Question 1

RATE

Accepted Answer

calculates the interest rate earned for an investment given the number of payments made as part of the investment, the payment amount, and the current value of the investment. (nper, pmt, pv, [fv], [type], [guess]), =RATE(Number of Payments, Monthly Payment Amount, Loan Amount)*12

Question 2

EFFECT

Accepted Answer

calculates the annual percentage rate for an interest rate given the number of times per year that interest is charged. (nominal_rate, npery).  =effect(Interest Rate, Number of Payments per year)

Question 3

NPER

Accepted Answer

calculates the number of payments that will be made to pay off a loan given the interest rate, payment amount, and original loan amount., (rate, pmt, pv, [fv], [type]), =NPER(Interest Rate/12, Monthly Payment Amount, Loan Amount)

Question 4

PMT

Accepted Answer

calculates the payment amount for a loan given the interest rate, number of payments to be made to pay off the loan, and the original loan amount., (rate, nper, pv, [fv], [type]), =PMT(Interest Rate/12, Number of Payments, Loan Amount)

Question 5

PV

Accepted Answer

calculates the current value (accounting for compounding interest) of an investment given the interest rate, number of payments to be made, and the amount of the payment., (rate, nper, pmt, [fv], [type]), =PV(Interest Rate/12, Number of Months, Monthly Payment Amount)

Question 6

FV

Accepted Answer

calculates the future value of an investment given the interest rate, number of payments to be made, and the amount of the payment., (rate, nper, pmt, [pv], [type]), =FV(Interest Rate, Savings per Month, Number of Months)

Question 7

COUNT

Accepted Answer

=COUNT(range)

Question 8

COUNTIF

Accepted Answer

=COUNTIF(range, criteria)

Question 9

SUMIF

Accepted Answer

=SUMIF(range, criteria, [sum_range])

Question 10

AVERAGEIF

Accepted Answer

=AVERAGEIF(range, criteria, [average_range])

Question 11

VLOOKUP

Accepted Answer

=VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

Question 12

HLOOKUP

Accepted Answer

=HLOOKUP(lookup_value, table_array, row_index_number, [range_lookup])

Question 13

TODAY ()

Accepted Answer

returns the current date

Question 14

NOW ()

Accepted Answer

returns the current time

Question 15

DAY (serial_number)

Accepted Answer

returns the day portion of a date (a number between 1 and 31)

Question 16

MONTH (serial_number)

Accepted Answer

returns the month portion of a date (a number between 1 and 12)

Question 17

YEAR (serial_number)

Accepted Answer

returns the year portion of a date (a number between 1900 and 9999)

Question 18

WEEKDAY (serial_number, [return_type])

Accepted Answer

returns the day of the week for a date

Question 19

WEEKNUM (serial_number, [return_type])

Accepted Answer

returns the week of the year for a date

Question 20

HOUR (serial_number)

Accepted Answer

returns the hour portion of a time as a number from 0 to 23

Question 21

MINUTE (serial_number)

Accepted Answer

returns the minute portion of a time as a number from 0 to 59

Question 22

SECOND (serial_number)

Accepted Answer

returns the second portion of a time as a number from 0 to 59

Question 23

LEN (text)

Accepted Answer

returns the length, in number of characters, of a block of text

Question 24

SEARCH (find_text,within_text, [start_num])

Accepted Answer

returns the position of a specific character, word, or phrase within a block of text

Question 25

LEFT (text,[num_chars])

Accepted Answer

returns a specified number of characters starting from the beginning of a block of text

Question 26

MID(text,start_num,num_chars)

Accepted Answer

returns a specified number of character from the middle of a block of text

Question 27

RIGHT(text,[num_chars])

Accepted Answer

returns a specified number of characters starting from the end of a block of text

Question 28

UPPER (text)

Accepted Answer

converts a block of text to all upper-case characters

Question 29

LOWER (text)

Accepted Answer

converts a block of text to all lower-case characters

Question 30

PROPER (text)

Accepted Answer

converts a block of text to title-case (the first letter of each new word is capitalized)

Question 31

CONCATENATE (text1,[text2],...)

