IF(...)

Category: Logical

Specifies a logical test to perform

IF(Something is True, then do something, otherwise do something else)

Category: Lookup and reference

Looks in the first column of an array and moves across the row to return the value of a cell

VLOOKUP (lookup_value, table_array, col_index_num, [range_lookup])

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The formula works by checking if the criteria meets, thus returning the first argument of IF(), otherwise, the second argument is returned. In the first and the second argument we have VLOOKUP() formula that will return results from the respective range of values.