Test Bank For Exploring Microsoft Office Excel 2016 Comprehensive 1st Edition Download

Test Bank for Exploring Microsoft Office Excel 2016 Comprehensive 1st Edition
Test Bank for Exploring Microsoft Office Excel 2016

Comprehensive 1st Edition
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-comprehensive-1st-edition/
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Exploring Microsoft Office Excel 2016 Comprehensive (Poatsy/Grauer)
Chapter 6 What-If Analysis
1) Which of these characters is not an acceptable character to use in a range name?

A) _
B) z
C) !
D) 1
Answer: C
Diff: 1
Objective: 1 Create and Maintain Range Names
2) What is a benefit of using a range name in Excel?

A) Range names are easier for people to remember than cell references.
B) Range names inherently make calculations more accurate.
C) Range names make the data more portable to other applications.
D) Range names are required when using financial functions.
Answer: A
Diff: 2
3) To create range names for multiple cells at once, use the ________ tool.
A) Namer
B) Range Creator
C) Defined Names
D) Create from Selection
Answer: D
Diff: 2
4) What tool would you use to rename a named range?

A) A range cannot be renamed.
B) Define Names
C) Name Manager
D) Range Tool
Answer: C
Diff: 2
1
Copyright © 2017 Pearson Education, Inc.
5) If cell B5 contains the value 6 and is named Quantity and cell C6 contains the value 3 and is
named Unit_Price, what would the formula =Quantity*Unit_Price display in D6?
A) Quantity*Unit_Price
B) 18
C) 9
D) #ERROR
Answer: B
Diff: 2
6) ________ values replace the original value of a variable in a data table.

A) Primary
B) Substitution
C) Table
D) Range
Answer: B
Diff: 1
Objective: 2 Create a One-Variable Data Table
7) To add a column header of Payment for the calculation column in a one-variable data table,
Select the cell with the calculation formula and then ________.
A) type Payment in the cell and format as desired
B) select Custom Number format and type Payment in the type box
C) select Custom Number format and type "Payment" in the type box
D) open the one-variable analysis dialog and type Payment in the header field
Answer: C
Diff: 2
8) The What-If Analysis tool is on the ________ tab.

A) Data
B) Home
C) View
D) Insert
Answer: A
Diff: 2
9) A one-variable data table can be built ________.

A) vertically
B) horizontally
C) in column A
D) either horizontally or vertically
Answer: D
Diff: 2
2
10) Which of these would be a good candidate for a one-variable data table and payment
function?
A) Finding how much you can spend on a car with a specific goal of $450 per month payments
B) Checking scenarios with variable interest rates and down payments
C) Solving for a constraint of 3 years of payments
D) Checking scenarios with variable down payments
Answer: D
Diff: 2
11) ________ enables you to experiment with different variables or assumptions so you can
compare the related outcomes.
A) PivotTables
B) What-if analysis
C) Goal seek
D) Solver
Answer: B
Diff: 1
12) Where would you setup the two substitution values in a two-variable data table?
A) In the first row and first column in the table
B) In the Series dialog box
C) In the bottom row and last column
D) Excel does this for you.
Answer: A
Diff: 2
Objective: 3 Create a Two-Variable Data Table
3
13) To set up this two-variable data table, what is in B9?
A) Variable APR
B) =$E$5
C) =PMT($B$4,$B$5,$B$2)
D) Monthly PMT
Answer: B
Diff: 2
14) If you set up a two-variable data table to calculate monthly payments on different interest
rates and loan terms, what values would be a likely set of entries in the left column of your data
table?
A) $150,000, $160,000, $170,000
B) APR
C) 3.0%, 3.25%, 3.5%, 3.75%
D) $583.73, $630.02, $659.97
Answer: C
Diff: 3
4
15) What are the row and column input cells in this table?
A) B5 and B4
B) B9
C) B6 and B2
D) E5 and E4
Answer: A
Diff: 1
16) What tool would be most effective when comparing the impact of changes in interest rate
and purchase price on a new car loan?
A) Scenario Manager
B) Solver
C) Goal Seek
D) Two-variable data table
Answer: D
Diff: 2
Objective: 4 Determine Optimal Input Values Using Goal Seek
17) Goal Seek differs from one and two-variable data table analysis by ________.
A) building a data table automatically
B) providing a single best answer rather than a table of possible answers
C) providing a row of possibilities
D) providing an average of the possibilities
Answer: B
Diff: 2
5
18) Which of these is not part of the Goal Seek dialog box inputs?
A) Set cell:
B) To value:
C) By changing cell:
D) Function:
Answer: D
Diff: 2
19) Given this worksheet, which cell would you use in the set cell: box in Goal Seek to see how
expensive of a house you can afford and keep your Mortgage Payment at $650?
A) B3
B) E3
C) B2
D) E5
Answer: C
Diff: 2
20) How many variables does Goal Seek change with each time it is run?
A) 2
B) 1
C) up to 3
D) unlimited
Answer: B
Diff: 2
21) How do you start Goal Seek?

