Excel and Competitive Advantage Review

Vocabulary flashcards based on the provided lecture notes.

Which of the following is a Mathematical Operator in Excel?

What symbol is used in Excel formulas to perform calculations?

a) Addition

b) Subtraction

c) Multiplication

d) Division

e) All of the above

Answer: e) All of the above

Values Field in Pivot Table

Which calculations can be specified in the Values Field of a Pivot Table?

a) Sum

b) Average

c) Count

d) Min

e) All of the above

Answer: e) All of the above

VLOOKUP Function

Which function searches for a value in the first column of a

range and returns a corresponding value from a specified

column?

a) INDEX

b) MATCH

c) VLOOKUP

d) HLOOKUP

e) None of the above

Answer: c) VLOOKUP

Function in Excel

Which of the following is a pre-built formula that performs

specific calculations or operations on data?

a) SUM

b) AVERAGE

c) IF

d) MAX

e) All of the above

Answer: e) All of the above

Paste Special - Values

Which Paste Special option pastes only the contents of a cell

without any formatting?

a) Formulas

b) Comments

c) Values

d) Validation

e)All of the above

Answer: c) Values

Range Formatting in Excel

What is the term for applying a custom number format to display

values in a specific way, such as adding commas to large

numbers?

a) Conditional Formatting

b) Cell Styles

c) Range Formatting

d) Themes

e) None of the above

Answer: c) Range Formatting

Pivot Table

Which Excel feature enables summarizing and analyzing large

datasets by grouping and aggregating data?

a) Charts

b) Tables

c) Pivot Table

d) Formulas

e) All of the above

Answer: c) Pivot Table

Sort Feature

What feature rearranges data in a selected range based on

specified criteria, such as alphabetical order or numerical value?

a) Filter

b) Sort

c) Conditional Formatting

d) Data Validation

e) None of the above

Answer: b) Sort

Goal Seek

Which Excel feature finds the input value needed to achieve a

specific goal or target for a formula (single-variable 'what if'

analysis)?

a) Scenario Manager

b) Goal Seek

c) Solver

d) Data Table

e) None of the above

Answer: b) Goal Seek

Workbook vs. Worksheet

In Excel, what is a file that contains multiple worksheets

called?

a) Worksheet

b) Workbook

c) Cell

d) Range

e) None of the above

Answer: b) Workbook

Cross-tabulation

What is created using one field for row labels and another for

column labels in a pivot table?

a) Cross-validation

b) Cross-reference

c) Cross-tabulation

d) Regression analysis

e) None of the above

Answer: c) Cross-tabulation

Merging Cells

What action combines multiple cells into a single cell?

a) Wrapping Text

b) Merging Cells

c) Formatting Cells

d) Cell Styles

e) Conditional Formatting

Answer: b) Merging Cells

Line Chart

Which type of chart is best suited for displaying trends over

time?

a) Pie Chart

b) Bar Chart

c) Line Chart

d) Scatter Chart

e) All of the above

Answer: c) Line Chart

Goal Seek

Which feature allows finding the input value needed to achieve a

specific goal or target for a formula?

a) Data Validation

b) Goal Seek

c) Conditional Formatting

d) Table Formatting

e) None of the above

Answer: b) Goal Seek

=SUM(A7:A17)

What does the formula '=SUM(A7:A17)' do?

a) =SUM(A7:A17)

b) =SUM(A7, A17)

c) =AVERAGE(A7:A17)

d) =COUNT(A7:A17)

e) None of the above

Answer: a) =SUM(A7:A17)

Excel Tables Features

Which of the following are features of Excel Tables?

a) Table Styles

b) Excel Tables Features

c) Conditional Formatting

d) Data Validation

e) None of the above

Answer: b) Excel Tables Features

Paste Special - Transpose

Which Paste Special option transposes data from rows to

columns or vice versa?

a) Paste Special - Values

b) Paste Special - Formulas

c) Paste Special - Transpose

d) Paste Special - Comments

e) None of the above

Answer: c) Paste Special - Transpose

PivotTable

What is used to organize and analyze large amounts of data in a

structured format?

a) Chart

b) PivotTable

c) Formula

d) Range

e) All of the above

Answer: b) PivotTable

Conditional Formatting

What highlights cells based on their values or conditions?

a) Cell Styles

b) Conditional Formatting

c) Table Styles

d) Range Formatting

e) Data Validation

Answer: b) Conditional Formatting

\

What is displayed when a column is too narrow for the data it contains?

a) #DIV/0!

b) #NAME?

c) #####

d) #REF!

e) #VALUE!

