Final answer:
The range_lookup argument of the VLOOKUP and HLOOKUP functions determines whether an exact match or an approximate match is required.
Step-by-step explanation:
The range_lookup argument of the VLOOKUP and HLOOKUP functions is the option that determines whether an exact match or an approximate match is required.
If the range_lookup argument is set to TRUE or omitted, the functions will perform an approximate match. This means that if an exact match is not found, they will return the next smallest value that is less than or equal to the lookup value.
If the range_lookup argument is set to FALSE, the functions will perform an exact match. In this case, if an exact match is not found, they will return an #N/A error.