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CTS 230 EM10

(Excel) Module TEN

QuestionAnswer
1. At the break-even point, ____________. revenue equals expenses.
2. With what-if analysis, you specify the result values you want, and Excel changes the input values to produce them. False
3. As in traditional what-if analysis, Goal Seek starts with the end result and determines what value you should use to reach a desired answer. False
4. To open the Goal Seek dialog box, first click the __________in the Data Tools group. What-If Analysis button e
5. You should always clearly label the row or column containing the input and result values. true
6. If your input values are in a column, you will use the Row input cell option when you use the Data Table command. False
7. When you create a one-variable data table, you select the range that contains the data table, making sure to include the column headings. False
8. In a two-variable data table, the values of two result cells are displayed. false
9.Two-variable data tables are often used to explore the impact of changing two values on a single result. true
10. Changing cells can be located anywhere in the worksheet. true
11. You cannot merge scenarios in situations involving multiple workbooks. false
12. Solver is an add-in, a program that adds customized commands and features to Microsoft Office programs such as Excel. true
13. It is possible for Solver to be installed but not activated on your computer. true
14. Using Solver, you specify the target cell, variable cells, and constraints on a problem. true
15. That an order must meet store demand, or that it cannot exceed the available parts, are examples of constraints. true
16. References, or limits, in Solver are important because they ensure a realistic solution to your problem. false
17. The sensitivity report is most often used in science and engineering environments. true
18.A limits report is best utilized when your problem contains integer constraints. fslse
19. Fixed expenses change in proportion to the company’s sales volume. False
20. CVP analysis is sometimes called breakthrough analysis. False
21. In traditional what-if analysis, you change result values in worksheet cells. false
22. The output cell is the cell containing the values you want to examine. false
23. An array argument performs multiple calculations on one or more sets of values and then returns either a single value or multiple values. false
24. You can view a scenario by clicking its name in the Scenarios box in the Scenario Manager dialog box. false
25. When measuring elasticity, when e<1, the price elasticity of demand is perfectly inelastic. false
26. When measuring elasticity, if e=1, then the elasticity is referred to as unit elastic because any change in price is met by an equal and opposite change in demand. true
27. Goal Seek is a program that searches for the optimal solution of a problem involving several variables. false
28. A(n) optimal cell is a cell that Excel changes to produce the desired result in the target cell. false
29. The default convergence value is 0.001, which means that if the change in the target cell between one solution and the next is less than or equal to 0.001, Solver will consider that it has converged to the solution. true
30. If Solver is taking too long to find a solution, you can halt the program at any time by pressing the Ctrl key. false
31. Not binding constraints always show a slack of 0. false
32. A(n) mixed expense is an expense that is part variable and part fixed. true
33. ____ analysis is an important business decision-making tool because it predicts the effect of cutting overhead or raising prices on net income. cvp; break even analysis
34. ____ analysis expresses the relationship between a company’s expenses, its volume of business, and the resulting profit. cvp
35. Which of the following expense types can be used in a CVP analysis? ____ mixed, variable, fixed
36. A business must pay insurance and rent.these are examples of ____ expenses. fixed
37. All three expense types can be classified as ____. Variable, fixed and mixed
38. Goal Seek uses a different approach from traditional ____ analysis. What-if
39. With Goal Seek, you specify the ____ values you want. Result
40. With Goal Seek, Excel changes the ____ values to produce the result values you are looking for. input
41. If you orient a one-variable table so that the input values are in the first row, you would use the ____ input cell option. row
42. In two-variable tables, you must always place a reference to the result cell in the ____ corner of the table at the intersection of the row values and the column values. upper-left
43. {=SUM(B1:B10*C1:C10)} is an example of a(n) ____. array formula
44. Once you enter an array formula, Excel will enclose the formula in a set of ____. curly braces
45. What array functions that can return multiple values to multiple cells include ____. trend, minverse, mmult
46. To calculate multiple cells values, select the range and type the array formula, then press the ____ keys to enter the formula. Ctrl+Shift+Enter
47. ____ are a powerful feature of Excel. If used properly, they help you perform complex calculations within a single formula and extend a single formula over a range of cells. array functions
48. Before using Scenario Manager, you should assign ____ to all the input and result cells you intend to use in your scenarios. names
49. To perform a what-if analysis with more than two input cells, you ____. create scenarios
50. To select nonadjacent changing cells, press and hold the ____ key as you click each cell. Ctrl
51. You can switch from one scenario to another by clicking the ____ button in the Scenario Manager dialog box. show
52. A scenario ____ lists the value for changing cells and results cells under each scenario. summary report
53. A scenario summary report’s ____ layout makes it simpler to compare the results of each scenario, and the automatic formatting makes it useful for reports and meetings. tabular
54. Elasticity measures how changing prices can affect the ____ a good or service. demand for
55. When change in price has no impact on demand, the situation is referred to as ____. perfectly inelastic
56. You can use the Load/Save button in the Solver ____ dialog box to save the Solver model to the current worksheet. parameters
57. In measuring elasticity, if e=0.1, then increasing the price of an item by 10% decreases demand by ____. 1%
58. In measuring elasticity, if e=0, then changes in price have no impact on demand, which is referred to as a ____ situation and occurs when the item being sold is rare or essential. perfectly inelastic
59. In measuring elasticity, if e=2.0, then increasing the price of an object by ____ decreases demand by 20%. 10%
60. In measuring elasticity, as the value of e increases, the result is that any change in price causes a huge change in demand, resulting in a ____ relationship between price and demand. perfectly elastic
