MS Excel
Each excel file is called a workbook because

It can contain many sheets including worksheets and chart sheets
It can contain text and data
You have to work hard to create it
It can be modified

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MS Excel
When you want to insert a blank embedded excel object in a word document you can

Click the office links button on the standard toolbar
Click the object command on the insert menu
Click the import excel command on the file menu
Click the create worksheet button on the formatting toolbar

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