Spreadsheet Modeling – FIX YOUR ANSWERS
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Question
Answer Options
Correct Answer
1
Based on the influence chart below, in order to compute revenue, it is sufficient to know t he values of _____ and _____.
• Demand...Elasticity • Price...Elasticity • Demand...Price • Demand...Variable Cost
Demand… Price
2
Please download the file Workbook 1.xlsx for the following problem. The standard deviation (assume that the dataset represents a sample, not a population) of t he 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.
Notes: =stdeva(B2:B101)
MY GUESS: 36
3
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— beginning—for example, =SUM(A1:A24)— =SUM(A1:A24)—but do not include any unnecessary spaces or parentheses in your response.
4
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 m eeting customer demand we will need how many variable cells?
MY GUESS: COUNTBLANK( A1:D100)
•2 • 6 • 3 • None of the above
MY GUESS: 2
Notes:
VC: Product, shipping(?) Constraints: Can’t make more than demand (50 units customer)
swssaz
5
Please download the file Workbook 1.xlsx for the following problem. 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
6
See the screenshot below. What function can be used in cell G3 (and then copied through the range G3:L9) to summ arize the total number of units sold by m onth and salesperson? Assume that the three columns of t he dataset have been named Name, Month, and Units_Sold.
=SUMIFS(Units_ Sold,Month,G$2, Name,$F3)
7
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. I f 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. unlimited. Enter just the number; e.g., 450.
8
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?
9
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.
• =SUBTOTAL(9,Units_Sold =SUBTOTAL(9,Units_Sold,Month,G$2,Name,$F3) ,Month,G$2,Name,$F3) • =SUBTOTAL(9,Units_Sold =SUBTOTAL(9,Units_Sold,Month=G$2,Name=$F3) ,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 =SUMIFS(Units_Sold,Month=G$2,Name=$F3) ,Name=$F3) • =AUTOSUM(Units_Sold,Month,G$2,Name,$F3) • =AUTOSUM (Units_Sold,Month=G$2,Name=$F3)
600
• 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 MY GUESS: 42
10
Based on the influence chart below, what is the outcome measure for this model?
• Profit • Revenue • Fixed Cost • None of the above
Profit
11
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 t he 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 t o 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$3,0) • None of the above
ROUND(E9*$E$ 3,0)
12
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)
=SUMPRODUC T(G3:G6,H3:H6)
13
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 i n the spreadsheets below, what formula would be entered in cell J9? Please do not put any unnecessary spaces or () in your response.
MY GUESS: =D18+1*.9
14
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.
6024
15
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
Flash Fill
16
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
Price
17
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
(E6/E5)>1.05
18
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
(My guess: Just I and III)
19
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 t he stock, sell the stock or take no action based on the f ollowing rule: • If end price >=$50 and we own st ock we will sell. • If end price <=$35 and we do not own the stock we will buy.
•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(AND(F7="ow n",G7>=50),"sell" ,IF(AND(F7="not own",G7<=35),"b uy","none"))
• Otherwise we take no action. Choose the formula that will correctly implement this st rategy.
•IF(F7="own",G7>=50),"sell",IF( (F7="not own",G7<=35),"buy","none")) •None of the above
20
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 m onth 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
Rows: Name; Columns: Month; Values: Units Sold
21
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
F3
22
We have created 50 range names and want to delete 10 of the range names. We should go to the ______ but ton.
• Create from Selection • Define Name • Name Manager • Evaluate Formula
Name Manager
23
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
FALSE
24
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.
(My guess :E3)
25
Consider the cash flows seen here. If we discount cash flows at 10% per year, the Net Present Value (rounded to t he nearest dollar) of these cash flows as of 4/10/2011 is _____.
(MY guess -262) -247 $433
26
Consider the cash flows seen here. The Internal Rate of return on the cash flows (rounded to the nearest 1%) is ____________. Enter just the number; e.g., 18%.
(My guess: 34%)
27
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.
Initial answer: =SUM(January: December!F7)
28
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 t he 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 t o F6:F12?
CORRECT ANSWER: =SUM(March:Jul y!F7)
• SUM($E5:E5) • SUM(E5:E5) • SUM($E$5:E5) • None of the above
• None of the above
29
Please download the file Workbook 1.xlsx for the following problem. The sum of the first digits of all numbers listed in column A is ____. (For example, the f irst number has a first digit of 1.) Enter just the number; e.g., 218.
108
30
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 $15,000 for years 2009-2015 for this situation. Enter just the num ber; e.g., 65%.
(My guess 32%)
31
You have been handed a spreadsheet that contains a formula in cell D10 that computes Year 10 profits. You want to display all cells that are used to compute Year 10 Profits. You should select which tool from the Ribbon (two-word answer)?
Trace Precedents
32
The value in cell A1 of a spreadsheet is needed to compute the value in cell E3. The value in cell E3 is needed to compute the value in cell E10. The value in cell E10 is needed to compute the value in cell A1. This spreadsheet contains a _______ reference.
33
Refer to the screenshot below. What function can be used in cell G3 (and then copied through the range G3:L9) t o summarize the total number of transactions (assume that each row in t he dataset represents one transaction) by mont h and salesperson? Again assume that the three columns of the dataset have been named Name, Month, and Units_Sold.
• =SUBTOTAL(Name,$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$2)
=COUNTIFS(Na me,$F3,Month,G $2)
34
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 t he 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
II and III
35
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 li st. One way of accomplishing this would be via the _________ (two-word answer) feature from the Ribbon.
36
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, t he pivot chart will automatically display only East sales as well.
37
Please download the file Workbook 1.xlsx for the following problem. Transaction 12 was the ___th largest transaction in terms of the Total. Enter just the cardinal number; e.g., 9.
38
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?
Circular
Data Validation
True False
True
64
• =INDEX(B1:B20, M ATCH(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)
• =INDEX(B2:B20, MATCH(E4,A2:A 20,0))
• =MATCH(E4,INDEX(B1:B20),1) • =MATCH(E4,INDEX(B2:B20),1) 39
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)
=VLOOKUP(E4,l ookup,2,FALSE)
40
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 f light generate? Enter just the number; e.g., 11000.
41
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.
42
Please download the file Workbook 1.xlsx for the following problem. How many of the listed numbers have a first digit less than or equal to 4? Enter just the number; e.g., 76.
(My guess: 24)\CORRECT ANSWER: 25
43
Please download the file Workbook 1.xlsx for the following problem. 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.
88
44
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.
3669
45
Please download the file Workbook 1.xlsx for the following problem. The fifth largest transaction in terms of quantity sold is transaction number ____.
11
(My guess 11000) CORRECT ANSWERS: 12300
• 0.10 • 0.20 • 0.30 • 0.40
.20
