excel Naming formulas

In addition to naming cells, ranges, and constants, you can also create named formulas. It’s
important to understand that a named formula, as described here, does not exist in a cell. A
named formula exists only in memory To create a named formula, enter a formula directly into
the Refers To field in the New Name dialog box.
This point is very important: The formula that you enter uses cell references relative to
the active cell at the time that you create the named formula.
Figure 3-5 shows a formula (=A1^B1) entered directly in the Refers To box in the New Name dialog box. In this case, the active cell is C1, so the formula refers to the two cells to its left. (Notice
that the cell references are relative.) After this name is defined, entering =Power into a cell raises
the value two cells to the left to the power represented by the cell directly to the left. For example, if B10 contains 3 and C10 contains 4, entering the following formula into cell D10 returns a
value of 81 (3 to the 4th power).