Long text

If a field is of Long text type then you can enter a formatted text there. At the moment you click on that field a toolbar appears at the bottom of the field that you can use to format the text.

LongTextField

You can:

select font size and type,
change the font style (bold, italic, underlined, strike through),
select font and background color,
align text,
create a bullet or a numbered lists,
add or edit an image
add or edit a hyperlink.
remove a hyperlink
remove formatting.