Correct Answer  Option 1 : Formula
The correct answer is Formula.
 In Excel, a formula is an expression that operates on values in a range of cells or a cell.
 For example, =A1+A2+A3, which finds the sum of the range of values from cell A1 to cell A3.

Functions  Functions are predefined formulas in Excel.
Basic Mathematical formulas used in Excel:
 SUM  Used to add cells or the range of the cell.
 AVERAGE  Used to find the average of the cells or the range of the cell.
 MAX  To determine the maximum value to the range of the cells.
 MIN  To determine the minimum value to the range of the cells.
 COUNT  used to tell how many cells in a range contain a number.