Deck 4: Applying Logic in Decision Making

Question 1

The syntax of the IF function is =IF(logical_test,value_if_true,value_if_false).

Answer 1

True

Question 2

An IF function can be used to evaluate a logical test, such as determining if the 90-days past due balance is greater than 0, with only two resulting values: a value_if_true and a value_if_false.

Answer 2

True

Question 3

The AND function evaluates a list of logical arguments to determine if at least one of the arguments is TRUE.

Answer 3

False

Question 4

An IF function is a Boolean logical function that returns one value if a specified condition evaluates to TRUE, and the same value if the specified condition evaluates to FALSE.

Question 5

In a nested IF function, the second argument (value_if_true) and/or the third argument (value_if_false) cannot contain another IF function.

Question 6

If you want to compare the value 3 to the value 5 to see if 3 is greater than 5, you would enter the following formula: =3>5.

Question 7

For an OR function to be TRUE, at least one of its arguments must be TRUE.

Question 8

To test if neither L3 nor M3 is TRUE, you can use the none of construct.

Question 9

One approach to determining if none of the credit rules is TRUE for a specific customer is to figure out if each rule results in a FALSE value.

Question 10

Dun & Street (D&S) is one of the most widely used financial reporting services that provides, among other products, financial information about corporations and institutions.

Question 11

Excel provides unconditional formatting tools, which are tools you can use to identify a set of conditions and specify the formatting if those conditions are met.

Question 12

The NOT function takes only one argument and essentially changes a single TRUE value to FALSE, or a single FALSE value to TRUE.

Question 13

TRUE and FALSE are referred to as Boolean logical values.

Question 14

The syntax of the NOT function evaluates only a single TRUE or FALSE value, not a range of values.

Question 15

When laying out a complex IF function, a good way to proceed is to take the information and represent this process schematically in a bar chart.

Question 16

The formula =OR(K3:K21) returns a TRUE value if any of the values in K3 through K21 contain the value TRUE.

Question 17

Use the logical construct of OR(A1) to change a single TRUE to FALSE or a single FALSE to TRUE.

Question 18

In cases where you want to test criteria between a range of values, placing the logical tests in a specific order-either from highest to lowest or lowest to highest-can save a considerable amount of work.

Question 19

Relational operators can be used to evaluate dates.

Question 20

The term parent-child means that a function contains additional formulas and/or functions as one or more of its arguments.

Question 21

In the formula =(1+2)/3<>10, the numbers 1 and 2 are added after they are divided by 3.
____________________

Question 22

Dun & Bradstreet's credit rating includes a composite credit appraisal score that ranges from ____.

A) 1 to 4
B) 1 to 10
C) 1 to 100
D) A to Z

Question 23

Each value in the AND function can consist of cell references or a range of cells and functions that reduce to a single TRUE or FALSE value.
____________________

Question 24

For a(n) AND function to be TRUE, all of its arguments must be TRUE. ____________________

Question 25

Dun & Bradstreet's credit rating includes a classification ranging from ____ indicating the net worth category of the company.

A) 5A to HH
B) 1A to ZZ
C) 2B to 2Z
D) 1 to 100

Question 26

Use the NOT function to change a TRUE value to FALSE or a FALSE value to TRUE.
____________________

Question 27

The result of the formula =100>MAX(5,10,20) is FALSE. ____________________

Question 28

The NOT function evaluates only one logical argument to determine if it is FALSE.
____________________

Question 29

The Highlight Cells Rules submenu options called Equal To identify either duplicate values with a specific format or unique values. ____________________

Question 30

To apply an icon set and modify criteria rules, highlight the cell(s) to be formatted and then click the Conditional Formatting button to open the Conditional Formatting drop-down menu.
____________________

Question 31

The result of the formula =B3>=C3 where cell B3 contains the date 1/1/2010 and cell C3 contains the date 12/31/2009 is ____.

