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This video tutorial demonstrates options for saving files, including different file types, auto saved settings, and version history for Office 365 users. When creating a new workbook, it is given a default name like Book1 or Book2.xlsx. To save the workbook, go to the File tab and click Save or use the keyboard shortcut Ctrl + S. Upon saving for the first time, you will be prompted to choose where to save the workbook and give it a name. The file type can be selected from a variety of options, with the default being xlsx. Consider saving as xlsm if there are macros in the workbook or choose from other file types such as binary or csv.