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The ONLY license that is allowed is a Volume license, E-Series Office365, and Office365 Pro Plus subscriptions.
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The ONLY license that is allowed is a Volume license, E-Series Office365, and Office365 Pro Plus subscriptions.

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What license should I buy for Excel in a Terminal Services Server?
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What license should I buy for Excel in a Terminal Services Server?

Excel in Terminal Services

Microsoft Excel topics include formulas, formatting, VBA macros and user-defined functions, and everything else related to the spreadsheet user interface, including error messages.

Microsoft Excel

Microsoft Office is an integrated suite of applications that includes Outlook, Word, Excel, Access, PowerPoint, Visio and InfoPath, along with a number of tools to assist in making the individual components work together. Coding within and between the projects is done in Visual Basic for Applications, known as VBA.