =
E) -

Question 47

In Excel, which function takes a range of values as its input and returns the largest value from that range?

A) SUP
B) LARGE
C) BIG
D) HIGH
E) MAX

Question 48

In Excel, what are the three arguments that an INDEX function takes?

A) Lookup_value, Match_type, and Lookup_array
B) Lookup_value, Match_type, and Array
C) Lookup_value, Column_num, and Lookup_array
D) Array, Row_num, and Column_num
E) Lookup_array, Row_num, and Column_num

Question 49

In Excel, which function key toggles between relative and absolute cell referencing when editing a formula?

A) F1
B) F2
C) F3
D) F4
E) F5

Question 50

In the Excel MATCH function, which "Match_type" forces the MATCH function to look for an exact match of Lookup_value in Lookup_array?

A) 10
B) 0
C) -1
D) 1
E) E

Question 51

In the Excel MATCH function, which argument defines the range of values for which you want to look for a match?

A) Lookup_array
B) Range
C) Array
D) Lookup_value
E) Match_type

Question 52

In the Excel MATCH function, which argument is the value that we want to test?

A) Lookup_array
B) Array
C) Value
D) Match_type
E) Lookup_value

Question 53

Up to how many arguments can the INDEX function in Excel take?

A) 1
B) 2
C) 3
D) 4
E) 5

Question 54

Which of the following is equivalent to "=SUMPRODUCT(A1:A4,B1:B4)"?

A) A1*A4 + B1*B4
B) A1*B1 + A2*B2 + A3*B3 + A4*B4
C) (A1+A4)*(B1+B4)
D) (A1+A2+A3+A4)*(B1+B2+B3+B4)
E) A1 + A4*B1 + B4

Question 55

In Excel, which function takes a range of values as its input and returns the smallest value from that range?

A) INF
B) SMALL
C) LITTLE
D) MIN
E) LOW

Question 56

In Excel, what are the three arguments that a MATCH function takes?

A) Lookup_value, Match_type, and Lookup_array
B) Lookup_value, Match_type, and Array
C) Lookup_value, Column_num, and Lookup_array
D) Array, Row_num, and Column_num
E) Lookup_array, Row_num, and Column_num

Question 57

In Excel, ___________________ references are indicated by a dollar sign character preceding the column and the row reference.

A) absolute
B) comparative
C) analogous
D) relative
E) correlative

Question 58

In Excel, __________________ references change when you copy them.

A) absolute
B) comparative
C) analogous
D) relative
E) correlative

Question 59

What does it mean when the formula result of the MATCH function in Excel equals 2?

A) Two items matched the Lookup_value.
B) The item labeled "2" matched the Lookup_value.
C) The Lookup_value was found in the second position of the Lookup_array.
D) An error occurred.
E) The closest item to the Lookup_value was within two units of that value.

Question 60

In Excel, ___________________ references do not change when you copy them.

A) absolute
B) comparative
C) analogous
D) relative
E) correlative

Question 61

The most common form of models are mathematical models.

Question 62

In Excel, which function returns the square root?

A) ROOT(number)
B) SQR(number)
C) SQRT(number)
D) SQUAREROOT(number)
E) ROOT2(number)

Question 63

In Excel, which function returns the number of cells containing numerical values?

A) CELLS(range)
B) NUMBER(range)
C) VALUES(range)
D) COUNT(range)
E) NUMBERS(range)

Question 64

In Excel, what is the shortcut to view formulas on the spreadsheet?

A) Ctrl+'
B) Ctrl+`
C) Ctrl+F
D) Ctrl+^
E) Ctrl+~

Question 65

In Excel, how can one select cells in a range without using the mouse?

A) Ctrl+Arrow Keys
B) Alt+Arrow Keys
C) Tab+Arrow Keys
D) F1+Arrow Keys
E) Shift+Arrow Keys

Question 66

The benefits of including a particular factor in a model must be weighed against the decreased complexity of the model resulting from its inclusion.

Question 67

Which of the following is equivalent to "=SUMPRODUCT(A1:A4,B2:B5)"?

A) A1*A4 + B2*B5
B) A1*B2 + A2*B3 + A3*B4 + A4*B5
C) (A1+A4)*(B2+B5)
D) (A1+A2+A3+A4)*(B2+B3+B4+B5)
E) This is an invalid function.

Question 68

In Excel, what are the keystrokes for the "Cut" command?

A) Ctrl-C
B) Ctrl-V
C) Ctrl-X
D) Ctrl-Z
E) Ctrl-Q

Question 69

Inputs are quantities or factors that affect the situation.

Question 70

Controllable inputs are sometimes called parameters.

Question 71

Research has shown that most spreadsheet model developers believe their products to be error-free, but this assessment is usually wrong.

Question 72

In Excel, what are the keystrokes for the "Copy" command?

A) Ctrl-C
B) Ctrl-V
C) Ctrl-X
D) Ctrl-Z
E) Ctrl-Q

Question 73

In Excel, the command to print Cell Comments is selected under which menu/submenu?

A) Print
B) Page Setup
C) Tools
D) View
E) Insert

Question 74

A common practice of scenario analysis is to examine the base case, best case, and worst case scenarios.

Question 75

What Excel feature works backwards to find the value of an input quantity that causes an output quantity to have a particular value?

A) Goal Seek
B) Goal Snitch
C) FIRSTCOME
D) FIRSTSERVE
E) PARTVALUE$

Question 76

Which of the following is equivalent to "=SUMPRODUCT(A1:A4,B2:B6)"?

A) A1*A4 + B2*B6
B) A1*B2 + A2*B3 + A3*B4 + A4*B5
C) (A1+A4)*(B2+B6)
D) (A1+A2+A3+A4)*(B2+B3+B4+B5+B6)
E) This is an invalid function.

Question 77

There are a number of different model types which do not share any commonalities.

Question 78

To edit formulas in Excel, you can either double-click on the cell or hit:

A) F1
B) F2
C) F3
D) F4
E) F5

Question 79

One reason for models is the need to make a decision.

Question 80

In Excel, what are the keystrokes for the "Paste" command?

A) Ctrl-C
B) Ctrl-V
C) Ctrl-X
D) Ctrl-Z
E) Ctrl-P