A) Install the Goal Seek add-in.
B) Click Goal Seek on the Formulas tab.
C) Click What-If Analysison the Data tab and then select Goal Seek
D) Click Scenario Manager on the Data tab and then select Goal Seek.
Answer: C
Diff: 1
6
22) Scenario Manager can manage up to ________ scenarios.
A) 8
B) 32
C) 16
D) 64
Answer: B
Diff: 1
Objective: 5 Use Scenario Manager
23) What is a scenario in Excel What-if analysis?

A) A two-variable goal seek tool
B) Any what-if analysis
C) A tool that changes one variable through several iterations
D) Detailed set of values that represent different possible situations
Answer: D
Diff: 2
24) Which is not true about Scenario Manager?

A) Is rarely used in business models
B) Defines and manages up to 32 scenarios
C) Provides more variability and details than a data table
D) Used to provide best-case, worst-case, and most-likely scenarios.
Answer: A
Diff: 2
7
25) What is this an example of?
A) Solver Report
B) Scenario Summary Report
C) Goal Seek Report
D) Multi-value Data Table
Answer: B
Diff: 2
26) Where does Excel create a Scenario Summary report?

A) On a new worksheet
B) On the same worksheet
C) In a new workbook
D) In a dialog box
Answer: A
Diff: 2
8
27) You have a worksheet with a calculation to estimate production costs based on cost of raw
materials, labor, fuel and delivery costs. You would like to see what would happen if the price of
fuel and raw materials spiked. Which what-if analysis tool would be best?
A) Goal Seek
B) Solver
C) Data Tables
D) Scenario Manager
Answer: D
Diff: 2
28) What is an Excel Add-in?

A) All what-if analysis tools
B) Printer drivers
C) A program that you can add to Excel to enhance functionality
D) A feature installed by default in Excel
Answer: C
Diff: 3
Objective: 6 Load the Solver Add-In
29) If Solver is loaded, it will appear on this tab.

A) Data
B) Formulas
C) Insert
D) View
Answer: A
Diff: 1
30) The biggest difference between Scenario Manager and Solver is Solver uses ________.
A) labels
B) constraints
C) solver scenarios
D) the rank in the sort order dialog box
Answer: B
Diff: 1
31) What selections in the File tab do you make to load an add-in?
A) Properties and then Solutions
B) Properties and then Add-ins
C) Options and then Solutions
D) Options and then Add-ins
Answer: D
Diff: 2
9
32) A list of active and inactive Add-ins is in the ________.
A) Options dialog box
B) Properties Pane
C) Add-ins dialog box
D) View tab
Answer: C
Diff: 2
33) A(n) ________ specifies the cell that contains a formula that produces the value to be
optimized with Solver.
A) objective cell
B) set value
C) target cell
D) variable cell
Answer: A
Diff: 2
Objective: 7 Optimize Results with Solver
34) The ________ are the cells containing variables whose values change within the constraints
until the objective cell reaches its optimum value.
A) goal seek cells
B) changing variable cells
C) objective cells
D) constraints
Answer: B
Diff: 2
35) ________ specify the restrictions or limitations imposed on a spreadsheet model as Solver
finds an optimum value.
A) Accesses
B) Objectives
C) Variables
D) Constraints
Answer: D
Diff: 2
36) Which of the following is not a solving method supported by Solver?

