BITM 215 EXAM QUESTIONS AND ANSWERS LATEST UPDATE A+
GRADED
Range Name
word or string of characters assigned to one or more cells; avoid special characters,
spaces, and can't begin with a number
New Name Dialog Box
used to name a single range and specify the address range
Create Names
several range names can be created at the same time if the worksheet includes ranges
with values and descriptive labels
Name Manager Dialog Box
used to edit, delete, and create range names
Data Table
organizes the results of several what-if analyses within a single table
One-Variable Data Table
a data analysis tool that provides various results based on changing one variable; a
data matrix is generated based on regularly incrementing one variable; a list of values is
created to see the impact of those values as they change
What-If Analysis
allows you to see how changing variables impacts calculated results
Variable
a value that can be changed to see how it affects other values
Substitution Value
replaces the original value of a variable in a data table
Two-Variable Data Table
compares results for two variables, you can focus on only one result instead of multiple
results
Goal Seek
solves a formula for one cell (one argument) in the formula, a method for finding
solutions to problems by working backwards from the end result to determine the input
to produce that result, uses original worksheet data
Backsolve
knowing the results and determining the value needed to reach those results
Scenario
a saved set of values in a worksheet allowing you to vary numbers and see potential
results, simple what-if analysis tools, often used to review best and worst possibilities;
leaves the initial worksheet alone, changes are saved separately
Scenario Manager
each scenario created is given a name, ideally each name should be meaningful to help
distinguish between them more easily
Original Scenario
the starting point, the baseline against which you will create and compare other
scenarios, other possibilities
Best Case Scenario
, numbers are generated that are used to consider the "best" realistic outcome
Worst Case Scenario
numbers are generated that are used to consider the "worst" realistic outcome
Scenario Summary
generates a data matrix that will highlight the values that are selected for change for
each selected scenario, as well as the cell(s) impacted by the changed cells; you have
to re-run the summary if the scenarios change because the summary isn't updated
dynamically
Solver
an add-in that searches for the best or optimum solution to a problem
Add-in
programs that can be added to Excel
Optimization Models
finds the highest, lowest, or exact value for one result
Target Cell
the goal or objective function - maximize, minimize, or reach a specific number
Adjustable Cells
the cells that are adjusted, aka decision variables
Constraints
specify the restrictions binding and non-binding
Answer Report
identifies and lists each parameter and serves as documentation of your work; the
report includes original values and values suggested by Solver
Sensitivity Report
contents depend on the solving method that is selected when you run Solver
Limits Report
displays data about the lower and upper limits of each variable cell and how those limits
impact the objective cell
Profit and Loss Statement
aka an income statement, shows how much money a business makes or loses over a
specified period of time
DAY Function
displays the day (1-31)
MONTH Function
displays the month (1-12)
YEAR Function
displays the year (such as 2024)
DAYS Function
calculates the number of days between two dates using two arguments
NETWORKDAY Function
calculate the number of workdays (excluding weekends) between two dates
YEARFRAC Function
calculates the fraction of a year between two dates based on the number of whole days
using the start_date and end_date arguments
WEEKDAY Function
GRADED
Range Name
word or string of characters assigned to one or more cells; avoid special characters,
spaces, and can't begin with a number
New Name Dialog Box
used to name a single range and specify the address range
Create Names
several range names can be created at the same time if the worksheet includes ranges
with values and descriptive labels
Name Manager Dialog Box
used to edit, delete, and create range names
Data Table
organizes the results of several what-if analyses within a single table
One-Variable Data Table
a data analysis tool that provides various results based on changing one variable; a
data matrix is generated based on regularly incrementing one variable; a list of values is
created to see the impact of those values as they change
What-If Analysis
allows you to see how changing variables impacts calculated results
Variable
a value that can be changed to see how it affects other values
Substitution Value
replaces the original value of a variable in a data table
Two-Variable Data Table
compares results for two variables, you can focus on only one result instead of multiple
results
Goal Seek
solves a formula for one cell (one argument) in the formula, a method for finding
solutions to problems by working backwards from the end result to determine the input
to produce that result, uses original worksheet data
Backsolve
knowing the results and determining the value needed to reach those results
Scenario
a saved set of values in a worksheet allowing you to vary numbers and see potential
results, simple what-if analysis tools, often used to review best and worst possibilities;
leaves the initial worksheet alone, changes are saved separately
Scenario Manager
each scenario created is given a name, ideally each name should be meaningful to help
distinguish between them more easily
Original Scenario
the starting point, the baseline against which you will create and compare other
scenarios, other possibilities
Best Case Scenario
, numbers are generated that are used to consider the "best" realistic outcome
Worst Case Scenario
numbers are generated that are used to consider the "worst" realistic outcome
Scenario Summary
generates a data matrix that will highlight the values that are selected for change for
each selected scenario, as well as the cell(s) impacted by the changed cells; you have
to re-run the summary if the scenarios change because the summary isn't updated
dynamically
Solver
an add-in that searches for the best or optimum solution to a problem
Add-in
programs that can be added to Excel
Optimization Models
finds the highest, lowest, or exact value for one result
Target Cell
the goal or objective function - maximize, minimize, or reach a specific number
Adjustable Cells
the cells that are adjusted, aka decision variables
Constraints
specify the restrictions binding and non-binding
Answer Report
identifies and lists each parameter and serves as documentation of your work; the
report includes original values and values suggested by Solver
Sensitivity Report
contents depend on the solving method that is selected when you run Solver
Limits Report
displays data about the lower and upper limits of each variable cell and how those limits
impact the objective cell
Profit and Loss Statement
aka an income statement, shows how much money a business makes or loses over a
specified period of time
DAY Function
displays the day (1-31)
MONTH Function
displays the month (1-12)
YEAR Function
displays the year (such as 2024)
DAYS Function
calculates the number of days between two dates using two arguments
NETWORKDAY Function
calculate the number of workdays (excluding weekends) between two dates
YEARFRAC Function
calculates the fraction of a year between two dates based on the number of whole days
using the start_date and end_date arguments
WEEKDAY Function
