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'.
Sure. Why not?
yes
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.
To quickly determine if spreadsheet data in a Word document is linked to a source file, right-click on the data and choose "Linked Worksheet Object" or "Linked Excel Chart" if available. If the option to "Edit Links" appears, it indicates that the data is linked to an external file. Additionally, you may see the "Update Link" prompt when opening the document, which further confirms the data’s linked status.
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.