Your mother-in-law heard that you created the budget for the high school reunion picnic and has asked if you could help her to create a monthly household budget. She has created categories for groceries, entertainment, credit cards, mortgage, and utilities. She wants to track her expenses for a couple of months before she creates her budget considering that she has no idea how much she spends in certain areas. While she feels confident in collecting the data and entering it into an Excel workbook, she is unsure of what type of formulas or functions she might need to use and is not sure of the difference between a formula and a function. Explain to your mother-in-law the difference between formulas and functions, and then give her one example of how she might use each in her budget.
In Excel, the user can use formulas and functions to manipulate numerical data. Formulas and functions, although they have the same purpose, they are different in terms of usability.
A formula is a user-defined equation wherein the user has the control of what the operations will be used and how the equation is arranged. For example, the user can input in cell E1 the formula:
The Excel will add ...
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