1.

Suppose cell B10 contains the price of a stock in 5 months. Consider a 5 month European call option with an exercise price of
$40. The value of the call option in 5 months is $0 if the stock price in 5 months is <=$40. Otherwise the value of the call option
in 5 months is the Stock Price in 5 months - 40. How many of the following formulas will yield the correct value of the call
option?

• I. IF(B10>40,40-B10,0)
• II. IF(B10>40, B10-40,0)
• III. MAX(B10-40,0)
• IV. MIN( 0, 40-B10)

I


I and II


II and III


I and III


IV


I and IV
 2.
Refer to the screenshot below. Suppose you want to use a pivot table to summarize units sold by month, with each salesperson’s
name listed in a separate row and each month listed in a separate column. Identify the fields that should appear in the Rows,
Columns, and Values portion of the Pivot Table Areas section.

Rows: Name; Columns: Month; Values: Units Sold



Rows: Month; Columns: Name; Values: Units Sold



Rows: Units Sold; Columns: Month; Values: Name

3.
Suppose you have listed Le Napoleon's monthly sales of pear tortes in a twelve-sheet workbook. The first worksheet contains
January sales, the second worksheet February sales, etc. The pear torte sales are always listed in cell F7.

What multi-sheet (three-dimensional) formula would give the total pear torte sales for the months March-July, inclusive? Assume
that each worksheet is named with the month name only, spelled out in full.
 Include the equal sign at the beginning—for example, =SUM(A1:A24)—but do not include any unnecessary spaces or
parentheses in your response. Also do not anchor any cells—i.e., do not use any $ characters.

=SUM(MARCH:J ULY)

X4.
You are going to borrow $500,000 to buy a house. Assume an annual interest rate of 8%. The length of the loan is 30 years and
you are making payments at the end of each month. Your monthly payment is _____.

Enter just the number (no dollar sign), as a positive number, rounded to the nearest dollar; e.g., 4218.5 should be entered as 4219.

40000
 5.
Four relatives are going to give you money for your birthday. The amount each relative gives you is equally likely to be any
number between $0 and $200. The chance that the total amount of money you receive is at most $300 is ______.

Select the number closest to the following choices.

0.10


0.20


0.30


0.40
 6.
Based on the influence chart below, what is the outcome measure for this model?

Profit


Revenue


Fixed Cost


None of the above

 7.
You would like to show how the number of faculty at the end of year 10 depends on the quit
rate and number of annual hires. We would like for example, to have cell L10 give the number
of Year 10 faculty if we hire 1 faculty member a year and 10% quit each year. Using the
 information in the spreadsheets below, what would be the column input cell for the two-way
data table?

Please do not put any unnecessary spaces or () in your response.

F3
 8.
See the screenshot below, in which the value 1 has been entered in cell A1 and 2 in cell A2.
The user wants to use Auto Fill to create the series 1, 2, 3, 4, 5... What should the next step
be?

Select cell A1 and fill down



Select cell A2 and fill down



Select the range A1:A2 and fill down

 9.
Suppose you want to count the number of nonblank cells in the cell range A1:D100. What
formula (using only a single Excel function) would you use?

Include the equal sign at the beginning—for example, =SUM(A1:A24)—but do not include any
unnecessary spaces or parentheses in your response.

=COUNTA(A1:D100)

 10.
If you forget to create a pivot chart at the same time as a pivot table, you need to start over
and re-create the pivot table to be able to add a pivot chart.

True


False
 11.
You would like to show how the number of faculty at the end of year 10 depends on the quit
rate and number of annual hires. We would like for example, to have cell L10 give the number
of ending Year 10 faculty if we hire 1 faculty member a year and 10% quit each year. Using the
information in the spreadsheets below, what formula would be entered in cell J9?

Please do not put any unnecessary spaces or () in your response.

 =VLOOKUP(E5:E3,1)

 12.
Which key combination selects the cell at the intersection of the last-used column and last-
used row on a worksheet?