A) TRUE
B) FALSE
C) ERROR
D) EQUAL

Question 32

The function =C2="Hello" uses relational operators to evaluate text labels.
____________________

Question 33

NOT(H2=2) returns the value FALSE assuming that cell H2 contains any value other
than 2. ____________________

Question 34

With conditional formatting, if both types of formatting cannot be applied to the cell simultaneously, the rule that appears first in the rules list overrides other rules for that specific cell. ____________________

Question 35

Some examples of relational logical functions are AND, OR, and NOT.
____________________

Question 36

The Conditional Formatting tools allow you to insert colored bars (called info bars) in addition to standard formatting. ____________________

Question 37

The financial stress risk class is a rating from ____, indicating the risk of a company in financial distress, where 1 represents businesses with the lowest probability of risk.

A) 1 to 5
B) 1 to 4
C) 1 to 9
D) 1 to 99

Question 38

PAYDEX provides a score from 1 to 100, with 100 representing the worst payment record. ____________________

Question 39

You can use the ____ logical functions AND, OR, and NOT.

A) Boolean
B) Bradstreet
C) relational
D) simple

Question 40

=OR(I3>90,I4>90,I5>90,I6>90) returns a TRUE value if the values in cells I3, I4, I5,
and I6 all contain values of 90 or less. ____________________

Question 41

In the formula =(1+2)/3<>10, Excel evaluates ____ first.

A) 1+2
B) 2/3
C) 3<>10
D) 3/3

Question 42

The result of the formula =C1<=D1 where cell C1 contains the label "AA" and cell D1 contains the label "BB" is ____.

A) TRUE
B) FALSE
C) ERROR
D) EQUAL

Question 43

Relational expressions ____.

A) are not case sensitive
B) are case sensitive
C) only read uppercase letters
D) only read lowercase letters

Question 44

Excel interprets the formula =Goodbye>Hello, with no quotation marks, by ____.

A) looking for a range named Goodbye and a range named Hello
B) looking for a range named Hello and a range named Goodbye
C) returning the value TRUE
D) returning the value FALSE

Question 45

The >, >=, <, and <= operators also work with text, where a greater value is one that appears later in the ____.

A) alphabet
B) formula
C) worksheet
D) logic

Question 46

The result of the formula =100>MAX(5,10,20) is ____.

A) TRUE
B) FALSE
C) TRUE or FALSE
D) ERROR

Question 47

The OR function returns a value of FALSE if ____.

A) all arguments in the function are TRUE
B) one or more of the arguments in the function are TRUE
C) all arguments in the function are FALSE
D) one or more of the arguments in the function are TRUE

Question 48

The NOT function essentially changes the value ____.

A) TRUE to FALSE
B) FALSE to TRUE
C) either a or b
D) neither a nor b

Question 49

When all of the operands copy relatively, no ____ references are required.

A) absolute
B) relative
C) both a and b
D) neither a nor b

Question 50

Assuming that cell D4 contains the date 12/31/2013 and cell D1 contains the date 1/1/2014, you could write the formula =D4>=D1, and the result would be ____.

A) TRUE
B) FALSE
C) EQUAL
D) ERROR

Question 51

Dates are stored as ____.

A) text and numbers
B) sequential numbers
C) text only
D) a series of slashes and numbers

Question 52

An AND function returns a value of TRUE if ____.

A) all arguments in the function are TRUE
B) one or more of the arguments in the function are TRUE
C) all arguments in the function are FALSE
D) one or more of the arguments in the function are TRUE

Question 53

Relational expressions begin with a(n) ____.

A) equal sign
B) quotation mark
C) question mark
D) parenthesis

Question 54

If you entered the date 1/1/2014 directly into a formula, Excel interprets the entry as a ____.

A) numeric expression
B) date
C) both a and b
D) neither a nor b

Question 55

In the formula =B2=C2, the second equal sign is interpreted as ____.

A) the beginning of a formula
B) a relational operator
C) an absolute operator
D) a relative operator

Question 56

When you encounter the keywords either and or (meaning if either condition is met) followed by a specified outcome, the situation indicates the need for a(n) ____ function.

A) AND
B) OR
C) NOT
D) IF

Question 57

You can use dates in ____.

A) relational expressions
B) arithmetic expressions
C) both a and b
D) neither a nor b

Question 58

The formula =OR(25<24,MIN(1,10)<2,3<=2+1) returns a ____ value.

