This document provides an overview of formulas and functions in spreadsheets. It explains the basic calculations that can be performed using formulas with cell references and operators like addition, subtraction, division and multiplication. It also introduces functions as predefined formulas that use a function name and cell range to perform calculations like SUM, AVERAGE, MIN, MAX and COUNT. Examples are provided of writing formulas to add ranges of cells, find averages, and using proper order of operations. Functions are demonstrated as a shortcut way to write formulas using the function name and cell range.