Ctrl-Home


Ctrl-End


Page Down


Ctrl-Page Down


Alt-Page Down
 13.
A company produces 3 products that use labor and raw material. The labor usage, raw
material usage, and profit per pound produced of each product are seen below. 500 hours of
labor and 300 pounds of raw material are available. If fractional pounds of each product can
be produced, what is the maximum profit the company can earn (rounded to the nearest
dollar)?

Assume demand for each product is unlimited. Enter just the number; e.g., 450.

600

 14.
Please download the file final.xlsx and refer to Worksheet A. Transaction 12 was the ___th
largest transaction in terms of the Total.

Enter just the cardinal number; e.g., 9.

22

 15.
An airline sells 120 tickets for a flight that seats 100. Each ticket is non-refundable and costs
$200. The unit cost of flying a passenger (fuel, food, etc.) is $80. If the flight is overbooked,
each person who does not find a seat is given $300 in cash. Assume it is equally likely that
any number of people between 91 and 120 show up for the flight. Rounded to the nearest
thousand (e.g., 18500 rounds to 19000), on the average how much expected profit (ignoring
fixed cost) will the flight generate?

Enter just the number; e.g., 11000.

 18000

 16.
You want to set up a worksheet so that only a certain range of cells will print when the sheet
is printed. Where can you click to access this option?

A. The File tab



B. The Page Layout tab



C. The Data tab



D. The Review tab



E. The View tab



F. The Add-Ins tab

 17.
The range shaded yellow in the screenshot below was selected and a line chart was inserted
using the Line button on the Insert menu. Which of the two charts shown below would have
been the result of this?

Chart A


Chart B
 18.
You would like to show how the number of faculty at the end of year 10 depends on the quit
rate and number of annual hires. We would like for example, to have cell L10 give the number
of Year 10 faculty if we hire 1 faculty member a year and 10% quit each year. Using the
information in the spreadsheets below, what would be the row input cell for a two-way data
table?

Note: If the answer is a formula, there is no need to begin that answer with =. Please do not
put any unnecessary spaces or () in your response.
 L1

 19.
See the screenshot below. What function can be used in cell G3 (and then copied through the
range G3:L9) to summarize the total number of units sold by month and salesperson? Assume
that the three columns of the dataset have been named Name, Month, and Units_Sold.

=SUBTOTAL(9,Units_Sold,Month,G$2,Name,$F3)


=SUBTOTAL(9,Units_Sold,Month=G$2,Name=$F3)


=SUMIF(Month,G$2,Name,$F3,Units_Sold)


=SUMIF(Month=G$2,Name=$F3,Units_Sold)


=SUMIFS(Units_Sold,Month,G$2,Name,$F3)


=SUMIFS(Units_Sold,Month=G$2,Name=$F3)


=AUTOSUM(Units_Sold,Month,G$2,Name,$F3)


=AUTOSUM (Units_Sold,Month=G$2,Name=$F3)
 20.
Based on the influence chart below, in order to compute revenue, it is sufficient to know the
values of _____ and _____.

Demand...Elasticity


Price...Elasticity


Demand...Price


Demand...Variable Cost
 21.
Cell F7 tells whether or not we own or not own a stock at the beginning of a day Cell G7 gives
the price of the stock at the end of the day. We decide whether to buy the stock, sell the stock
or take no action based on the following rule:

• If end price >=$50 and we own stock we will sell.

• If end price <=$35 and we do not own the stock we will buy.
• Otherwise we take no action.

Choose the formula that will correctly implement this strategy.

IF(AND(F7="not own",G7>=50),"sell",IF(AND(F7=" own",G7<=35),"buy","none"))



IF(AND(F7="own",G7>=50),"sell",IF(AND(F7="not own",G7<=35),"buy","none"))


IF(AND(F7="own",G7>=50),"sell",IF(AND(F7="not own",G7<=35),"sell","none"))


IF(F7="own",G7>=50),"sell",IF( (F7="not own",G7<=35),"buy","none"))



None of the above

 22.
You are given the three dates shown below. If you add up the year in which each date
occurred and the month in which each date occurred what is your total? For example, if a date
were in August 2005 the date would contribute 2005 +8 to our total sum.

