77-427 Online Practice Questions and Answers

Correct Answer: AC

Correct Answer: D

In order to accomplish the task, Rick should take the following steps: Select all the five sheets.

Write a disclaimer message in the A1 cell of the active sheet. Grouping of sheets is a feature provided in Microsoft Office Excel 2013. Selecting more than one sheet groups those sheets. When multiple sheets are grouped, data that a user

enters or edits in the active sheet is reflected in all sheets in the group. To select all sheets, right-click a sheet

tab, and then click Select All Sheets on the shortcut menu.

Users can select multiple sheets by holding the Ctrl key while clicking the sheets. Answer option C is incorrect. Clicking the first sheet after selecting all sheets will ungroup the sheets and the message will only get inserted in the first sheet. Answer options B and A are incorrect. Both these options will work, but Rick will have to work more than required. Grouping sheets is a better option to work simultaneously on multiple sheets. Users can select multiple sheets by holding the Ctrl key while clicking the sheets. Answer option C is incorrect. Clicking the first sheet after selecting all sheets will ungroup the sheets and the message will only get inserted in the first sheet. Answer options B and A are incorrect. Both these options will work, but Rick will have to work more than required. Grouping sheets is a better option to work simultaneously on multiple sheets.

Correct Answer: ABD

The following steps are taken to input Excel array formulas:

1.

Highlight the range of cells that a user wants to use as an input in his array formula.

2.

Type the array formula into the first cell or make this cell editable by pressing F2 or clicking

in the formula bar if a user has already specified a value into the first cell.

3.

Press CTRL-SHIFT-Enter.

Answer option C is incorrect. This is an invalid answer option.

Correct Answer: C

A data table is used to see all the outcomes in one place. It is defined as a type of what-if analysis tools. It is used if a user has a formula that uses one or two variables or multiple formulas that all use one common variable. It is used to examine a range of possibilities at a glance and since the user focuses on only one or two variables, results are easy to read and share in tabular form. If automatic recalculation is enabled, it is possible to recalculate the data in data tables immediately and as a result, the user always gets fresh data. Answer option D is incorrect. A scenario is defined as a type of what-if analysis tools. It is a set of values saved by Excel and can be substituted automatically in cells on a worksheet. A user can create and save different groups of values on a worksheet and then switch to any of these new scenarios to view different results. Scenario reports are not automatically recalculated. If the user changes the values of a scenario, those changes will not be displayed in an existing summary report and he must create a new summary report to show the reflection of the changed report. Answer option A is incorrect. Goal Seek is defined as a type of what-if analysis tools. It is used if a user knows the result that he wants from a formula, but he is not sure what input value the formula needs to get that result. It works with only one variable input value. Answer option B is incorrect. The Solver add-in is used if a user knows the result that he wants from a formula, but he is not sure what input value the formula needs to get that result. It is used for more than one input value. It works with a group of cells related to the formula in the objective cell.

Correct Answer: AD

Various financial functions (reference) are as follows:

1.

ACCRINT function: It is used to return the accrued interest for a security that pays periodic interest.

2.

ACCRINTM function: It is used to return the accrued interest for a security that pays interest at maturity.

3.

AMORDEGRC function: It is used to return the depreciation for each accounting period by using a depreciation coefficient.

4.

COUPDAYBS function: It is used to return the number of days from the beginning of the coupon period to the settlement date.

5.

AMORLINC function: It is used to return the depreciation for each accounting period.

6.

COUPDAYS function: It is used to return the number of days in the coupon period containing the settlement date.

7.

COUPDAYSNC function: It is used to return the number of days from the settlement date to the next coupon date.

8.

COUPNCD function: It is used to return the next coupon date after the settlement date.

9.

COUPNUM function: It is used to return the number of coupons payable between the settlement date and maturity date.

10.

COUPPCD function: It is used to return the previous coupon date before the settlement date.

11.

CUMIPMT function: It is used to return the cumulative interest paid between two periods.

12.

CUMPRINC function: It is used to return the cumulative principal paid on a loan between two periods.

13.

DB function: It is used to return the depreciation of an asset for a specified period by using the fixed-declining balance method.

14.

