Yes. To insert a link, type the text you want as the link and select it. Then either press Ctrl and K, or go to the Insert menu and pick Hyperlink. In the dialog box that opens you will be able to choose the file or page which you want your link to go to.
A Word doc with a linked spreadsheet is usually called a 'Compound Document'.
yes
Sure. Why not?
Is an external excel spreadsheet linked into a word document considered a compoound document in the microsoft enviroment?
It is still an Excel spreadsheet. The workbook does not change, just because it is linked to another document to form a compound document.
The spreadsheet does not change. The combination is called a compound document because of definition.
If it is linked then when the data in the spreadsheet is changed, that change will show in the Word document. If it is embedded, then changes in the spreadsheet will not have any effect on the figures in the Word document.
yes
An external style sheet.
Word documents could be linked into the website my marking their sources. A word document might be referred from a text by <a> tag.
The benefit of linking a chart from an Excel worksheet to a Word document is that the chart data will always be current. Excel is spreadsheet software from Microsoft.
A link in Excel can be like a link on a webpage. By clicking on it, it can enable you to jump to different parts of the worksheet, different parts of the workbook, to a different workbook, to another kind of file and to a webpage. Another type of link is where data in one workbook is linked to data in another workbook or other kind of document. When data is updated in one, it will also change in the other document, as it is looking at data it is linked to.