The "Always create backup" check box does not really have anything to do with passwords but is worthy of consideration-- especially when developing a model. Check this box and then save your workbook as usual (for discussion purposes we'll assume you have saved the workbook as "Protection1.xls"). You make additional changes and save the workbook again. Here's what happens.
1. The file on disk (as was originally saved, not containing the subsequent changes you've made) is renamed as "Backup of Protection1.xlk" and stored in the same directory as the original version of "Protection1.xls".
2. The current file in memory is written to disk as "Protection1.xls".
You now have your workbook, "Protection1.xls", and a one- generation-old backup copy, "Backup of Protection1.xlk". The .xlk extension identifies this file as a backup file. This backup option can be used alone or in conjunction with the other Save Option settings.
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