One of the benefits of Excel is the ability to use formulas and functions. Discu

Question

One of the benefits of Excel is the ability to use formulas and functions. Discuss the differences between formulas and functions. Pick a function in Excel and discuss how that function is used to calculate results in your worksheets. Using the following scenarios, discuss how you would apply the Excel functions or create a formula to solve the scenario.

You wish to calculate the commission on sales. The commission is 6% on all sales that are at least 20% above cost. You wish to calculate the total pay for an employee who receives regular time for 40 hours, time and a half for 40-50 hours, and double time for hours over 50.

You have a list of contracts and due dates for annual maintenance fees. You wish to determine when you have a contract due in the next 45 days and provide a note that warns you that the payment is due.

Please feel free to add other, unique mathematical challenge questions to the discussion, and let us work together to figure out how you might calculate it.

Explanation / Answer

functions are readymade formulas which are predefined. It can be nested & it has a function wizard which helps you to complete them.
ex. Sum()

On the other hand formulas are user defined, which cannot be nested and does not contain built-in wizard to complete it.
ex.
=a1+a2+a3

cost sale sale percent above cost commission 1000 1300 30 78 2000 2500 25 150 3000 3500 16.66666667 0 4000 5000 25 300 5000 6000 20 360 6000 7000 16.66666667 0 Name Due date number of days left Remark ABC 02/12/2015 83 Pl. pay pqr 22/11/2015 73 Pl. pay xyz 22/09/2015 12

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