Microsoft Office Home and Business 2016 for Mac?
My understanding is that the only difference in the MS Office 2016 apps is the licensing key.

They will all want to phone home to microsoft's cloud services - so no matter how you buy/install it - you'll have to deal with that on a firewall / configuration basis after installing the apps.

The key card just provides you a license so you don't need to log in to authenticate that you're an Office 365 subscriber. Think of it like logging into iTunes or the various app stores. Microsoft gives you an account to verify if you have subscribed to their software.

The key card is the license to avoid that online payment / check.

Apple's web site is actually quite nice for sussing out how the various options are priced and licensed:


http://www.apple.com/us/search/office?src=globalnav


Office 365 is a subscription that expires. The rest are not.