Podcast
Questions and Answers
Which function is best for applying a set of rules that cannot be calculated by a formula?
Which function is best for applying a set of rules that cannot be calculated by a formula?
- =IF function
- =PMT function
- =VLOOKUP function (correct)
- simply by using appropriate formulas like '=C2 * 5' or whatever is necessary
- None of the above
What value will be returned by the function =IF(B6>C6,C6A1,C6A2) given that B6=10, C6=20, A1=2, A2=3?
What value will be returned by the function =IF(B6>C6,C6A1,C6A2) given that B6=10, C6=20, A1=2, A2=3?
- 50
- 90
- 40
- 60 (correct)
- 10
How will the entry =B$3 appear when copied to a cell two columns to the right and five rows down?
How will the entry =B$3 appear when copied to a cell two columns to the right and five rows down?
- =D$3 (correct)
- =$B6
- =B$3
- =D$6
Which of the following is an example of an absolute cell reference?
Which of the following is an example of an absolute cell reference?
If cell D15 contains the formula =$C$5*D15, what type of reference is D15 in the formula?
If cell D15 contains the formula =$C$5*D15, what type of reference is D15 in the formula?
How was the formula in H5 ultimately entered correctly?
How was the formula in H5 ultimately entered correctly?
Which formula was used in cell I5 to calculate the total admission fees?
Which formula was used in cell I5 to calculate the total admission fees?
To use text in an IF function, it must be enclosed in:
To use text in an IF function, it must be enclosed in:
What's the formula of B17?
What's the formula of B17?
What's the formula of B16?
What's the formula of B16?
What's the formula of D19?
What's the formula of D19?
In a VLOOKUP function, what is the lookup value?
In a VLOOKUP function, what is the lookup value?
The outcome of the IF statement =IF((B10+5)>C10,B10,C10) where cell B10=5 and cell C10=19 is?
The outcome of the IF statement =IF((B10+5)>C10,B10,C10) where cell B10=5 and cell C10=19 is?
Which formula would give the monthly car payment if I purchased a car for $15,000 at 1.9% interest for 3 years?
Which formula would give the monthly car payment if I purchased a car for $15,000 at 1.9% interest for 3 years?
While using formulas, ___________ error is displayed in the formula bar when a cell reference is not valid.
While using formulas, ___________ error is displayed in the formula bar when a cell reference is not valid.
In the =PMT function, the PV is:
In the =PMT function, the PV is:
You'll never break even if you have...
You'll never break even if you have...
If a course percentage is in cell S4, what is wrong with this VLOOKUP statement when displaying the student's letter grade?
If a course percentage is in cell S4, what is wrong with this VLOOKUP statement when displaying the student's letter grade?
Study Notes
VLOOKUP Function
- VLOOKUP function is used to apply specific rules to multiple cells in Excel, ideal for scenarios like commission structures.
- Primary choices for similar tasks include IF function, PMT function, and direct formulas.
IF Function Examples
- The formula
=IF(B6>C6,C6*A1,C6*A2)evaluates the values in cells B6 and C6, applying different formulas depending on the condition.
Absolute and Relative References
- A formula like
=B$3retains the row reference when copied vertically but adjusts the column reference. - Absolute cell reference is denoted by
$, such as$C$4, ensuring the reference does not change when copied.
Circular References
- A circular reference occurs when a formula refers to its own cell, e.g.,
=$C$5*D15in D15.
Correct Formula Usage
- Correct formula entry examples include
=F5/$F$12and=F5*B$14, demonstrating proper use of absolute and mixed references.
Text in IF Functions
- Text used in IF functions must be enclosed in double quote marks for proper handling.
Common Functions
- AVERAGE and SUM functions are frequently used to compute averages and totals, such as
=AVERAGE(B8:B12)and=SUM(B8:B12).
Lookup Value in VLOOKUP
- The lookup value in a VLOOKUP function is a reference to a cell containing a value to search for within a specified range.
IF Statement Outcomes
- The IF statement
=IF((B10+5)>C10,B10,C10)evaluates to either the value in B10 or C10 based on the condition provided.
PMT Function
- The PMT function calculates loan payments, requiring inputs like interest rate and number of periods, e.g.,
=PMT(0.019/12,36,-15000)for monthly payments on a car loan.
Error Handling
- A
#REF!error indicates an invalid cell reference in a formula, signalling issues with referenced cells.
Present Value in PMT Function
- In the PMT function, PV (present value) refers to the total amount of the loan, which affects the payment calculation.
Factors Affecting Profitability
- Negative profit per period can prevent a business from breaking even, highlighting a crucial aspect of financial analysis.
VLOOKUP Challenges
- Using VLOOKUP requires ensuring proper references; for instance, if a grading table lacks absolute references, it could fail to accurately reflect lookups based on input values.
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Description
Test your knowledge of key Excel functions like VLOOKUP and IF. This quiz covers absolute and relative references, circular references, and proper formula usage. Prepare to apply specific rules in Excel for practical scenarios.