A) GRG nonlinear
B) Simplex LP
C) Duplex
D) Evolutionary
Answer: C
Diff: 2
10
37) A(n) ________ is a rule that Solver must enforce to reach the objective value.
A) binding constraint
B) non-binding constraint
C) objective
D) solving method
Answer: A
Diff: 2
38) The limit of no more than a $50,000 down payment is an example of a(n) ________ when
calculating the optimal combination of down payment and interest rate to purchase a new
printing press.
A) variable
B) set value
C) constraint
D) objective
Answer: C
Diff: 2
39) Which is the best what-if analysis tool to determine the optimal combination of products to
produce in order to maximize profit?
A) Goal Seek
B) Solver
C) Two-variable data table
D) Scenario Manager
Answer: B
Diff: 2
40) Solver does not support which of the following calculations on the target cell?
A) Maximize
B) Range
C) Minimize
D) Exact Value
Answer: B
Diff: 1
41) A(n) ________ is a label for a cell or range of cells which can be used in formulas.
Answer: range name
Diff: 2
11
42) A valid character to separate words in a range name is ________.
Answer: underscore, _
Diff: 2
43) Use the ________ to edit, delete and create range names.
Answer: Name Manager
Diff: 2
44) ________ analysis enables you to compare how changes affect a related outcome.
Answer: What-if, what if
Diff: 2
45) A(n) ________ is the changeable input value used in a what-if analysis.
Answer: variable
Diff: 1
46) If you are analyzing how much a 30 year mortgage would cost with different interest rates,
the interest rate would be the ________ value in the what-if scenario.
Answer: substitution
Diff: 2
47) The what-if analysis tool which uses two substitution values is a(n) ________ data table.
Answer: two-variable, two variable, 2 variable
Diff: 2
48) This what-if analysis tool is best suited to determine the input value needed to achieve a
specific output.
Answer: Goal Seek
Diff: 2
49) If you would like to determine how many bags of popcorn to sell at a profit margin of $5 to
raise $100 and have no constraints, which what-if analysis tool should you choose?
Answer: Goal Seek
Diff: 2
50) How many scenarios can Scenario Manager manage?

Answer: 32, thirty two
Diff: 1
12
51) Scenario manager is on the ________ tab.
Answer: Data
Diff: 2
52) The what-if analysis tool best suited to evaluating multiple scenarios within a formula is
________.
Answer: Scenario Manager
Diff: 2
53) ________ has an optional summary output of a PivotTable.

Diff: 1
54) Business managers often create ________ /worst-case scenarios.

Answer: best-case, best case
Diff: 2
55) A(n) ________ is a structured report organized as a worksheet to summarize multiple

scenarios.
Answer: scenario summary report
Diff: 2
56) ________ can define 32 different scenarios for comparison.

Diff: 1
57) A(n) ________ is a program in Excel which provides enhanced capabilities over the base
installation.
Answer: add-in, add in
Diff: 1
58) ________ is an add-in application that searches for the optimum solution by manipulating
variables using constraints you set.
Answer: Solver
Diff: 2
13
59) Select ________ from the File menu to install the Solver Add-in.
Answer: Options
Diff: 2
60) If Solver is installed on your computer, it will display on the ________ tab.
Answer: Data
Diff: 1
61) ________ results are mathematically feasible but physically impossible solutions such as
producing a less than zero products. These should be constrained to be greater than zero in some
situations.
Answer: Negative
Diff: 2
62) ________ are the limits or restrictions placed on a Solver model.

Answer: Constraints
Diff: 1
63) A(n) ________ constraint does not restrict the target that Solver finds.
Answer: non-binding, nonbinding
Diff: 2
64) The ________ specifies the cell containing the formula that produces a value for Solver to
optimize.
Answer: objective cell
Diff: 1
65) A(n) ________ is a rule that Solver has to enforce to reach the objective value.
Answer: binding constraint
Diff: 2
66) You do need to use an absolute cell reference when copying formulas with named ranges.
Answer: FALSE
Diff: 2
67) Use Paste Names to document a list of all named ranges in a workbook.
Answer: TRUE
Diff: 2
14
68) Discount Rate is a valid range name.
Answer: FALSE
Diff: 2
69) What-if analysis always provides a definitive solution to a problem.

Answer: FALSE
Diff: 1
70) A variable is an input value that changes the outcome of the situation.
Answer: TRUE
Diff: 2
71) A one-variable data table would be the appropriate what-if analysis tool to compare loans
with variable time period and interest rates.
Answer: FALSE
Diff: 3
72) A one-variable table may only be created vertically.

