MS Excel
A circular reference is

A formula that either directly or indirectly depends on itself
A cell that points to a drawing object
Always erroneous
Geometric modeling tool

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

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

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MS Excel
To create a formula, you can use:

Value and cell references
Values but not cell references
Cell references but not values
Values or cell references although not both at the same time

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