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Definition: A shortcut menu is a list of the most commonly used options pertaining to an object. This shortcut menu appears when you right click on a specific object, string of text or even the slide itself. The shortcut menu will vary depending on the object that you right clicked on.
Menu Shortcut Key. So you are in a application and want to access the menu item, just press the Alt key and you can use another keyboard key to open up the menu item, the second keyboard key will be highlighted with a underline.