Spreadsheet Modeling – FIX YOUR ANSWERS

Score # Question Answer Options Correct Answer

1 Based on the influence chart below, in order to compute • Demand...Elasticity Demand… Price
revenue, it is sufficient to know the values of _____ and _____. • Price...Elasticity
• Demand...Price
• Demand...Variable Cost

2 Please download the file Workbook 1.xlsx for the following Notes: =stdeva(B2:B101) MY GUESS: 36
problem. 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.

3 Suppose you want to count the number of nonblank cells in the MY GUESS:
cell range A1:D100. What formula (using only a single Excel COUNTBLANK(
function) would you use? A1:D100)
Include the equal sign at the beginning—for example,
=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 •2 MY GUESS: 2

capacity of producing 75 units. 50 units of each product must be •6
shipped to each of three customers. We know the cost of •3
shipping a unit of the product from each plant to each customer. • None of the above
Our goal is to minimize the total cost of shipping the needed Notes:
units to the customers. If we use the Excel Solver to try and VC: Product, shipping(?)
minimize the total cost of meeting customer demand we will need Constraints: Can’t make more than demand (50 units
how many variable cells? customer)
swssaz
5 Please download the file Workbook 1.xlsx for the following 138
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.

6 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.
=SUMIFS(Units_
Sold,Month,G$2,
• =SUBTOTAL(9,Units_Sold,Month,G$2,Name,$F3) 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)

7 A company produces 3 products that use labor and raw material. 600
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.

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

9 You would like to show how the number of faculty at the end of MY GUESS: 42
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.
10 Based on the influence chart below, what is the outcome • Profit Profit
measure for this model? • Revenue
• Fixed Cost
• None of the above

11 A university begins Year 1 with 80 faculty. They hire 4 faculty • -ROUND(E9*$E$3,0) -

each year. During each year 10% (rounded to the nearest • +INT($E$3*E9,0) ROUND(E9*$E$
integer) of the faculty present at the beginning of the year leave • -ROUNDUP(E9*$E$3,0) 3,0)
the university. For example, in a year where there are 73 faculty • None of the above
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?

12 See the screenshot below. What function can be used in cell G8 • =PRODUCT(G3:G6,H3:H6) =SUMPRODUC
to compute total revenue? • =PRODUCT(G3:G6*H3:H6) T(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)

13 You would like to show how the number of faculty at the end of MY GUESS:
year 10 depends on the quit rate and number of annual hires. =D18+1*.9
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.

14 You are given the three dates shown below. If you add up the 6024
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.

15 For the names listed below you would like to put each person's • Remove Duplicates Flash Fill
first name in Column F and each person's last name in column • Flash Fill
G. The easiest way to do this is use the _____________ feature. • Data Validation
• Consolidate

16 Based on the influence chart below, what are the decision • Price and elasticity Price
variable(s) for this model? • Price and fixed cost
• Price
• Elasticity and fixed cost

17 Suppose we want to highlight the year number for each year • (E5/E4)>1.05 (E6/E5)>1.05
during which sales were at least 5% higher than the previous • ($E$6/E5)>1.05
year. We would begin by selecting the cell range D6:D12 and • (E6/E5)>1.05
choose Conditional Formatting from the Ribbon. Then you would • (E6/E5)>.05
select new rules followed by the Use a Formula option. Finally
you would enter the following formula.

18 In the spreadsheet shown below, we computed profit earned by • Just I (My guess: Just I
selling houses by entering the formula =F8-E8 in cell G8 and • Just I and II and III)
copying it down to G9:G11. We used the word open to denote a • Just III
house that is not yet sold. Unfortunately, when a house has not • Just I and III
yet been sold our spreadsheet shows the #VALUE error, • Just IV
because you cannot subtract the buy price from the word open. • Just I and IV
We would like to "error trap" Column G so that when a house has • Just I and V
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,"_ ")

19 Cell F7 tells whether or not we own or not own a stock at the •IF(AND(F7="not own",G7>=50),"sell",IF(AND(F7=" •IF(AND(F7="ow
beginning of a day Cell G7 gives the price of the stock at the end own",G7<=35),"buy","none")) n",G7>=50),"sell"
of the day. We decide whether to buy the stock, sell the stock or •IF(AND(F7="own",G7>=50),"sell",IF(AND(F7="not ,IF(AND(F7="not
take no action based on the following rule: own",G7<=35),"buy","none")) own",G7<=35),"b
• If end price >=$50 and we own stock we will sell. •IF(AND(F7="own",G7>=50),"sell",IF(AND(F7="not uy","none"))
• If end price <=$35 and we do not own the stock we will buy. own",G7<=35),"sell","none"))
 • Otherwise we take no action. •IF(F7="own",G7>=50),"sell",IF( (F7="not
Choose the formula that will correctly implement this strategy. own",G7<=35),"buy","none"))
•None of the above

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

21 You want to average the numbers in the range B1:B30. You • F4 F3

have named this range of cells Data and wish to use this range • F5
name in your formula. After typing Average( you should select • F3
the ______ key. • Control

22 We have created 50 range names and want to delete 10 of the • Create from Selection Name Manager
range names. We should go to the ______ button. • Define Name
• Name Manager
• Evaluate Formula

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

24 You would like to show how the number of faculty at the end of (My guess :E3)
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.