Answer: FALSE
Diff: 2
73) Excel must have at least one formula in one-variable data table.
Answer: TRUE
Diff: 1
74) A two-variable data table is the most effective tool to find the appropriate interest rate and
purchase price to make a monthly payment exactly $500 in a car loan.
Answer: FALSE
Diff: 2
75) Excel uses two substitution values laid out in a grid in two-variable data table.
Answer: TRUE
Diff: 2
15
76) It is a good idea to use a custom format to label the top left corner of a two-variable data
table with a readable label.
Answer: TRUE
Diff: 2
77) Goal Seek is a what-if analysis tool.

Answer: TRUE
Diff: 3
78) Goal Seek is an Excel Add-in.

Answer: FALSE
Diff: 1
79) Goal Seek changes multiple variables to reach the optimal goal
Answer: FALSE
Diff: 2
80) Goal Seek would be the best what-if analysis tool to use to discover the necessary interest
rate to keep your car payment below $500 per month.
Answer: FALSE
Diff: 2
81) Goal Seek has the ability to restrict variables to integers and greater than zero numbers.
Answer: FALSE
Diff: 1
82) Scenario Manager is not an Excel Add-in.

Answer: TRUE
Diff: 1
83) A Scenario Manager Summary report displays the single best input to achieve the desired
outcome.
Answer: FALSE
Diff: 2
84) The number of scenarios that Scenario Manager can manage is unlimited.
Answer: FALSE
Diff: 3
16
85) Optimization models find the highest, lowest, or exact value for one particular result.
Answer: TRUE
Diff: 2
86) Solver is on the Formulas tab.

Answer: FALSE
Diff: 1
87) The Solver Add-in is loaded by default.

Answer: FALSE
Diff: 1
88) Solver is an Excel Add-in.

Answer: TRUE
Diff: 1
89) An objective cell is required to complete a Solver model.

Answer: TRUE
Diff: 2
90) Solver has the ability to generate an answer report.

Answer: TRUE
Diff: 2
17
91) Match each of the following terms to its description:
I. Binding constraint
II. Changing variable cell
III. Add-in
IV. Constraint
V. Solver
A. Enhances functionality in Excel

B. Manipulates variables based on constraints to find the optimal solution to a problem
C. Limit placed on the Solver model
D. Solver must enforce this to solve the model.
E. Cell containing a variable whose value changes until Solver optimizes the value in the
objective cell.
Answer: D, E, A, C, B
Diff: 2
Objective: Multiple Objectives
92) Match each of the following what-if analysis tools to its most likely use:
I. Goal Seek
II. Solver
III. Two-variable data table
IV. One-variable data table
V. Scenario Manager
A. You want to know what interest rate you need to find to make a loan payment exactly $500
per month.
B. You want to compare the total interest paid on the lifetime of a loan with varying interest
rates and terms.
C. You want to know how many products your production line can make with the least waste.
D. You want to compare best-case, worst case and most-likely case scenarios for a business
decision.
E. You want to compare different calculations like monthly payment and total interest paid on a
loan with the different interest rates.
Answer: A, C, B, E, D
Diff: 2
18
93) Match each of the following tools to its best description of its function:
I. Range name
II. What-if analysis
III. Substitution value
IV. Step value
V. Stop value
A. Enables you to experiment with different variables to observe how they affect the outcome.
B. Memorable name substitution for formulas
C. The value that is changed in what-if analysis.
D. Value increments when filling a series
E. The ending value for the series
Answer: B, A, C, D, E
Diff: 2
94) Match each of the following terms to its best description:
I. One-variable data table

II. Two-variable data table
III. Goal Seek
IV. Scenario Manager
V. Solver
A. A structured range that contains different values for one variable to compare how these
values affect one or more calculated results
B. Finds the best way to optimize values within specified constraints.
C. A structured range that contains different values for two variables to compare how these
differing values affect the results for one calculated value.
D. Solves for a desired result of a formula by changing values
E. Sets up and compares multiple situations
Answer: A, C, D, E, B
Diff: 2
19
I. Answer Report
II. Scenario Summary Report
III. Scenario PivotTable
IV. Goal Seek Dialog Box
V. Optimization Model
A. Tool to input the set cell, to value, and by changing cell

