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In this video tutorial, various options for saving files are demonstrated, including different file types and auto-save settings, specifically for 365 users who can access version history. When creating a new workbook, it is assigned a default name like Book1.xlsx. To save the workbook, users can go to the file tab and click "Save" or use the keyboard shortcut Ctrl + S, which opens a dialog box for selecting the save location and naming the file. The .xlsx extension will be automatically added. Users can choose from several file types, with .xlsx as the default; for workbooks containing macros, the .xlsm format is recommended. Other file types available include binary and CSV.