Enter just the number; e.g., 2780.

10920

 23.
See the screenshot below. What function can be used in cell E5 to find the unit sales of the
person selected in cell E4? (Assume that the range A1:B20 has been named lookup.)


=LOOKUP(E4,lookup,B,TRUE)


=LOOKUP(E4,lookup,B,FALSE)


=VLOOKUP(E4,lookup,2,TRUE)


=VLOOKUP(E4,lookup,2,FALSE)


=HLOOKUP(E4,lookup,2,TRUE)


=HLOOKUP(E4,lookup,2,FALSE)
 24.
You have been handed a spreadsheet that contains a formula in cell D10 that computes Year
10 profits. You want to display all cells that are used to compute Year 10 Profits. You should
select which tool from the Ribbon (two-word answer)?

trace precedents

 25.
Please refer to Worksheet B in the file final.xlsx. The sum of the first digits of all numbers
listed in column A is ____. (For example, the first number has a first digit of 1.)

Enter just the number; e.g., 218.

23242805.63

 26.
Please download the file final.xlsx and refer to Worksheet A. The fifth largest transaction in
terms of quantity sold is transaction number ____.

11

 27.
Refer to the screenshot below, in which cell A1 is selected. You hold down the Ctrl and Shift
keys and press the down arrow once. Which cell(s) are now selected?

The range A1:A5


 The range A1:A6


The range A1:A10



Cell A1 and cell A5



Cell A1 and cell A10

 28.
Refer to the screenshot below. Suppose we want to use the Subtotal feature to create a
summary of our sales data that lists the total units sold by each salesperson in January,
followed by the total units sold by each salesperson in February, etc. What sort order should
be implemented before running the subtotals?

Sort by Month


Sort by Name


Sort by Units Sold



Sort by Name, then Month



Sort by Month, then Name



Sort by Units Sold, then Month

 29.
We have created 50 range names and want to delete 10 of the range names. We should go to
the ______ button.

Create from Selection



Define Name


Name Manager


Evaluate Formula
 30.
Please download the file final.xlsx and refer to Worksheet A. The standard deviation (assume
that the dataset represents a sample, not a population) of the quantity sold per transaction is
________.

Round your answer to the nearest whole number, and enter just the number; e.g., enter 71.5 as
72.

38

 31.
For the names listed below you would like to put each person's first name in Column F and
each person's last name in column G. The easiest way to do this is use the _____________
feature.

Remove Duplicates


Flash Fill


Data Validation


Consolidate
 32.
In the screenshot below, the New Comment button is about to be added to the Quick Access
Toolbar. What does this mean?

The button will move out of the Review tab and will instead be available through a hotkey
combination.


The button will stay on the Review tab and will also be available through a hotkey
combination.


The button will stay on the Review tab and will appear near the top left of the Excel window,
above the Ribbon. It is available no matter what tab is selected.
 33.
Consider the cash flows seen here. The Internal Rate of return on the cash flows in the
screenshot below (rounded to the nearest 1%) is ____________. (Note that date is in MM/DD/YYYY
format.)

Enter just the number; e.g., 18%.

25%

 34.
Refer to the screenshot below. Which of the following is another way of retrieving the
appropriate value for unit sales, given a name entered in cell E4?

=INDEX(B1:B20, MATCH(E4,A2:A20,0))


=INDEX(B2:B20, MATCH(E4,A2:A20,0))


=INDEX(B1:B20, MATCH(E4,A2:A20,1))


=INDEX(B2:B20, MATCH(E4,A2:A20,1))


=MATCH(E4,INDEX(B1:B20),0)


=MATCH(E4,INDEX(B2:B20),0)


=MATCH(E4,INDEX(B1:B20),1)


=MATCH(E4,INDEX(B2:B20),1)
 35.
When creating a chart from a selection of cells, how does Excel decide what to put along the
x-axis and what to put in the legend?


The data in the leftmost column goes along the x-axis and the remainder goes in the legend.


The labels along the top determine what is appropriate to place in the legend.


