Worksheet Object

Embedded Worksheet

menus and toolbars change to excel
SS - without link
(Edit > Links) is disabled

Linked Worksheet

Select cells, copy
(Edit > Paste Special) Microsoft Office Excel Worksheet Object
with an option of paste link

SS - with link

If link is "automatic" and Excel workbook is open any changes in Excel are immediately reflected in Word.

Links Dialog

SS links dialog box after inserting this type of link

Shortcut Menu

SS

Update Link - Refreshes the link (no prompt) - same as (Edit > Update Link)

(also appears bottom of Edit drop-down)
Edit Link - Opens up the workbook ready for editing. Excel must already be open.
Open Link - same as "Edit Link"
Convert - Displays the "Convert" dialog box. There are no conversion options for an Excel Worksheet. Displaying as an icon doesn't do anything ?
Links - same as (Edit > Links)

Inserting an Entire Workbook

(Insert > Object) Create from file
browse to workbook
only one worksheet is displayed, to display a different worksheet, double click and change the worksheet