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

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MS Excel
You can copy data or formulas

All of these
With commands on the shortcut menu
With buttons on the standard toolbars
With the copy, paste and cut commands on the edit menu

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