Accepted Answer

combines blocks of text

Question 32

SUBSTITUTE (text,old_text,new_text,[instance_num])

Accepted Answer

replaces specified characters, words, or phrases within a block of text with new characters, words, or phrases

Question 33

Quantity Demanded

Accepted Answer

DemandIntercept-DemandSlope*Price

Question 34

Quantity Supplied

Accepted Answer

SupplyIntercept + SupplySlope * Price

Question 35

Revenue

Accepted Answer

=MIN(Quantity Demanded:Quantity Supplied)*Price

Question 36

Total Variable Costs

Accepted Answer

=MIN(Quantity Demanded:Quantity Supplied)*Cost

Question 37

Total Costs

Accepted Answer

=SUM(Total Variable Costs:Fixed Costs)

Question 38

Total Profit

Accepted Answer

Total Revenue-Total Costs

Question 39

Where to click to add another row

Accepted Answer

highlight row immediately below where you want to insert

Question 40

Where to click to add another column

Accepted Answer

hi-light row immediately to the right

Question 41

Autosum

Accepted Answer

finding the sum of all of the cells specified

Question 42

AVG()

Accepted Answer

average

Question 43

MAX()

Accepted Answer

Maximum

Question 44

Min()

Accepted Answer

Minimum, returns smallest value in a set of numbers

Question 45

How to find the 2nd least expensive

Accepted Answer

=small(hilight, 2)

Question 46

Evaluates if a function is true or false

Accepted Answer

=if()

Question 47

Boolean expression

Accepted Answer

an expression that evaluates if something is true or false

Question 48

How many "ands" can be in a function

Accepted Answer

255

Question 49

If/and function

Accepted Answer

If(and(......); true, false)

Question 50

if/or function

Accepted Answer

if(or(.....); true, false)

Question 51

Breakdown of If Clause: If ( x, y, z)

Accepted Answer

x= expression to be evaluated
y=if true
z= if false

Question 52

Counts all of the numbers in range of an argument (ONLY NUMBERS)

Accepted Answer

=COUNT()

Question 53

Counts every non-blank cell in a range of values (NUMBERS AND LETTERS)

Accepted Answer

=COUNTA()

Question 54

Combining results of Boolean results to 1 expression

Accepted Answer

=AND()

Question 55

evaluates as true if any of the arguments are evaluated as true

Accepted Answer

=OR()

Question 56

Allows function to flip a Boolean result

Accepted Answer

=NOT()

Question 57

Can still take a count, but have a condition about the values (example, ranges of one and two, only looking for 2)

Accepted Answer

=COUNTIF()

Question 58

Look for matches within a range and add corresponding value for each match (ex. you only want to add up the values greater than 5)

Accepted Answer

=SUMIF()

Question 59

Using a table of data and letting excel find the exact match within the table range (With Columns)

Accepted Answer

=VLOOKUP()

Question 60

Using a reference table that you can look up values from (Horizontally)

Accepted Answer

=HLOOKUP()

Question 61

=VLOOKUP(LookupValue, Table_Array, Column Index #, [range lookup]) (what do all of these mean?)

Accepted Answer

Look up Value - what you want to be analyzed, table_array-location of reference table, Column Index - # of the table array where you want info to be returned (ex. second column of the data table), range look up- true:approximate match false:exact match

Question 62

With time and date, everything to the _____ of the decimal is a number, everything to the ____________ of the decimal is time

Accepted Answer

left, right

Question 63

to determine what week day it is

Accepted Answer

weekday()

Question 64

Weekday(serial_#, [return_type])

Accepted Answer

Serial # = Date	return type= How you want the first day of the week to be (1= Sunday)

ISTM exam 2