WALL STREET PREP; EXCEL CRASH COURSE
FORMULAS EXAM QUESTIONS EXPLAINED
Average Function
Definition: An Excel function that adds a group of values, and then divides the result by
the number of values in the group.
IF Statement Function
Definition: A function that returns one value when a condition you specify evaluates to
true and a different value if it evaluates to false.
Explanation: First you begin with the logical test for the function, and then provide the
value the function should output if the logical test is evaluated to true, and last value the
function should output if the logical test is evaluated to false.
Nested IF Statement Function
Definition: IF function with various IF functions within each other.
IFS Statement/Function
Definition: A function that resolves the chunkiness of IF statements/functions and
Nested IF statements/functions. Can allow for more than one IF statement all in one.
IFERROR Function
Definition: A function that returns a value you specify if the formula evaluates to an
error. If the formula does not result in an error, this function will return the result of the
formula.
Explanation: Begin by putting the value you want to see if an error is evaluated by this
value, example: something divided by 0. Then input what the function should output if
this is truly an error.
& Function
A function that concatenates cells with a text string.
EOMONTH Function
, Definition: A function that allows you to create monthly date headers. By outputting the
last day of the specified month.
Explanation: Start by inputting the start_date into the first argument. Then input how
many months ahead or behind you would like to go from that start_date.
EDATE Function
Definition: Similar to EOMONTH but this return the exact date from the start-date, after
the specified number of months.
Explanation: Start by inputting the start_date into the first argument. Then input how
many months ahead or behind you would like to go from that start_date.
ISNUMBER Function
Definition: A function that is useful criteria in IF Statements/Functions, and it is basically
test to see if a cell has a number in it.
Explanation: Simply input value to check to see if value inputted comes out to true or
false.
ISTEXT Function
Definition: A function that evaluates if there is text inside a cell and will output TRUE or
FALSE depending on the result. Also a useful criteria to add to IF statements/functions.
Explanation: Simply input value to check to see if value inputted comes out to true or
false.
YEARFRAC Function
Definition: A function that return the proportion of the year between two given dates, the
start_date and the end_date. An optional basis parameter can be used do represent the
number of days per month/year used to calculate the proportion of the year.
Optional Basis Parameters:
1. 0 - or Omitted = U.S. 30/360
2. 1 - Actual/Actual
3. 2 - Actual/360
4. 3 - Actual/365
5. 4 - European 30/360
Explanation: Simply input the start_date and the end_date with the desired basis
FORMULAS EXAM QUESTIONS EXPLAINED
Average Function
Definition: An Excel function that adds a group of values, and then divides the result by
the number of values in the group.
IF Statement Function
Definition: A function that returns one value when a condition you specify evaluates to
true and a different value if it evaluates to false.
Explanation: First you begin with the logical test for the function, and then provide the
value the function should output if the logical test is evaluated to true, and last value the
function should output if the logical test is evaluated to false.
Nested IF Statement Function
Definition: IF function with various IF functions within each other.
IFS Statement/Function
Definition: A function that resolves the chunkiness of IF statements/functions and
Nested IF statements/functions. Can allow for more than one IF statement all in one.
IFERROR Function
Definition: A function that returns a value you specify if the formula evaluates to an
error. If the formula does not result in an error, this function will return the result of the
formula.
Explanation: Begin by putting the value you want to see if an error is evaluated by this
value, example: something divided by 0. Then input what the function should output if
this is truly an error.
& Function
A function that concatenates cells with a text string.
EOMONTH Function
, Definition: A function that allows you to create monthly date headers. By outputting the
last day of the specified month.
Explanation: Start by inputting the start_date into the first argument. Then input how
many months ahead or behind you would like to go from that start_date.
EDATE Function
Definition: Similar to EOMONTH but this return the exact date from the start-date, after
the specified number of months.
Explanation: Start by inputting the start_date into the first argument. Then input how
many months ahead or behind you would like to go from that start_date.
ISNUMBER Function
Definition: A function that is useful criteria in IF Statements/Functions, and it is basically
test to see if a cell has a number in it.
Explanation: Simply input value to check to see if value inputted comes out to true or
false.
ISTEXT Function
Definition: A function that evaluates if there is text inside a cell and will output TRUE or
FALSE depending on the result. Also a useful criteria to add to IF statements/functions.
Explanation: Simply input value to check to see if value inputted comes out to true or
false.
YEARFRAC Function
Definition: A function that return the proportion of the year between two given dates, the
start_date and the end_date. An optional basis parameter can be used do represent the
number of days per month/year used to calculate the proportion of the year.
Optional Basis Parameters:
1. 0 - or Omitted = U.S. 30/360
2. 1 - Actual/Actual
3. 2 - Actual/360
4. 3 - Actual/365
5. 4 - European 30/360
Explanation: Simply input the start_date and the end_date with the desired basis
