Excel - Chapter 2 - Working with Formulas and Functions Short Answer 1. Describe the point-and-click method of building a formula and explain why it is more accurate than the keyboard technique. 2. Name the three types of cell references used in Excel formulas and give an example how each is used. 3. Describe the purpose of the IF function and give an example of how it might be used in an Excel worksheet. (Answers may vary.) 4. Explain the main difference between the VLOOKUP function and the HLOOKUP function and briefly describe what they do. 5. Suppose you have a worksheet with cash amounts you have received for a fundraiser. You need to add up all of the amounts over $100 because those will be matched by an outside company. What function would be the best to use and how would you use it