MS Excel
When you insert an excel file into a word document. The data are

Linked
Use the word menu bar and toolbars
Hyperlinked placed in a word table
Embedded

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

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

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