Question 1

Excel automatically selects the Left column check box in the Create Names from Selection dialog box in order to determine which option to select automatically.

Accepted Answer

Excel does automatically select the Left column check box in the Create Names from Selection dialog box as the default option.

Question 2

When you format a cell to display percentages, Excel assumes that whatever you enter into that cell in the future will be a percentage.

Accepted Answer

The answer of When you format a cell to display...

Question 3

You should create worksheets as if you are going to use them only once.

Accepted Answer

Worksheets should be created with the intention of being used multiple times, unless they are specifically designed for a one-time use, such as for a specific project or event.

Question 4

Modified Multiple Choice Which of the following functions have these three arguments: rate, periods, payment?
A) PV
B) IF
C) FV
D) PMT

Accepted Answer

The answer of Modified Multiple Choice Which of the following...

Question 5

Modified Multiple Choice Which of the following are PMT function arguments?
A) formula name
B) monthly interest rate
C) number of payments
D) loan amount

Accepted Answer

The PMT function in Excel calculates the periodic payment for an annuity investment based on constant payments and a constant interest rate. The function requires three arguments: the interest rate per period, the total number of payments, and the PV (present value), which is the total amount of the loan. Therefore, the correct PMT function arguments are B (monthly interest rate), C (number of payments), and D (loan amount). Formula name is not an argument for the PMT function.

Question 6

A cell name often is created from column and row titles.

Accepted Answer

A cell in a spreadsheet is identified by its column letter and row number, which are typically displayed in the column and row headers. Therefore, the name of a cell can be derived from these titles.

Question 7

Modified Multiple Choice An amortization schedule shows the ____ of a loan, and the amount of payment that applies to the principal and interest for each year over the life of the loan.
A) daily income
B) beginning balance
C) ending balance
D) daily cost

Accepted Answer

An amortization schedule shows the beginning balance and ending balance of a loan, as well as the amount of payment that applies to the principal and interest for each year over the life of the loan. Daily income and daily cost are not relevant to an amortization schedule.

Question 8

The FV function returns the future value of an investment based on periodic, constant payments and a constant interest rate.

Accepted Answer

The FV function in Excel calculates the future value of an investment based on periodic, constant payments and a constant interest rate.

Question 9

When Range Finder is active, you can drag the outlines from one cell to another cell to change the cells referenced in the formula, provided the cells have not been named.

Accepted Answer

When the Range Finder tool is active, you can drag the outlines from one cell to another to update the formula and reference different cells. However, this only works if the cells are not named – if they have been named, you would need to update the formula manually.

Question 10

Excel is case sensitive with respect to names of cells.

Accepted Answer

The answer of Excel is case sensitive with respect to...

Question 11

You cannot use column and row titles within formulas when you want to refer to the related data by name.

Accepted Answer

You can use column and row titles within formulas by using the INDIRECT function, which allows you to refer to cells by name.

Question 12

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

Accepted Answer

When a cell is formatted for a percent, Excel automatically multiplies the entered value by 100, so entering .5 would be interpreted as 50%.

Question 13

Assigning names to a cell or range of cells allows you to select them quickly.

Accepted Answer

Assigning names to cells or ranges of cells allows for quick selection and referencing. This feature is commonly used in larger spreadsheets with multiple data inputs where it can be challenging to navigate to particular sections.

Question 14

The PMT function has two arguments: rate and payment.

Accepted Answer

The answer of The PMT function has two arguments: rate...

Question 15

Modified Multiple Choice You can name a range by ____.
A) selecting a cell or range, tapping or clicking the Define Name button (FORMULAS tab | Define Names group)
B) selecting a cell or range, typing the name in the formula bar, and pressing the ENTER key

Accepted Answer

The answer of Modified Multiple Choice You can name a...

Question 16

Spreadsheet specialists usually format a worksheet before they enter any data.

Accepted Answer

The answer of Spreadsheet specialists usually format a worksheet before...

Question 17

Modified Multiple Choice Which of the following are financial functions?
A) PV
B) PMT
C) FV
D) SUM

Accepted Answer

PV (Present Value), PMT (Payments), and FV (Future Value) are all financial functions commonly used in finance and accounting calculations. SUM, on the other hand, is a mathematical function used for adding up numbers and is not specific to financial calculations.

Question 18

You can double-tap or double-click a cell with a formula and Excel will use Formula Seek to highlight the cells that provide data for the formula.

Accepted Answer

Double-tapping or double-clicking a cell with a formula will activate Formula Seek and highlight the cells that are used as input for that formula.

Question 19

If you enter a formula using Point mode and tap and click a cell that has an assigned name, then Excel will insert the name of the cell rather than the cell reference.

Accepted Answer

This is true. When using Point mode, Excel recognizes named ranges and will insert the name of the cell instead of the cell reference in the formula.

Question 20

Two of the more powerful aspects of Excel are its wide array of functions and its capability of organizing answers to what-if questions.

Accepted Answer

Excel's functions and what-if analysis are indeed powerful features.

Quiz 5: Excell: Financial Functions, Data Tables, and Amortization Schedules Question