MS Excel
When you copy a formula

Excel erases the original copy of the formula
Excel adjusts absolute cell references
Excel edits cell references in the newly copied formula
Excel doesn’t adjust relative cell references

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

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

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