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MS POWERPOINT - used for creating presentations or slide shows.
MS EXCEL - used for calculating records and is used mostly in creating charts                           and tables.
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Excel - used for calculations, and insertion of data (when you are making a graph in word, you'll be redirected in excel that's why.. ) 

Powerpoint - used for presentations, the slide shows.

If in excel, you are using worksheets, in powerpoint, you are using slides. 
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