A) TRUE
B) FALSE
C) numeric
D) error

Question 59

The result of the formula =B3

A) TRUE
B) FALSE
C) ERROR
D) EQUAL

Question 60

=OR(FALSE,TRUE,TRUE) results in the final value of ____.

A) TRUE
B) FALSE
C) EQUAL
D) ERROR

Question 61

Excel ____ empty cells in a range of cells in an AND or OR function.

A) ignores
B) deletes
C) fills
D) highlights

Question 62

In conditional formatting, the last rule created will appear ____ the list, unless you change the order of the rules.

A) last in
B) first in
C) in the middle of
D) below

Question 63

After establishing both the relational operator and the condition, you need to specify the formatting to be applied if the condition is met, including ____.

A) font style and borders
B) font type and font size
C) both a and b
D) neither a nor b

Question 64

With the AND function, arguments can consist of ____.

A) cell references
B) a range of cells containing Boolean logical values
C) relational expressions
D) all of the above

Question 65

Excel provides ____ tools, which are tools you can use to identify a set of conditions and specify the formatting if those conditions are met.

A) Conditional Formatting
B) Unconditional Formatting
C) Conditional Editing
D) Unconditional Editing

Question 66

Unlike cell referencing within a worksheet, the default for conditional formatting is a(n) ____ cell reference.

A) relative
B) absolute
C) complex
D) simple

Question 67

A range can be used in a Boolean logical AND or OR function if the range refers to cells containing ____.

A) text values
B) TRUE or FALSE values
C) numeric values
D) absolute values

Question 68

Use the ____ button to launch the New Formatting Rule dialog box.

A) New Rule
B) New Formatting
C) New Launch
D) New

Question 69

If the conditions are not mutually exclusive, resulting in more than one specified condition being TRUE, the formatting ____.

A) of the last specified rule overrides those of earlier rules
B) of the first specified rule overrides those of later rules
C) defaults back to match the rest of the spreadsheet
D) is applied by merging the formatting of all of the conditions

Question 70

To remove all of the conditional formatting on a worksheet, select the Conditional Formatting button, select ____ in the drop-down menu, and then click Clear Rules from Entire Sheet.

A) Clear Rules
B) Clear Formatting
C) Clear Editing
D) Clear

Question 71

You can apply conditional formatting to cells based on ____.

A) the value in a cell
B) results of a specified formula that returns a Boolean value
C) the name of the function used in the cell
D) both a and b

Question 72

The syntax of the NOT function is as follows: ____.

A) NOT(logical1)
B) NOT(logical1,logical2,...)
C) NOT(reference1)
D) NOT(value1,value2,...)

Question 73

You can change the formatting of a cell quite easily using the formatting buttons on the ____ tab.

A) HOME
B) CREATE
C) EDIT
D) PROOF

Question 74

The syntax of the AND function is as follows: ____.

A) AND(logical1,logical2,...)
B) AND(value1,value2,...)
C) AND(ref1,ref2,ref3,...)
D) AND(if then,false then)

Question 75

The formula =NOT(K3:K21) will result in an answer of ____ if all cells in the range are TRUE.

A) TRUE
B) FALSE
C) SUM
D) none of the above

Question 76

NOT(FALSE) returns the value ____.

A) TRUE
B) FALSE
C) EQUAL
D) ERROR

Question 77

The Conditional Formatting Rules Manager dialog box can be used to ____.

A) create new rules
B) edit or delete existing rules
C) change the order of these rules
D) all of the above

Question 78

One of the easiest ways to use conditional formatting is to apply preset formats such as ____.

A) Data Bars
B) Color Scales
C) Icon Sets
D) all of the above

Question 79

The result of the formula =OR(I3:I21>90), where cell I5 is 92, is ____.

A) FALSE
B) TRUE
C) ERROR
D) both a and b

Question 80

After establishing the conditional formatting in one row, you can use the ____ tool to copy the formatting down the column to the remaining rows.

A) Format Painter
B) Paint
C) Format
D) Copy