EXCEL CRASH COURSE EXAM FROM WALL STREET PREP LATEST
VERSION 2026-2027 EXAM WITH ACTUAL 48 QUESTION AND CORRECT
DETAILED ANSWERS WITH RATIONALES.
ANSWERS AT THE END OF QUESTIONS
QUESTION 1
Instructions: Questions 1-4 use the financial model on tab Q1-4 in the Exam Workbook.
Complete the model by filling in the blank cells before answering the question below.
Answers should be rounded to the nearest whole number, comma separating 000s, NOT
written in currency format. So if the answer is $5,505,210.50, you would input 5,505,210.
What is forecast Revenue in 2017?
a) 13,642,021
b) 14,500,000
c) 12,500,000
d) 15,000,000
CORRECT ANS: a) 13,642,021
Expert Rationale
The correct answer is 13,642,021 (option a). To arrive at this figure, the financial model
on tab Q1-4 must be completed by calculating the forecasted revenue for 2017. This
typically involves applying a growth rate to the prior year's revenue or using other
forecasting methods as outlined in the model. The specific calculation would involve
identifying the 2016 revenue figure and applying the appropriate growth assumption
for 2017 to arrive at the forecasted value.
Option b, c, and d are incorrect; they do not match the result of the model's
calculations.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
,QUESTION 2
Instructions: See question 1.
What is forecast Net Income in 2016?
a) 925,777
b) 1,000,000
c) 850,000
d) 950,000
CORRECT ANS: a) 925,777
Expert Rationale
The correct answer is 925,777 (option a). After completing the financial model on tab
Q1-4, the forecasted Net Income for 2016 is calculated by subtracting all forecasted
expenses (including interest and taxes) from the forecasted revenue for that year. The
specific calculation would involve using the model's assumptions for costs, depreciation,
interest, and tax rates to arrive at the net income figure.
Option b, c, and d are incorrect; they do not match the result of the model's
calculations.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
QUESTION 3
Instructions: See question 1.
If Depreciation & Amortization as a % of Capital Expenditures is changed to 30%, what
is Net Income in 2017?
,a) 1,123,438
b) 1,000,000
c) 1,200,000
d) 1,050,000
CORRECT ANS: a) 1,123,438
Expert Rationale
The correct answer is 1,123,438 (option a). When the assumption for Depreciation &
Amortization (D&A) as a percentage of Capital Expenditures is changed from its original
value to 30%, the D&A expense for 2017 increases. This higher D&A expense reduces
the Earnings Before Tax (EBT), which in turn reduces Net Income. The model must be
recalculated with this new assumption to arrive at the updated Net Income figure.
Option b, c, and d are incorrect; they do not reflect the impact of the changed D&A
assumption.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
QUESTION 4
Instructions: See question 1. Format your answer to this question as a percentage,
rounded to one decimal place. So if your answer is 10.25%, you would input: 10.3%
(include percentage sign).
What is the EBITDA % Margin in 2018?
a) 17.1%
b) 18.0%
c) 16.5%
d) 17.5%
CORRECT ANS: a) 17.1%
, Expert Rationale
The correct answer is 17.1% (option a). The EBITDA % Margin is calculated as EBITDA
divided by Revenue, expressed as a percentage. EBITDA (Earnings Before Interest, Taxes,
Depreciation, and Amortization) is calculated by taking Revenue and subtracting
Operating Expenses (excluding D&A). The 2018 EBITDA % Margin is derived from the
completed financial model, using the forecasted 2018 Revenue and EBITDA figures.
Option b, c, and d are incorrect; they do not match the calculated EBITDA margin from
the model.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
QUESTION 5
Instructions: Questions 5-19 use the data table on tab Q5-19 in the Exam Workbook. We
strongly recommend you analyze this data with the aid of a pivot table. You may also
benefit from adding some extra calculation columns to the dataset. Answers for
numerical data should be rounded to the nearest 1 decimal, comma-separating 000s,
NOT written in currency format. So if the answer is $10,500.658, you would input
10,500.7.
Over the entire analysis period, which sales rep sold the highest cumulative quantity of a
single item?
a) Rob Stewart
b) Amy Adams
c) Fred Rubble
d) John Doe
CORRECT ANS: a) Rob Stewart
VERSION 2026-2027 EXAM WITH ACTUAL 48 QUESTION AND CORRECT
DETAILED ANSWERS WITH RATIONALES.
