Formulas that work in Excel 2010 will work in any of the older versions of Excel. The main difference from 2007 onwards is the way Excel looks. Fundamentals like how standard formulas are used never changes. It is still a spreadsheet. If they cannot do those standard things then they are not really spreadsheets.
There are thousands of formulas and more than a hundred functions used in Excel.
Not necessarily. Having a good understanding of Excel 2003 will help in using Excel 2007. The main difference is the look, but the fundamentals are the same as it is still a spreadsheet, so it has to be able to do things that spreadsheets do, like with the formulas and functions. As those things are much the same, then you could use Excel 2007 without having ever used Excel 2003. Users of Excel 2003 would find Excel 2007 a little strange at first because of how different it looks, although they would quickly get used to it. Someone who has never used Excel 2003 won't have that problem.
For workbooks in Excel 2003, the extension .xls is used.
Functions are basically built-in formulas in Excel. They are used extensively in Excel, so it is very important to know how to use them.
There is a lot to learn about Excel 2010. If you have never used any version of Excel, then a good course about it or even a good book will help. If you have used older versions of Excel, then you would not have much problem learning to use Excel 2010.
Formulas in the cells in the worksheet.
They are the { and } symbols. They are used in conjunction with Array formulas.
yes you can do math in excel, it is very easy.
Yes, they can be. There are a huge amount of ways that statistics could be used in financial formulas.
The standard extension for Excel workbooks is xls for versions up to 2003. Excel 2007 uses xlsx as its extension for workbooks.
It will open the Insert menu.
Excel files are usually .xls In Office 2007 Excel files that are single pages are still .xls while workbooks (more than one page) are .xlsx There are other extension for documents that are web pages in Excel, documents that have macros enabled and other such things. To find out, go to your Excel program and click "save as" When the menu comes up, click on the pull down menu "save as type" You will be able to see all the different options there.