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

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

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MS Excel
You can edit a cell by

Double clicking the cell to edit it in place
Selecting Edit > Edit cell from the menu
None of these
Clicking the formula button

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