Creating a formula to establish Pass/Fail Values

I'm trying to analyze the data for my research project in graduate school and the program I normally use is SPSS, but I don't have access to it from home. My professor said that Excel can do the same things so I thought I'd see if you can help me with figuring out how to set up my variables. I'm wanting to do a Pearson's Correlation Coefficient/Spearman's Rho to determine the relationships between the SAT and whether a student will pass or fail a beginning teacher education program assessment. Do I put under Cell A's column all of the SAT scores and under Cell B's column put Pass/Fail or establish what scores are required to pass/fail (like 175 plus on Reading equals pass anything less than 175 equals fail.) Are you following me here?