ANSWERS AT THE END OF QUESTIONS
QUESTION 1
Instructions: Questions 1-4 use the financial model on tab Q1-4 in the Exam Workbook.
Complete the model by filling in the blank cells before answering the question below.
Answers should be rounded to the nearest whole number, comma separating 000s, NOT
written in currency format. So if the answer is $5,505,210.50, you would input 5,505,210.
What is forecast Revenue in 2017?
a) 13,642,021
b) 14,500,000
c) 12,500,000
d) 15,000,000
CORRECT ANS: a) 13,642,021
Expert Rationale
The correct answer is 13,642,021 (option a). To arrive at this figure, the financial model
on tab Q1-4 must be completed by calculating the forecasted revenue for 2017. This
typically involves applying a growth rate to the prior year's revenue or using other
forecasting methods as outlined in the model. The specific calculation would involve
identifying the 2016 revenue figure and applying the appropriate growth assumption
for 2017 to arrive at the forecasted value.
Option b, c, and d are incorrect; they do not match the result of the model's
calculations.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
,QUESTION 2
Instructions: See question 1.
What is forecast Net Income in 2016?
a) 925,777
b) 1,000,000
c) 850,000
d) 950,000
CORRECT ANS: a) 925,777
Expert Rationale
The correct answer is 925,777 (option a). After completing the financial model on tab
Q1-4, the forecasted Net Income for 2016 is calculated by subtracting all forecasted
expenses (including interest and taxes) from the forecasted revenue for that year. The
specific calculation would involve using the model's assumptions for costs, depreciation,
interest, and tax rates to arrive at the net income figure.
Option b, c, and d are incorrect; they do not match the result of the model's
calculations.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
QUESTION 3
Instructions: See question 1.
If Depreciation & Amortization as a % of Capital Expenditures is changed to 30%, what
is Net Income in 2017?
,a) 1,123,438
b) 1,000,000
c) 1,200,000
d) 1,050,000
CORRECT ANS: a) 1,123,438
Expert Rationale
The correct answer is 1,123,438 (option a). When the assumption for Depreciation &
Amortization (D&A) as a percentage of Capital Expenditures is changed from its original
value to 30%, the D&A expense for 2017 increases. This higher D&A expense reduces
the Earnings Before Tax (EBT), which in turn reduces Net Income. The model must be
recalculated with this new assumption to arrive at the updated Net Income figure.
Option b, c, and d are incorrect; they do not reflect the impact of the changed D&A
assumption.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
QUESTION 4
Instructions: See question 1. Format your answer to this question as a percentage,
rounded to one decimal place. So if your answer is 10.25%, you would input: 10.3%
(include percentage sign).
What is the EBITDA % Margin in 2018?
a) 17.1%
b) 18.0%
c) 16.5%
d) 17.5%
CORRECT ANS: a) 17.1%
, Expert Rationale
The correct answer is 17.1% (option a). The EBITDA % Margin is calculated as EBITDA
divided by Revenue, expressed as a percentage. EBITDA (Earnings Before Interest, Taxes,
Depreciation, and Amortization) is calculated by taking Revenue and subtracting
Operating Expenses (excluding D&A). The 2018 EBITDA % Margin is derived from the
completed financial model, using the forecasted 2018 Revenue and EBITDA figures.
Option b, c, and d are incorrect; they do not match the calculated EBITDA margin from
the model.
DIF: Cognitive Level: Apply (Application)
TOP: Financial Modeling
MSC: Excel Crash Course: Financial Modeling
QUESTION 5
Instructions: Questions 5-19 use the data table on tab Q5-19 in the Exam Workbook. We
strongly recommend you analyze this data with the aid of a pivot table. You may also
benefit from adding some extra calculation columns to the dataset. Answers for
numerical data should be rounded to the nearest 1 decimal, comma-separating 000s,
NOT written in currency format. So if the answer is $10,500.658, you would input
10,500.7.
Over the entire analysis period, which sales rep sold the highest cumulative quantity of a
single item?
a) Rob Stewart
b) Amy Adams
c) Fred Rubble
d) John Doe
CORRECT ANS: a) Rob Stewart
