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.

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.

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.

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.

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.

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.

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.

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.

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)?
 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.

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

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.

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%.

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.
 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.

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%.

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.

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.

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.)

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.

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.

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