Inserting Hyperlinks into Google Spreadsheets

@msbeenz asked on twitter last night how to insert hyperlinks into her Google Spreadsheet. You can simply past the long website address into a cell, but this looks untidy and often does not make it clear what the link is referring to. There is no 'Insert Link' button in the menu like for Google Docs or on Blogger, so if you want a word / phrase to hyperlink, you have to resort to entering the following formula into the cell:

=HYPERLINK("website address";"word/phrase to display")

To give you an example, if you want to have Google appear in a cell of your spreadsheet, you enter into the cell:

=HYPERLINK ("www.google.co.nz";"Google")

Or if you would like to show the link to our Blogging Meme Participants Document by @HelenOfTroy01, you enter into the cell:

=HYPERLINK ("https://docs.google.com/document/d/1rjscDE0NSPnt1IcZMvthqcjBByAcKKU2hKjgQmqtHbU/edit?usp=sharing";"Blogging Meme Participants")

Here you can find an example in a Google Spreadsheet.

I would like to acknowledge this Google Help page where I found the answer to Claire's question :)