Answer: c) #####

Filter Feature

Which feature displays specific data that meets certain criteria

while hiding the rest?

a) Sort

b) Filter

c) Conditional Formatting

d) Data Validation

e) None of the above

Answer: b) Filter

Absolute Reference

What type of reference prevents changes to the formula if it's

copied to a different location?

a) Relative Reference

b) Mixed Reference

c) Absolute Reference

d) Circular Reference

e) All of the above

Answer: c) Absolute Reference

Sort Command

What command reorders rows based on the contents of a

selected column?

a) Sort Command

b) Filter Command

c) Conditional Formatting

d) Data Validation

e) None of the above

Answer: a) Sort Command

VLOOKUP with FALSE Parameter

What does the FALSE parameter do in VLOOKUP?

a) TRUE Parameter

b) FALSE Parameter

c) APPROXIMATE Parameter

d) EXACT Parameter

e) None of the above

Answer: b) FALSE Parameter

IF () Function

What does the IF() Function do?

a) SUM () Function

b) IF () Function

c) Count() Function

d) Average() Function

e) None of the above

Answer: b) IF () Function

=VLOOKUP(lookupvalue, tablearray, columnindex, rangelookup)

What is the correct syntax for the VLOOKUP function in Excel?

a) =VLOOKUP(lookupvalue, tablearray, colindexnum, [range*lookup])

b) =VLOOKUP(lookupvalue, tablearray, column*index, range_lookup)

c) =VLOOKUP(lookup, table, column, range)

d) All of the above

e) None of the above

Answer: b) =VLOOKUP(lookupvalue, tablearray, column*index, range_lookup)

Pie Chart

Which chart represents the proportion of each data point in a

series to the sum of all data points, displayed as slices of a

circle?

a) Bar Chart

b) Line Chart

c) Pie Chart

d) Scatter Chart

e) All of the above

Answer: c) Pie Chart

Solver vs. Goal Seek

What is the key difference between Solver and Goal Seek in Excel?

a) Solver

b) Goal Seek

c) What-if analysis

d) Scenario Manager

e) None of the above

Answer: a) Solver

COMMAND + T (Mac) / Ctrl + T (Windows)

Which keyboard command is used to format data as a table in

Excel?

a) COMMAND + C (Mac) / Ctrl + C (Windows)

b) COMMAND + V (Mac) / Ctrl + V (Windows)

c) COMMAND + T (Mac) / Ctrl + T (Windows)

d) All of the above

e) None of the above

Answer: c) COMMAND + T (Mac) / Ctrl + T (Windows)

Excel Workbook

What might an Excel Workbook contain when you open a new one??

a) Excel cell

b) Excel sheet

c) Excel Workbook

d) All of the above

e) None of the above

Answer: c) Excel Workbook

Primary Benefit of Sort Feature

What is the primary benefit of using the Sort Feature in Excel??

a) Table

b) Formulas

c) Primary Benefit of Sort Feature

d) Insertions

e) None of the above

Answer: c) Primary Benefit of Sort Feature

N/A

What is the result of the VLOOKUP function in cell C3 in theexample provided?

a) #REF!

b) #NAME?

c) #N/A

d) ####

e) None of the above

Answer: c) #N/A

SOLVER

What solves optimization problems by finding the best possible

solution based on specified constraints?

a) Goal Seek

b) SOLVER

c) What-if Analysis

d) Scenario Manager

e) Data validation

Answer: b) SOLVER

Scatter Chart

Which chart is most suitable for showing the relationship

between two sets of numerical data?

a) Pie Chart

b) Bar Chart

c) Line Chart

d) Scatter Chart

e) All of the above

Answer: d) Scatter Chart

Mixed Reference

'=B$6/B$10' is an example of what type of cell reference in

Excel?

