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Chapter 1: Conceptual Review AnswersChapter 2: Conceptual Review AnswersChapter 3: Conceptual Review AnswersChapter 4: Conceptual Review Questions AnswersChapter 1: Conceptual Review Answers1. What is the meaning of each of the following error messages:• ###### Insufficient width to display value• #NAME? Unrecognized text in a formula• #N/A No answer• #REF! Invalid cell reference• #VALUE! Wrong argument type of operand• #NUM! Invalid numeric values in a formula or function• #DIV/0! Division by zero2. If you enter 1,149+25 in a cell exactly as shown (without an equal sign), what value would result? The values appears as text: 1,149+253. If you enter =2+4*10 in a cell exactly as shown, what value would result? 424. List each of the following operations in order of precedence, from 1 to 4 (first to last):• multiplication and division 3• ( ) parentheses 1• addition and subtraction 4• exponentiation 25. When writing formulas, why is it preferable to use cell references rather than typing in values? If input values are later updated, they need only be modified in one place so that any subsequent formulas that use this value via a cell reference are automatically updated.6. In the worksheet below, cell A3 contains the formula =A1+A2. Explain the most likely reason why the value calculated appears incorrect.Values displayed are not the precise values stored. 7. Referring to the preceding worksheet, if you wrote the formula =B1*110, what value would result (assuming the displayed value is the precise value)? 118. What formula would you write to do each of the following:a. Add a range of numbers in cells A2:X2. =SUM(A2:X2)b. Find the largest value in cells C2:C8. =MAX(C2:C8)c. Find the smallest value in cells B2 through Z12. =MIN(B2:Z12)d. Find the average value in cells C1 through C10, assuming blank cells will be ignored. =AVERAGE(C1:C10)e. Find the total number of values listed in cells C1 through C10, including any that contain text. =COUNT(C1:C10)9. Define the following terms: syntax, arguments, and algorithm.• Each function has its own syntax that specifies the function name and order of the arguments. • The function inputs are referred to as arguments. • A function always behaves in the same way, according to the rules programmed into the function. These rules/methods of calculating the solution are referred to as a function’s algorithm.10. If the formula =$B$4–SUM(C1:C5) is copied from cell A9 to cell C10, what will the resulting formula be? =$B$4–SUM(E2:E6)11. Refer to the following worksheet. Write a formula in cell B2 that can be copied down the column and across the row to complete the multiplication table.=$A2*B$112. What new formula would result for each of the following if the formula was copied from cell C10 to cell E13?a. =A1+A2 =C4+C5b. =$A$1+A2 =$A$1+C5c. =$A1+A2 =$A4+C5d. =A$1+A2 =C$1+C513. What formula could you use to add up cell B1 from Sheet1!, Sheet 2! and Sheet 3! (assuming the worksheets are contiguous and in the same workbook)? =SUM(Sheet1:Sheet3!B1) or =Sheet1!B1+Sheet2!B1+Sheet3!B114. Cell B1 has been given the range name discount. How would you write a formula in cell C1 that multiplies the discount by A1? What new formula would result if you copied this formula into cell C2? =A1*discount copied into C2 adjusts to =A2*discountChapter 2: Conceptual Review Answers1. What formula could you write to calculate the mean of the following data set: 2, 5 ,4, 3, 1, 2, 7? (Note that a resulting value is not required.)=AVERAGE(2,5,4,3,1,2,7)2. What is the median value of the data set given in Question 1?33. What is the mode value of the data set given in Question 1?24. The data set given in Question 1 has a standard deviation of 1.58 as compared with another data set that has the same mean but a standard deviation of 2.5. What general differences would you expect to find between the two sets of data?The second data set has a larger standard deviation indicating values are more widely distributed – thus more high/low values away from the mean.5. In the chapter, the original labor rate for inspectors was given as $35 per hour. However, because of a contract renegotiation, this value is now $37.50. What algebraic expression could you use to determine the percent increase in labor costs? (Note that a resulting value is not required.)=(37.50-35)/356. When using the Increase Decimal button on the toolbar, the precise value in the cell is modified. True or False?False7. The formula =ROUND(345.43,0) results in what precise value?3458. Write a formula to round up 63.34% to the nearest percent.=ROUNDUP(63.54%,2)9. What is the symbol for the greater than or equal to relational operator in Excel?>=10. What is the symbol for the not equal to relational operator in Excel?<>11. Review the following worksheet, and then use the COUNTIF function to write a formula that determines the number of GM cars on this list. =COUNTIF(A2:A10, “GM”)12. Using the worksheet shown in Question 11, write a formula to determine the number of cars that cost less than $20,000.=COUNTIF(B2:B10, “<20000”)13. Using the worksheet shown in Question 11, write a formula to determine the total value of all Ford cars.=SUMIF(A2:A10, “FORD”, B2:B10)14. Explain the difference between a “what-if” analysis and Goal Seek by giving an example based on the worksheet shown in Question 11.A what if analysis would be changing one or more of the input values on the sheet – such as the price of the first Ford car – once this is changed the resulting total should automatically update. A GoalSeek analysis would allow you to determine what the needed input value to get a specified output. For example, what would the price of the first Ford have to be to get a total cost of all makes of $200,000.15. Using the worksheet shown in Question 11, write a formula to determine the value of the third most expensive car.=LARGE(B2:B10,3)16. If each car shown in Question 11 is marked up between $50 and $250 in dollar increments, what function could be used to randomly assign the amount to be added to this car price in this formula: =B2+ ___________?=B2+RANDBETWEEN(50,250)17. The formula =RAND()gives what result?A random value between 0 and 118. What formula could you write to average the values in cells A10 through A20 excluding blank cells, rounded to the nearest 10?=ROUND(AVERAGE(A10:A20),-1)19. Write a formula to determine the average price of only Ford vehicles using the

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