I know robhaya already answered but here are some more shortcuts for you, its good to know them to save time.
Ctrl+N
Open a new word document quickly.
Ctrl+X
Cut- Removes the selection from the active document and places it on the clipboard.
Ctrl+O
Opens a previously saved document.
Ctrl+C
Copies the selection to the clipboard
Ctrl+W
Closes the active window, but does not Exit Word.
Ctrl+V
Paste – Inserts the contents of the clipboard at the insertion point (cursor) or whatever is selected.
Ctrl+S
Saves the active document with its current file name, location and format.
Ctrl+A
Selects all text and graphics in the active window.
Ctrl+P
Prints the active file, also gives the opportunity to change print options
Ctrl+F
Find – Searches for specified text in the active document
Alt+F4
Exit – Closes Microsoft Word.
Ctrl+B
Bold – Formats selected text; make text bold, or remove bold formatting
Ctrl+Z
Undo the last action. This selection can be repeated several times.
Ctrl+I
Italic – Formats selected text; make text italic or remove italic
Ctrl+Y
Redo – After an action has been undone, it can be reinstated in the document.
Ctrl+U
Underline – Formats selected text; make text underlined or remove underline