MS Excel
To copy formatting from one area in a worksheet and apply it to another area you would use:

The Copy and Apply Formatting dialog box, located under the Format > Copy and Apply menu
The Edit > Copy Format and Edit>Paste Format commands form the menu
The Format Painter button on the standard toolbar
There is no way to copy and apply formatting in Excel – You have to do it manually

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MS Excel
When you link data maintained in an excel workbook to a word document

The word document contains a reference to the original source application
The word document contains a copy of the actual data
The word document cannot be edit
The word document must contain a hyperlink

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