The FBLA "Spreadsheet Applications" event is an individual production-based competition that includes an objective test and a production test. The objective test consists of 100 multiple-choice questions covering topics such as formulas, functions, pivot tables, macros, data analysis, and spreadsheet formatting. The production test requires competitors to apply their spreadsheet skills by creating and manipulating data using various functions and tools. The event emphasizes accuracy, efficiency, and practical application of spreadsheet software, preparing students for careers in business, finance, and data analysis.