Which best describes what happens when a formula is copied from one cell to another?

When a formula is copied from one cell to another it will take the information in the original cell and copy it to the destination cell.

How it copies will depend on whether the cell addresses in the formula are relative or absolute. If they are relative (meaning that it would be something like F2), the copy function will copy this formula relative to its original location and adjust it for the new cell location. For example, if F2 is in the original formula and it is copied to the cell directly below, it will be F3 in the new formula. If there is an absolute address, which is one with $ before either part like $A$1 then the formula will point to that cell, regardless of where it is copied to.