In order to apply formatting options to text, just select the words and look for the given controls. This works the same both on the Outline and Design views. 

You'll find the following options,

  • Style/Size: Click the dropdown menu to find preset sizing options

  • Text alignment: Left, centered or right

  • Bold, Italic, Underline and Strikethrough

  • Emojis 😀

  • Bullet and Numbering

  • Hyperlink

  • Remove hyperlink

  • And remove formatting

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