An asterisk (*) following a cell reference in a formula is the arithmetic operator that directs Excel to perform the division operation.

False

Explanation:

Excel spreadsheet application is a Microsoft package used to analyze and create spreadsheet data. It uses functions, predetermined formulas and customized formulas, and arithmetic operators to evaluate the solutions to data analysed.

There are different arithmetic operators in excel, they are, "/" for division, " * " for multiplication, " + " for addition, "-" for subtraction etc.