Whatever there are more examples of goes along the x-axis, and whatever there are fewer
examples of goes in the legend.
 36.
A university begins Year 1 with 80 faculty. They hire 4 faculty each year. During each year
10% (rounded to the nearest integer) of the faculty present at the beginning of the year leave
the university. For example, in a year where there are 73 faculty at the beginning of the year, 7
would leave the university at the end of the year. The university wants to know how many
faculty they will have at the end of year 10. The resulting spreadsheet can be found below. In
cell G9 the first cell address referred to was cell E9. If the formula is entered in cell G9 and is
copied down to G10:G18, what is it followed by?

-ROUND(E9*$E$3,0)


+INT($E$3*E9,0)


-ROUNDUP(E9*$E$3,0)


None of the above

 37.
A university begins Year 1 with 80 faculty. They hire 4 faculty each year. During each year
10% (rounded to the nearest integer) of the faculty present at the beginning of the year leave
the university. For example, in a year where there are 73 faculty at the beginning of the year, 7
would leave the university at the end of the year. The university wants to know how many
faculty they will have at the end of year 10. The resulting spreadsheet can be found below.
The formula copied down from E10 to E11:E18 was ___________.

Note: If the answer is a formula, there is no need to begin that answer with =. Please do not
put any unnecessary spaces or () in your response.

ROUNDUP(E9*$E$3,

 38.
 You want to average the numbers in the range B1:B30. You have named this range of cells
Data and wish to use this range name in your formula. After typing Average( you should select
the ______ key.

F4


F5


F3


Control
 39.
Suppose we want to highlight the year number for each year during which sales were at least
5% higher than the previous year. We would begin by selecting the cell range D6:D12 and
choose Conditional Formatting from the Ribbon. Then you would select new rules followed by
the Use a Formula option. Finally you would enter the following formula.

(E5/E4)>1.05


($E$6/E5)>1.05


(E6/E5)>1.05


(E6/E5)>.05
 40.
See the screenshot below. What function can be used in cell G8 to compute total revenue?

=PRODUCT(G3:G6,H3:H6)


=PRODUCT(G3:G6*H3:H6)


=PRODUCT(G3:H6)


=SUMPRODUCT(G3:G6,H3:H6)


=SUMPRODUCT(G3:G6*H3:H6)


=SUMPRODUCT(G3:H6)


=MMULT(G3:G6,H3:H6)


=MMULT(G3:G6*H3:H6)


=MMULT(G3:H6)
 41.
The value in cell A1 of a spreadsheet is needed to compute the value in cell E3. The value in
cell E3 is needed to compute the value in cell E10. The value in cell E10 is needed to compute
the value in cell A1. This spreadsheet contains a __________ reference.

circular

 42.
Once you create and customize a chart, if you want to change the data that the chart is based
on (e.g., chart Quarter 4 sales rather than Quarter 3 sales), it is simplest to start over.

True


False
 43.
Refer to the screenshot below. What function can be used in cell G3 (and then copied through
the range G3:L9) to summarize the total number of transactions (assume that each row in the
dataset represents one transaction) by month and salesperson? Again assume that the three
columns of the dataset have been named Name, Month, and Units_Sold.

=SUBTOTAL(Name,$F3,Month,G$2)


=SUBTOTAL(Name=$F3,Month=G$2)


=COUNTA(Name,$F3,Month,G$2)


=COUNTA(Name=$F3,Month=G$2)


=COUNTIF(Name,$F3,Month,G$2)


=COUNTIF(Name=$F3,Month=G$2)


=COUNTIFS(Name,$F3,Month,G$2)


=COUNTIFS(Name=$F3,Month=G$2)
 44.
Please download the file final.xlsx and refer to Worksheet A. The average (mean) quantity
sold per transaction is _________.

Round your answer to the nearest whole number, and enter just the number; e.g., enter 71.5 as
72.

45.
A company has revenue of $1000 in 2009. Our current estimate is that revenues will grow 25%
per year. Our profit each year will equal 20% of revenue. What annual growth rate (rounded to
the nearest 1%) in revenue would yield a total profit of $15,000 for years 2009-2015 for this
situation. Enter just the number; e.g., 65%.

