Final answer:
To rename a workbook and adjust its save location in Excel, you use the Save As dialog box, accessed through the 'File' tab or by pressing F12.
Step-by-step explanation:
When you need to rename a workbook and adjust its save location in Excel, you would use the Save As dialog box. This dialog box allows you to specify the new name for the workbook as well as the location where the file will be saved on your computer or network. To access the Save As dialog box, you can either click on 'File' tab and then choose 'Save As' or you can press F12 on your keyboard as a shortcut.