Excel Midterm Chapter 4

An IF function is a Boolean logical function that returns one value if a specified condition evaluates to TRUE and the same value if the specified condition evaluates to FALSE.

False

Dun & Street (D&S) is one of the most widely used financial reporting services that provides, among other products, financial information about corporations and institutions.

False

Excel provides unconditional formatting tools, which are tools you can use to identify a set of conditions and specify the formatting if those conditions are met.

False

In a nested IF function, the second argument (value_if_true) and/or the third argument (value_if_false)cannot contain another IF function.

False

The AND function evaluates a list of logical arguments to determine if at least one of the arguments is TRUE.

False

The term parent-child means that a function contains additional formulas and/or functions as one or more of its arguments.

False

Use the logical construct of OR(A1) to change a single TRUE to FALSE or a single FALSE to TRUE.

False

When laying out a complex IF function, a good way to proceed is to take the information and represent this process schematically in a bar chart.

False

An IF function can be used to evaluate a logical test, such as determining if the 90-days past due balance is greater than 0, with only two resulting values: a value_if_true and a value_if_false.

True

For an OR function to be TRUE, at least one of its arguments must be TRUE.

True

If you want to compare the value 3 to the value 5 to see if 3 is greater than 5, you would enter the following formula: =3>5.

True

In cases where you want to test criteria between a range of values, placing the logical tests in a specific order—either from highest to lowest or lowest to highest—can save a considerable amount of work.

True

One approach to determining if none of the credit rules is TRUE for a specific customer is to figure out if each rule results in a FALSE value.

True

Relational operators can be used to evaluate dates.

True

TRUE and FALSE are referred to as Boolean logical values.

True

The NOT function takes only one argument and essentially changes a single TRUE value to FALSE or a single FALSE value to TRUE.

True

The formula =OR(K3:K21) returns a TRUE value if any of the values in K3 through K21 contain the value TRUE.

True

The syntax of the IF function is =IF(logical_test,value_if_true,value_if_false).

True

The syntax of the NOT function evaluates only a single TRUE or FALSE value, not a range of values.

True

To test if neither L3 nor M3 is TRUE you can use the none of construct.

True