DDB function: It is used to return the depreciation of an asset for a particular period by using the double-declining balance method.

15.

DISC function: It is used to return the discount rate for a security.

16.

DOLLARDE function: It is used to convert a dollar price that is expressed as a fraction into a dollar price that is expressed as a decimal number.

17.

DOLLARFR function: It is used to convert a dollar price that is expressed as a decimal number into a dollar price that is expressed as a fraction.

18.

DURATION function: It is used to return the annual duration of a security with periodic interest payments.

19.

EFFECT function: It is used to return the effective annual interest rate.

20.

FV function: It is used to return the future value of an investment.

21.

FVSCHEDULE function: It is used to return the future value of a starting principal after applying a series of compound interest rates.

22.

INTRATE function: It is used to return the interest rate for a fully invested security.

23.

IPMT function: It is used to return the interest payment for an investment for a specified period.

24.

IRR function: It is used to return the internal rate of return for a series of cash flows.

25.

ISPMT function: It is used to calculate the interest paid during a particular period of an investment.

26.

MDURATION function: It is used to return the Macauley modified duration for a security with an assumed par value of $100.

27.

MIRR function: It is used to return the internal rate of return in which positive and negative cash flows are financed at different rates.

28.

NOMINAL function: It is used to return the annual nominal interest rate.

29.

NPER function: It is used to return the number of periods for an investment.

30.

NPV function: It is used to return the net present value of an investment on the basis of a series of periodic cash flows and a discount rate.

31.

ODDFPRICE function: It is used to return the price per $100 face value of a security with an odd first period.

32.

ODDFYIELD function: It is used to return the yield of a security with an odd first period.

33.

ODDLPRICE function: It is used to return the price per $100 face value of a security with an odd last period.

34.

ODDLYIELD function: It is used to return the yield of a security with an odd last period.

35.

PMT function: It is used to return the periodic payment for an annuity.

36.

PPMT function: It is used to return the payment on the principal for an investment for a particular defined period.

37.

PRICE function: It is used to return the price per $100 face value of a security that pays Periodic interest.

38.

PRICEDISC function: It is used to return the price per $100 face value of a discounted security.

39.

PRICEMAT function: It is used to return the price per $100 face value of a security that pays interest at maturity.

40.

PV function: It is used to return the current value of an investment.

41.

RATE function: It is use d to return the interest rate per period of an annuity.

42.

RECEIVED function: It is used to return the amount received at maturity for a fully invested security.

43.

SLN function: It is used to return the straight-line depreciation of an asset for one period.

44.

SYD function: It is used to return the sum-of-years' digits depreciation of an asset for a particular period.

45.

TBILLEQ function: It is used to return the bond-equivalent yield for a Treasury bill.

46.

TBILLPRICE function: It is used to return the price per $100 face value for a Treasury bill.

47.

TBILLYIELD function: It is used to return the yield for a Treasury bill.

48.

VDB function: It is used to return the depreciation of an asset for a specified or partial period by using a declining balance method.

49.

XIRR function: It is used to return the internal rate of return for a schedule of cash flows that is not necessarily periodic.

50.

XNPV function: It is used to return the net present value for a schedule of cash flows that is not necessarily periodic.

51.

YIELD function: It is used to return the yield on a security that pays periodic interest.

52.

YIELDDISC function: It is used to return the annual yield for a discounted security.

53.

YIELDMAT function: It is used to return the annual yield of a security that pays interest at maturity.

Correct Answer: BCD

Correct Answer: A

The Excel Won't Calculate My Function error occurs when a user types in a function and presses Enter, the cell shows the function as the user typed it, instead of returning the function's value. The reason that causes this problem is that the cells containing the formula are formatted as 'text' instead of the 'General' type. This happens when the user inserts a new column, next to a column that is already formatted as text due to which the new column inherits the formatting of the adjacent column. Answer option D is incorrect. The Failure to Look Up Values in Excel error occurs when a user gets an unexpected error while trying to look up or match a lookup_value within an array and Excel is not able to recognize the matching value. If the lookup_value or the array the user is searching resides in a cell, the user can have unseen spaces at the start or end of that cell. This will create the situation where the contents of the two cells that the user is comparing look the same but extra spaces in one of the cells cause the cells to have slightly different content. The other reason is that the contents of the cells that are being compared may have different data types.

