What are predefined set of formatting options that have been named and saved called in Microsoft excel?

The correct answer to this question is Style. Styles are a collection of formatting instructions, which are used in the software Microsoft Word. The various built-in styles include Headings, Titles, and Subtitles. So as an example, a user of Microsoft Word could select the style "Heading 1". Upon selecting this style, various formats including fonts, bolds, spacing and centering can be chosen.

From then on, every time "Heading 1" is applied to a section of the document, those formats would also be applied. Styles are regarded as one of the most important features in Microsoft Word because it makes the work of the user easier to apply different formats.