When you work in Excel, you enter different types of information, such as text, numbers , dates, times, formulas, and functions (which is a special built-in formula provided by Excel). Excel data basically comes in two varieties: labels and values.
A label is a text entry; it is called a label because it typically provides descriptive information such as the name of a person, place, or thing. A label has no numerical significance in Excel; it's just there to describe accompanying values.
A value is data that has numerical significance. This includes numbers, dates, and times that you enter on your worksheet. Values can be acted on by formulas and functions. Formulas are discussed in Lesson 3, "Performing Simple Calculations," and Excel functions in Lesson 5, "Performing Calculations with Functions."