61. ____ is a program that searches for the optimal solution of a problem involving several variables. solver
62. ____ can be used to find the curve or line that best fits a set of data or to minimize production costs for a product or service. solver
63. The three items that you must specify when using Solver are ____. variable cell, objective cell, constraints
64. In Solver, changing cells are sometimes referred to as ____ cells. variable
65. When you use Solver, you must specify the ____ that apply to your problem. constraints
66. Aside from Solver, other Excel ____ provide the ability to perform statistical analyses, generate business reports, and retrieve financial data from the Internet. add-ins
67. To activate Solver, click Solver Add-In in the __ add-in dialog box
68. To open the Solver Parameters dialog box, click the Solver button in the ____ group on the Data tab. analysis
69. A(n) ____ is a limit that is placed on a Solver problem's solution. constraint
70. ____ are important because they ensure a realistic solution to your problem. constraints
71. When you click the Solve button in the Solver Parameters dialog box, in the ____, you can see Solver rapidly "trying out" solutions. status bar
72. After trying out solutions for a short time, Solver displays the ____ dialog box, which displays the message that indicates Solver has found a solution that satisfies the constraints. solver results
73. Solver arrives at optimal solutions through a(n) ____ procedure. iterative
74. A(n) ____ procedure means that Solver starts with an initial solution and uses that as a basis to calculate a series of solutions. iterative
75. If Solver is taking too long to find a solution, you can halt the program at any time by pressing the ____ key. esc
76. If you want to see the iterative process in action, click the ____ check box, and Excel will pause after each iteration and show the intermediate solutions that it finds. show iteration results
77. The default length of time that Solver will spend on the iterative process is ____ seconds. 100
78. The default convergence value in Solver is ____. 0.001
79. The default number of iterations Solver will try is ____. 100
80. You can include an analysis of the constraints and conditions by which Solver arrived at its solution by creating a(n) ____ report. answer
81. Solver can create what three different report types? answer, limits, sensitivity
82. The ____ report summarizes the results of a successful solution by displaying information about the target cell, changing cells, and constraints. answer
83. Which report type is used to quantify the reliability of a solution? limit, constraint
84. Which of the following reports is used when your problem contains integer constraints? answer
85. The ____ report is used primarily when the user wants to investigate the mathematical aspects of the Solver solution. limits
86. The answer report is divided into ____ sections. four
87. The last column on the right in an answer report shows the ____ for each constraint. slack
88. The slack is the difference between the value in the cell and the value at the limit of the ____. constraint
89. Binding constraints always show a slack of ____. 0
90. Cells that display the value ____ indicate that all of the values in the worksheet satisfy the Solver constraints. true
91. If a value in the worksheet violates one of the constraints, the Solver parameter cells will display the value ____ false
92. Scenario summary tables and scenario ____ can be used to obtain a quick snapshot of several possible outcomes. pivot table
93. When using Goal Seek, select the ____ cell in the Set cell box, and then specify its value (goal) in the To value box. result
94. ____________________ expenses change in proportion to the amount of business a company does. variable
95. A(n) ____________________ expense is an expense that must be paid regardless of sales volume. fixed
96. With ____________________, you specify the result values you want, and Excel changes the input values to produce them. goal seek
97. In Goal Seek, the ____________________ cell is the cell containing the values you want to examine. result
98. ____________________ cells are cells containing values you want to modify in what-if analysis cells. input
99. To set up a(n) ____________________ table, you first insert references to the input and result cells. data
100. When creating a(n) ____________________ data table, you must identify the row input cell and the column input cell. two-variable
101. The ____________________ input cell is the cell on which you base values placed in the first row of the data table. row
102. The ____________________ input cell is the cell on which values placed in the first column of the data table are based. column
103. If you want to concentrate on only a few key cells, the scenario summary report has ____________________ tools so you can hide and expand different parts of the report. outline
104. Click the Scenario PivotTable ____________________ option button to create a PivotTable describing the scenarios. report
105. A(n) ____________________ is a customized program that adds commands and features to Microsoft Office programs. add-ins
106. In Solver, a(n) ____________________ cell is a cell that you want to maximize, minimize, or change to a specific value. objective
107. The Scenario Manager refers to ____________________ cells as changing cells because these worksheet cells contain values that are changed under the scenario. input
108. The ____________________ is the difference between the value in a cell and the value at the limit of the constraint. slack
109. ____________________ constraints always show a slack of 0. binding
110. The effect that price has on demand is called ____________________ of demand. price elasticity
111. When elasticity is e>1, the price elasticity is ____________________ elastic. relatively
112. How does Goal Seek differ from traditional what-if analysis? Goal Seek uses a different approach from traditional what-if analysis, when you change input values in worksheet cells, and Excel uses these values to calculate result values. With Goal Seek, you specify the result values you want, and Excel changes the i
113. What are the steps to create a one-variable data table? Insert a formula that references the input cell in the upper-left cell of the table. Insert input values in either the first row or first column of the table. For input values in the first row, insert formulas referencing result cells in the table’s first
114. How many different types of reports can Solver create? What are the characteristics of these report types, and which is the most useful? Solver can create three different reports—an answer report, a sensitivity report, and a limits report. The answer report may be the most useful of the three because it summarizes the results of a successful solution by displaying information about the tar
Created by: galvanl