MSIS 3223 Exam 1 (Appendix A1, Ch. 1-
4) Questions & Answers(RATED A+)
Cell references - ANSWER_____ in formulas can be written with either relative addresses or absolute
addresses.
Relative - ANSWERA(n) _____ address uses just the row and column label in the cell reference (for
example A4 or C23).
Absolute - ANSWERA(n) _____ address uses a dollar sign ($) before either the row or column or both
($A2, C$23, or $B$15).
Descriptive Analytics - ANSWERThe most commonly used and most-well understood type of
analytics. Summarizes data into meaningful charts & reports, for example, about budgets, sales,
revenues, or cost.
Predictive Analytics - ANSWERSeeks to predict the future by examining historical data, detecting
patterns or relationships in these data, & then extrapolating these relationships forward in time.
B$4 - ANSWERUsing a dollar sign ($) before a row label (for example _____) keeps the reference fixed
to row 4 but allows the column reference to change if the formula is copied to another cell.
$B$4 - ANSWERUsing a dollar sign ($) before both the row and column (for example _____) will keep
the reference fixed for both the row and column.
Insert - ANSWERThe easiest way to locate a particular function is to select a cell and click the _____
function button (fx) which can be found under the ribbon next to the formula bar.
MIN(range) - ANSWERFunction in Excel:
finds the smallest value in a range of cells.
MAX(range) - ANSWERFunction in Excel:
finds the largest value in a range of cells.
, SUM(range) - ANSWERFunction in Excel:
finds the sum of values in a range of cells.
AVERAGE(range) - ANSWERFunction in Excel:
finds the average of the values in a range of cells.
COUNT(range) - ANSWERFunction in Excel:
finds the number of cells in a range that contains numbers.
COUNTIF(range, criteria) - ANSWERFunction in Excel:
finds the number of cells within a range that meet a specified criterion.
Net Present Value (NPV) - ANSWERMeasures the worth of a stream of cash flows, taking into account
the time value of money.
Discount Rate - ANSWERThe _____ reflects the opportunity costs of spending funds now versus
achieving a return through another investment, as well as the risks associated with not receiving
returns until a later time.
positive NPV - ANSWERA _____ means that the investment will provide added value because the
projected return exceeds the discount rate.
Prescriptive Analytics - ANSWERUses optimization to identify the best alternatives to minimize or
maximize some objective.
decision - ANSWERMany _____ models can be formalized using a model.
Model - ANSWERA _____ is an abstraction or representation of a real system, idea, or object. They
capture the most important feature of a problem & present them in a form that is easy to interpret.
description - ANSWERA model can be as simple as a written or verbal _____ of some phenomenon, a
visual representation (visual model) such as a graph or flowchart, or a mathematical or spreadsheet
representation.
4) Questions & Answers(RATED A+)
Cell references - ANSWER_____ in formulas can be written with either relative addresses or absolute
addresses.
Relative - ANSWERA(n) _____ address uses just the row and column label in the cell reference (for
example A4 or C23).
Absolute - ANSWERA(n) _____ address uses a dollar sign ($) before either the row or column or both
($A2, C$23, or $B$15).
Descriptive Analytics - ANSWERThe most commonly used and most-well understood type of
analytics. Summarizes data into meaningful charts & reports, for example, about budgets, sales,
revenues, or cost.
Predictive Analytics - ANSWERSeeks to predict the future by examining historical data, detecting
patterns or relationships in these data, & then extrapolating these relationships forward in time.
B$4 - ANSWERUsing a dollar sign ($) before a row label (for example _____) keeps the reference fixed
to row 4 but allows the column reference to change if the formula is copied to another cell.
$B$4 - ANSWERUsing a dollar sign ($) before both the row and column (for example _____) will keep
the reference fixed for both the row and column.
Insert - ANSWERThe easiest way to locate a particular function is to select a cell and click the _____
function button (fx) which can be found under the ribbon next to the formula bar.
MIN(range) - ANSWERFunction in Excel:
finds the smallest value in a range of cells.
MAX(range) - ANSWERFunction in Excel:
finds the largest value in a range of cells.
, SUM(range) - ANSWERFunction in Excel:
finds the sum of values in a range of cells.
AVERAGE(range) - ANSWERFunction in Excel:
finds the average of the values in a range of cells.
COUNT(range) - ANSWERFunction in Excel:
finds the number of cells in a range that contains numbers.
COUNTIF(range, criteria) - ANSWERFunction in Excel:
finds the number of cells within a range that meet a specified criterion.
Net Present Value (NPV) - ANSWERMeasures the worth of a stream of cash flows, taking into account
the time value of money.
Discount Rate - ANSWERThe _____ reflects the opportunity costs of spending funds now versus
achieving a return through another investment, as well as the risks associated with not receiving
returns until a later time.
positive NPV - ANSWERA _____ means that the investment will provide added value because the
projected return exceeds the discount rate.
Prescriptive Analytics - ANSWERUses optimization to identify the best alternatives to minimize or
maximize some objective.
decision - ANSWERMany _____ models can be formalized using a model.
Model - ANSWERA _____ is an abstraction or representation of a real system, idea, or object. They
capture the most important feature of a problem & present them in a form that is easy to interpret.
description - ANSWERA model can be as simple as a written or verbal _____ of some phenomenon, a
visual representation (visual model) such as a graph or flowchart, or a mathematical or spreadsheet
representation.
