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In this tutorial, James Fox demonstrates how to manage names in the name box of Microsoft Excel. He has sample data with monetary amounts and shows how to name specific cells, like naming cell B4 as "payment one" for 2000 and the cell beneath it as "payment two" for 7000. He emphasizes that names cannot contain spaces. James illustrates how to use these names in formulas by typing "=$DocHub(payment one)" and retrieving the corresponding value of 2000. He performs a similar operation for "payment two," which displays 7000, showcasing the efficiency of using named ranges in spreadsheet calculations.