B. Finds the highest, lowest or exact value for a particular result by adjusting variables
C. Output from Solver which displays on a new worksheet.
D. Organizes the results from a set of scenarios in a PivotTable for further analysis.
E. Organized structured table of scenarios, their input values, and their respective results that
displays on a new worksheet
Answer: C E, D, A, B
Diff: 2
96) Associate the following concepts with its corresponding what-if analysis tool.
I. Answer Report
II. PivotTable
III. Set Cell
IV. Change interest rate
V. Change term and down payment
A. Goal Seek
B. Solver
C. One-variable data table
D. Two-variable data table
E. Scenario Manager
Answer: B, E, A, C, D
Diff: 2
20
97) Match each of the following terms to its description:
I. Substitution Value
II. What-if analysis
III. Changing variable cell
IV. Range name
V. Variable
A. A cell containing a variable whose value changes until Solver optimizes the value in the
objective cell
B. Replaces the original value of a variable in a data table
C. A value that you can change to see how that change affects other values
D. A word or string of characters that represents one or more cells
E. The process of changing variables to observe how changes affect calculated results
Answer: B, E, A, D, C
Diff: 2
98) Match the following range names with their appropriate description of any problem with the
name:
I. 10YearGoal
II. Ten Year Goal
III. Ten_Year_Goal!
IV. Goal10Year
V. Ten_Year_Goal
A. No problem, underscore used for readability

B. No Special characters
C. No problem. Numbers used appropriately
D. Must start with a letter
E. Spaces are not allowed
Answer: D, E, B, C, A
Diff: 1
21
Test Bank for Exploring Microsoft Office Excel 2016 Comprehensive 1st Edition
I. Scenario
II. Scenario Manager
III. Scenario Summary Report
IV. Changing Cell
V. Scenario Summary PivotTable
A. Displays different scenarios with their input values and results well organized on a new
worksheet
B. Values that represent different possible situations
C. Variable
D. Tool that enables you to build different scenarios for comparison
E. An optional output
Answer: B, D, A, C, E
Diff: 2
I. Objective cell
II. Solver
III. Optimization model
IV. Binding constraint
V. Non-binding constraint
A. Cell that contains the formula to produce a value to be optimized

B. A limit that Solver must follow to find the optimal value
C. Find the highest, lowest, or exact value for one particular result by adjusting values for
selected variables
D. A constraint that does not restrict the target value that Solver finds
E. An Excel add-in that searches for the best or optimum solution to a problem by manipulating
the values for several variables within restrictions that you impose
Answer: A, E, C,B, D
Diff: 2
22
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Test Bank for Exploring Microsoft Office Excel 2016 Comprehensive 1st Edition

Test Bank for Exploring Microsoft Office Excel 2016

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1) Which of these characters is not an acceptable character to use in a range name?

2) What is a benefit of using a range name in Excel?

4) What tool would you use to rename a named range?

6) ________ values replace the original value of a variable in a data table.

8) The What-If Analysis tool is on the ________ tab.

9) A one-variable data table can be built ________.

21) How do you start Goal Seek?

23) What is a scenario in Excel What-if analysis?

24) Which is not true about Scenario Manager?

26) Where does Excel create a Scenario Summary report?

28) What is an Excel Add-in?

29) If Solver is loaded, it will appear on this tab.

36) Which of the following is not a solving method supported by Solver?

50) How many scenarios can Scenario Manager manage?

53) ________ has an optional summary output of a PivotTable.

54) Business managers often create ________ /worst-case scenarios.

55) A(n) ________ is a structured report organized as a worksheet to summarize multiple

56) ________ can define 32 different scenarios for comparison.

62) ________ are the limits or restrictions placed on a Solver model.

69) What-if analysis always provides a definitive solution to a problem.

72) A one-variable table may only be created vertically.

77) Goal Seek is a what-if analysis tool.

78) Goal Seek is an Excel Add-in.

82) Scenario Manager is not an Excel Add-in.

86) Solver is on the Formulas tab.

87) The Solver Add-in is loaded by default.

88) Solver is an Excel Add-in.

89) An objective cell is required to complete a Solver model.

90) Solver has the ability to generate an answer report.

A. Enhances functionality in Excel

94) Match each of the following terms to its best description:

I. One-variable data table

A. Tool to input the set cell, to value, and by changing cell

A. No problem, underscore used for readability

99) Match each of the following terms to its best description:

100) Match each of the following terms to its best description:

A. Cell that contains the formula to produce a value to be optimized

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