Explanation of Excel Functions

How can you enter a function into a formula?

Click on the Insert Function button, designate the function you want to insert and complete the text boxes on the dialog box Type in the name of the functions along with its arguments

Which of the following is not a valid range?

F4:H10,L4:M10

Which of the following is an example of logical functions?

IF, AND, OR

If you insert an invalid value for an argument for a function as you are building it, what will happen?

If you are in the Insert Function dialog box, you will see an error message If you are inserting the function by hand, you will see red marks below the format prompt

How does the If function work?

It evaluates a logical expression and then executes one expression if true and the other expression if false

How is the payment (PMT) function used?

It has three required arguments and two optional arguments, the first is the interest rate for the time period of the payments, the second is the number of payments to be made and the third is the value of the loan and the first optional argument is the future value of the investment and the second optional argument is the type of payment

Do all functions require an argument?

No, some functions have optional arguments and can be used with or without an argument No, all functions do not require an argument like the NOW function (which returns the current date and time) does not require an argument

What is an example of a financial function?

PMT

What are examples of financial functions?

PMT, FV, PV

What are some of the more common functions?

SUM, AVERAGE, MIN, MAX IF, COUNT, PMT

What is an argument for a function and how do you use it?

The argument is a value that is given to a function to use in its processing

What are the parts of the If function's arguments?

The first argument is the logical expression and then the second argument is an expression to evaluate if the result of the first expression is true

How do you designate a range?

Upper-left-most cell address followed by a colon and then the lower lower-right-most cell address, as in A4:F22.

What is one way to use VLOOKUP?

VLOOKUP has three mandatory arguments; the first is the value to search for, the second is the table in the sheet to search the first column of to find a match, the third is the index number of the column to return a value if a match is found

Which of the following describes a lookup function?

VLOOKUP is a lookup function that sorts through a vertical table based on a value, finds a match and then returns a value from a specified column

Is there a limit to the number of functions you can have in a formula?

Yes, you can store a limited amount of characters in a cell formula, and thus it limits the number of functions that can be used in a formula Yes, there is a limit based on the amount of disk space available

What is an argument for a function and how do you use it?

You use an argument by putting that value or range inside the parentheses after the name of the function