80%

 46.
Please download the file final.xlsx and refer to Worksheet B for the following question. How
many of the listed numbers have a first digit less than or equal to 4?

Enter just the number; e.g., 76.

25

 47.
Based on the influence chart below, what are the decision variable(s) for this model?


Price and elasticity



Price and fixed cost



Price


Elasticity and fixed cost

 48.
Please download the file final.xlsx and refer to Worksheet B. The sum of the second digits of
all numbers listed in column A is ___. (For example, the second number listed has a second
digit of 4.)

Enter just the number; e.g., 91.

138

 49.
Cells E5:E12 of the figure below give the actual sales of a product the first 8 years the product
was on the market. In column F we want to compute the cumulative sales for each year. For
example, for Year 3 cumulative sales were 77+58+78 = 213. Which of the following formulas
would efficiently compute cumulative sales if we could copy from F5 to F6:F12?

SUM($E5:E5)


SUM(E5:E5)


SUM($E$5:E5)


None of the above

 50.
Suppose we want to change the formula SUM(A2:A10) to SUM(A$2:A$10). After selecting
A2:A10 we should click on the _____________ key.


F4


F5


F3


Control


Dollar Sign
 51.
Consider the cash flows seen here. If we discount cash flows at 10% per year, the Net Present
Value (rounded to the nearest dollar) of these cash flows as of 4/10/2011 is _____. (Note that
date is in MM/DD/YYYY format.)

-960

 52.
You are working with a file and want to save it as a .csv file, rather than .xlsx. Where can you
click to access this option?

A. The File tab



B. The Save icon



C. The Data tab



D. The Review tab



E. The View tab



F. The Add-Ins tab

 53.
Refer to the screenshot below, in which row 5 is selected. When Delete is clicked, what will
happen?


Row 5 will be deleted, and the current row 6 will become row 5.


The value in cell A5 will be cleared out.



The values in all of row 5 will be cleared out.

 54.
In the spreadsheet shown below, we computed profit earned by selling houses by entering the
formula =F8-E8 in cell G8 and copying it down to G9:G11. We used the word open to denote a
house that is not yet sold. Unfortunately, when a house has not yet been sold our spreadsheet
shows the #VALUE error, because you cannot subtract the buy price from the word open. We
would like to "error trap" Column G so that when a house has been sold the correct profit has
been computed and if the house has not yet been sold a _ will be entered in Column G. How
many of the following formulas could be entered in cell G8 and copied down to G9:G11 to
achieve this goal?

• I. IFERROR(F8-E8,"_ ")
• II. ISERROR(F8-E8," _")
• III. IF(COUNT(G8)>0,F8-E8,"_")
• IV. IFERROR(F8-E8,_)
• V. IFERROR(E8-F8,"_ ")

Just I


Just I and II


Just III


Just I and III



Just IV


Just I and IV


Just I and V
 55.
A company has revenue of $1000 in 2009. Our current estimate is that revenues will grow 25%
per year. Our profit each year will equal 20% of revenue. What is the total value (rounded to
the nearest dollar) of all revenues earned during the years 2009-2015?

Enter just the number; e.g., 18491.

6723

 56.
A company produces products at 2 plants each of which have a capacity of producing 75 units.
50 units of each product must be shipped to each of three customers. We know the cost of
shipping a unit of the product from each plant to each customer. Our goal is to minimize the
total cost of shipping the needed units to the customers. If we use the Excel Solver to try and
minimize the total cost of meeting customer demand we will need how many variable cells?

2


6


3


None of the above

 57.
Refer to the screenshot below. Suppose we would like to create a drop-down box in cell E4 so
that the user could enter a name by selecting the name from a list. One way of accomplishing
this would be via the _________ (two-word answer) feature from the Ribbon.

data validation

 58.
If you have a pivot table and a pivot chart, each will respond to changes made in the other;
e.g., if you filter the pivot table to show only sales made in the East, the pivot chart will
automatically display only East sales as well.

True


False