Should I use a lookup table or select query?

Hello Experts,

I have a basic Access/dbase question i think.....

When buliding forms for end users should I use lookup tables for the dropdown or Select queries for the dropdowns.  At first I was building using lookup tables but realized if you modify the lkup table it affects all records.  Which leads me to believe I shoud use a select query that extrapulates from a table the data i need.  That way modificatios only effect future records and i could make certain selctions active and in-active...... does this sound correct?

Thanks
terry