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In this video tutorial, various options for saving files are demonstrated, including different file types, auto-save settings, and version history for Microsoft 365 users. When a new workbook is created, it initially receives a default name like Book1.xlsx. To save the workbook, navigate to the File tab and select Save, or use the keyboard shortcut Ctrl + S. The first time you save, a dialog box will appear for choosing the save location and naming the file. The file extension .xlsx will automatically be added upon saving. Available file types include .xlsm for macros, binary, and .csv, among others.