a) Relative Reference

b) Absolute Reference

c) Mixed Reference

d) Indirect Reference

e) Circular Reference

Answer: c) Mixed Reference

=SUM (C2:C9)/COUNT (C2:C9)

Which formula is used to calculate the average order amount

from a range of cells?

a) =SUM (C2:C9)/COUNT (C2:C9)

b) =SUM (C2:C9)*COUNT (C2:C9)

c) =SUM (C2:C9)-COUNT (C2:C9)

d) =PRODUCT (C2:C9)

e) All of the above

Answer: a) =SUM (C2:C9)/COUNT (C2:C9)

.xlsx

What is the file extension for an Excel workbook in the most

recent versions of Microsoft Excel?

a) .txt

b) .xlsx

c) .pdf

d) .docx

e) All of the above

Answer: b) .xlsx

A1

Which of the following options is an example of a valid cell

address in Excel?

a) A1

b) $A$1

c) A$1

d) All of the above

e) None of the above

Answer: a) A1

$A$1

Which of the following is a valid cell reference in Excel?

a) A1

b) $A$1

c) A$1

d) All of the above

e) None of the above

Answer: b) $A$1

VLOOKUP column return

What is one of the limitations of VLOOKUP when trying to

return results?

a) TRUE

b) FALSE

c) DEPENDS

d) All of the above

e) None of the above

Answer: a) TRUE

Resource-Based View

Which of the following conditions or views are needed for a firmto maintain a sustainable competitive advantage?

a) Value-chain

b) Resource-Based View

c) SWOT Analysis

d) All of the above

e) None of the above

Answer: b) Resource-Based View

Hedge Risks

What is the business benefit of spreading production facilities

across the globe?

a) Hedge Risks

b) Reducing costs

c) Increasing profit

d) Increasing production

e) all of the above

Answer: a) Hedge Risks

a) Lower Cost Strategy

b) Differentiation

c) Powerful Resource For Competitive Advantage

d) All of the above

e) None of the above

What is lowering search costs and inspiring trust considered tobe?

a) Lower Cost Strategy

b) Differentiation

c) Powerful Resource For Competitive Advantage

d) All of the above

e) None of the above

Answer: c) Powerful Resource For Competitive Advantage

Strategy

What is fundamentally important about strategy in the business world?

a) value chain

b) Strategy

c) opportunity cost

d) All of the above

e) None of the above

Answer: b) Strategy

Area of corporate law connected to technology?

Which area of corporate law is connected to technology?

a) Intellectual property rights and licensing

b) Data privacy and protection

c) Cybersecurity and data breaches

d) All of the above

e) None of the above

Answer: d) All of the above

Operational Effectiveness

What is the business definition of 'Operational Effectiveness'?

a) value driven products

b) lower cost strategy

c) Operational Effectiveness

d) All of the above

e) None of the above

Answer: c) Operational Effectiveness

Technology's Impact

What is an example of a company using technology and Radio

Frequency Identification (RFID) tags to keep track of itsinventory?

a) Technology’s Impact

b) Information systems

c) Technology diffusion

d) All of the above

e) None of the above

Answer: a) Technology’s Impact

Competitive Advantage

In business, what is a firm's financial performance that

consistently outperforms its industry's peers known as?

a) Sustainable competitive advantage

b) Opportunity cost

c) Perfect competition

d) All of the above

e) None of the above

Answer: a) Sustainable competitive advantage

Commoditized

In business, what offerings become when in a crowded market

space when similar?

a) Opportunity cost

b) SWOT Analysis

c) Commoditized

d) All of the above

e) None of the above

Answer: c) Commoditized

Brand

What is a symbolic embodiment of all the information

connected with a product or service called in business?

a) Commodity

b) Brand

c) Product

d) All of the above

e) None of the above

Answer: b) Brand

Value Chain

In business, what is a set of activities through which a product

or service is created and delivered to customers?

a) Value Chain

b) SWOT Analysis

c) Supply Chain

d) All of the above

e) None of the above

Answer: a) Value Chain