Answer option B is incorrect. The Lookup Function Won't Copy Down to Other Rows error occurs when a user uses a function in one cell and it works perfectly but when he attempts to copy the function down to other rows, he gets the #REF error. The #REF! error arises when Excel tries to reference an invalid cell. This error occurs if the user has referenced an entire worksheet by clicking on the grey square at the top left of the worksheet. For Excel, this reference range is 1 to 1048576. Since the references are Relative References, Excel automatically increases the row references when this cell is copied down to other rows in the spreadsheet. Answer option C is incorrect. The Cell Shows a Date or Time Instead of a Number error occurs because the cell that contains the formula is formatted as a 'date' or 'time' instead of a 'General' type or a number. This situation arises because a user has inserted a new column, next to a column containing Dates or Times, the new column has 'inherited' the formatting of the adjacent column.

Correct Answer: C

In order to accomplish the task with the least amount of administrative burden, use sparklines.

Sparklines, introduced in Microsoft Office 2013, are tiny charts that can fit in a cell. The sparklines can be used to show trends in a small amount of space. The sparklines visually summarize trends alongside data.

The sparklines can be added through the Insert tab. Answer option A is incorrect. Stand-alone slicers are referenced from Online Analytical Processing (OLAP) Cube functions. These stand-alone slicers can be connected with any PivotTable

in future.

They can be added by using the slicer button on the Ribbon. They need to be manually linked into grids as required.

Answer option B is incorrect. A form control is an original control that is compatible with old versions of Excel, beginning with Excel version 5. 0. It is designed for use on XLM macro sheets. It can be used when a user wants to simply interact

with cell data without using VBA code and when he wants to add controls to chart sheets. By using form controls, the user can run macros. He can attach an existing macro to a control, or write or record a new macro. These controls cannot

be added to UserForms, used to control events, or modified to run Web scripts on Web pages.

Answer option D is incorrect. A PivotTable report is used to summarize large amounts of data, to analyze numerical data, and to answer unexpected questions about data.

Correct Answer: ABCDF

In this situation, you will take the following steps:

1.

Select the cells to convert their data to text.

2.

Select the Text to Columns option from the Data tab at the top of your Excel workbook.

3.

Select the Delimited option and click Next.

4.

Make sure that all delimiter options are unselected, and then again click Next.

5.

Select Text and click the Finish button in Column Data Formats.

Correct Answer: C

The various Protect Workbook options are as follows:

1.

Mark as Final: This option is used to make the document read-only. When a spreadsheet is marked as final, various options such as typing, editing commands, and proofing marks are disabled or turned off and the spreadsheet becomes read-only. This command helps a user to communicate that he is sharing a completed version of a spreadsheet. This command also prevents reviewers or readers from making inadvertent modifications to the spreadsheet.

2.

Encrypt with Password: When a user selects the Encrypt with Password option, the Encrypt Document dialog box appears. In the Password box, it is required to specify a password. Microsoft is not able to retrieve lost or forgotten passwords, so it is necessary for a user to keep a list of passwords and corresponding file names in a safe place.

3.

Protect Current Sheet: This option is used to select password protection and permit or prohibit other users to select, format, insert, delete, sort, or edit areas of the spreadsheet. This option protects the worksheet and locked cells.

4.

Protect Workbook Structure: This option is used to select password protection and select options to prevent users from changing, moving, and deleting important data. This feature enables a user to protect the structure of the worksheet.

5.

Restrict Permission by People: This option works on the basis of Window Rights Management to restrict permissions. A user is required to use a Windows Live ID or a Microsoft Windows account to restrict permissions. These permissions

can be applied via a template that is used by the organization in which the user is working. These permissions can also be added by clicking Restrict Access.

6.

Add a Digital Signature: This option is used to add a visible or invisible digital signature.

It authenticates digital information such as documents, e-mail messages, and macros by using computer cryptography. These signatures are created by specifying a signature or by using an image of a signature for establishing authenticity,

integrity, and non-repudiation.