25 Consider the cash flows seen here. If we discount cash flows at (MY guess -262)
10% per year, the Net Present Value (rounded to the nearest -247
dollar) of these cash flows as of 4/10/2011 is _____. $433

26 Consider the cash flows seen here. The Internal Rate of return (My guess: 34%)
on the cash flows (rounded to the nearest 1%) is ____________.
Enter just the number; e.g., 18%.

27 Suppose you have listed Le Napoleon's monthly sales of pear Initial answer:
tortes in a twelve-sheet workbook. The first worksheet contains =SUM(January:
January sales, the second worksheet February sales, etc. The December!F7)
pear torte sales are always listed in cell F7.
What multi-sheet (three-dimensional) formula would give the total CORRECT
pear torte sales for the months March-July, inclusive? Assume ANSWER:
that each worksheet is named with the month name only, spelled =SUM(March:Jul
out in full. y!F7)
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.

28 Cells E5:E12 of the figure below give the actual sales of a • SUM($E5:E5) • None of the
product the first 8 years the product was on the market. In • SUM(E5:E5) above
column F we want to compute the cumulative sales for each • SUM($E$5:E5)
year. For example, for Year 3 cumulative sales were 77+58+78 = • None of the above
213. Which of the following formulas would efficiently compute
cumulative sales if we could copy from F5 to F6:F12?
29 Please download the file Workbook 1.xlsx for the following 108
problem. 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.

30 A company has revenue of $1000 in 2009. Our current estimate (My guess 32%)
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%.

31 You have been handed a spreadsheet that contains a formula in Trace

cell D10 that computes Year 10 profits. You want to display all Precedents
cells that are used to compute Year 10 Profits. You should select
which tool from the Ribbon (two-word answer)?

32 The value in cell A1 of a spreadsheet is needed to compute the Circular

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 • =SUBTOTAL(Name,$F3,Month,G$2) =COUNTIFS(Na
G3 (and then copied through the range G3:L9) to summarize the • =SUBTOTAL(Name=$F3,Month=G$2) me,$F3,Month,G
total number of transactions (assume that each row in the • =COUNTA(Name,$F3,Month,G$2) $2)
dataset represents one transaction) by month and salesperson? • =COUNTA(Name=$F3,Month=G$2)
Again assume that the three columns of the dataset have been • =COUNTIF(Name,$F3,Month,G$2)
named Name, Month, and Units_Sold. • =COUNTIF(Name=$F3,Month=G$2)
• =COUNTIFS(Name,$F3,Month,G$2)
• =COUNTIFS(Name=$F3,Month=G$2)

34 Suppose cell B10 contains the price of a stock in 5 months. •I II and III
Consider a 5 month European call option with an exercise price • I and II
of $40. The value of the call option in 5 months is $0 if the stock • II and III
price in 5 months is <=$40. Otherwise the value of the call option • I and III
in 5 months is the Stock Price in 5 months - 40. How many of the • IV
following formulas will yield the correct value of the call option? • I and IV
• I. IF(B10>40,40-B10,0)
• II. IF(B10>40, B10-40,0)
• III. MAX(B10-40,0)
• IV. MIN( 0, 40-B10)

35 Refer to the screenshot below. Suppose we would like to create Data Validation
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.

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

37 Please download the file Workbook 1.xlsx for the following 64

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 • =INDEX(B1:B20, MATCH(E4,A2:A20,0)) •
way of retrieving the appropriate value for unit sales, given a • =INDEX(B2:B20, MATCH(E4,A2:A20,0)) =INDEX(B2:B20,
name entered in cell E4? • =INDEX(B1:B20, MATCH(E4,A2:A20,1)) MATCH(E4,A2:A
• =INDEX(B2:B20, MATCH(E4,A2:A20,1)) 20,0))
• =MATCH(E4,INDEX(B1:B20),0)
• =MATCH(E4,INDEX(B2:B20),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 • =LOOKUP(E4,lookup,B,TRUE) =VLOOKUP(E4,l
to find the unit sales of the person selected in cell E4? (Assume • =LOOKUP(E4,lookup,B,FALSE) ookup,2,FALSE)
that the range A1:B20 has been named lookup.) • =VLOOKUP(E4,lookup,2,TRUE)
• =VLOOKUP(E4,lookup,2,FALSE)
• =HLOOKUP(E4,lookup,2,TRUE)
• =HLOOKUP(E4,lookup,2,FALSE)

40 An airline sells 120 tickets for a flight that seats 100. (My guess
Each ticket is non-refundable and costs $200. The unit cost of 11000)
flying a passenger (fuel, food, etc.) is $80. If the flight is CORRECT
overbooked, each person who does not find a seat is given $300 ANSWERS:
in cash. Assume it is equally likely that any number of people 12300
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.

41 Four relatives are going to give you money for your birthday. The • 0.10 .20
amount each relative gives you is equally likely to be any number • 0.20
between $0 and $200. The chance that the total amount of • 0.30
money you receive is at most $300 is ______. • 0.40
Select the number closest to the following choices.

42 Please download the file Workbook 1.xlsx for the following (My guess:
problem. How many of the listed numbers have a first digit less 24)\CORRECT
than or equal to 4? ANSWER: 25
Enter just the number; e.g., 76.

43 Please download the file Workbook 1.xlsx for the following 88

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.

44 You are going to borrow $500,000 to buy a house. Assume an 3669

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.

45 Please download the file Workbook 1.xlsx for the following 11

problem. The fifth largest transaction in terms of quantity sold is
transaction number ____.