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In this video tutorial, different options for saving files in Excel are demonstrated, including various file types, auto-save settings, and version history for Office 365 users. When a new workbook is created, it receives a default name like Book1 or Book2.xlsx. To save the workbook, users can go to the File tab and click Save or use the keyboard shortcut Ctrl + S. This action opens a dialog box to select the save location and file name. The .xlsx extension is automatically appended upon saving. Users can choose from several file types, with .xlsx as the default. For workbooks containing macros, the .xlsm format is recommended, along with options for binary and CSV formats.