Wall Street Prep Excel Crash Course Formulas Explained Questions With Answers

Wall Street Prep Excel Crash Course Formulas Explained Questions With Answers Average Function - CORRECT ANSWER- Definition: An Excel function that adds a group of values, and then divides the result by the number of values in the group. IF Statement Function - CORRECT ANSWER- Definition: A function that returns one value when a condition you specify evaluates to true and a different value if it evaluates the false. Explanation: First you begin with the logical test for the function, and then provide the value the function should output if the logical test is evaluated to true, and last value the function should output if the logical test is evaluated to false. Nested IF Statement Function - CORRECT ANSWER- Definition: IF function with various IF functions within each other. IFS Statement/Function - CORRECT ANSWER- Definition: A function that resolves the chunkiness of IF statements/functions and Nested IF statements/functions. Can allow for more than one IF statement all in one. IFERROR Function - CORRECT ANSWER- Definition: A function that returns a value you specify if the formula evaluates to an error. If the formula does not result in an error, this function will return the result of the formula. Explanation: Begin by putting the value you want to see if an error is evaluated by this value, example: something divided by 0. Then input what the function should output if this is truly an error. & Function - CORRECT ANSWER- A function that concatenates cells with a text string. EOMONTH Function - CORRECT ANSWER- Definition: A function that allows you to create monthly date headers. By outputting the last day of the specified month. Explanation: Start by inputting the start date into the first argument. Then input how many months ahead or behind you would like to go from that start date. EDATE Function - CORRECT ANSWER- Definition: Similar to EOMONTH but this returns the exact date from the start-date, after the specified number of months. Explanation: Start by inputting the start date into the first argument. Then input how many months ahead or behind you would like to go from that start date. ISNUMBER Function - CORRECT ANSWER- Definition: A function that is useful criteria in IF Statements/Functions, and it is basically test to see if a cell has a number in it. Explanation: Simply input value to check to see if value inputted comes out to true or false. ISTEXT Function - CORRECT ANSWER- Definition: A function that evaluates if there is text inside a cell and will output TRUE or FALSE depending on the result. Also is a useful criteria to add to IF statements/functions. Explanation: Simply input value to check to see if value inputted comes out to true or false. YEARFRAC Function - CORRECT ANSWER- Definition: A function that return the proportion of the year between two given dates, the start date and the end date. An optional basis parameter can be used do represent the number of days per month/year used to calculate the proportion of the year. Optional Basis Parameters: 1. 0 - or Omitted = U.S. 30/360 2. 1 - Actual/Actual 3. 2 - Actual/360 4. 3 - Actual/365 5. 4 - European 30/360 Explanation: Simply input the start date and the end date with the desired basis argument and the function will output the proportion of the year between the two given dates. DATE Function - CORRECT ANSWER- Definition: A function that combines distinct year, month, and day elements into a function that will output the date. Explanation: Input the year, month, and day to get the date.