What is the purpose of the PMT function in Excel? MCQ with Answer and Explanation

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What is the purpose of the PMT function in Excel?

A. Calculates the periodic payment for a loan based on constant payments and interest rate

B. Converts a number to text with currency format

C. Returns the present value of an investment

D. Projects the future value of an investment

Answer: Option A

Solution (By JKSSB Mock Tests)

PMT(rate, nper, pv) computes loan payment. FV returns future value, PV present value.

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Question #1

In MS Access, which data type stores a value that is either -1 (Yes) or 0 (No)?

A. Logical

B. Yes/No

C. Both A and B, but it's called Yes/No

D. Boolean

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Correct Answer: Option B

Explanation:
The data type is Yes/No.

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Question #2

Which function in Excel returns the average of cells that meet a given condition?

A. SUMIF()

B. AVERAGE()

C. AVERAGEIF()

D. COUNTIF()

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Correct Answer: Option C

Explanation:
AVERAGEIF averages based on a criterion. AVERAGEIFS for multiple criteria.

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Question #3

What is the shortcut key to open the 'Page Setup' dialog in MS Excel?

A. Ctrl + P

B. F5

C. Alt + P, S, P

D. Ctrl + Shift + P

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Correct Answer: Option C

Explanation:
Alt+P,S,P opens Page Setup in Excel. Ctrl+Shift+P is not standard. Ctrl+P is Print. F5 is Go To.

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