YBGLOB IT Solutions India explains how to set the text attributes in the properties inspector.

As mentioned earlier, to create text, first set the properties for the text and then type it in. To modify existing text, always select the text first and then modify the properties. To set the size of text, select a text size from the pop-up font size list or type a number in the font size box. Text is measured in points. To set the fill color of text, click the text fill color button and select a color from the pop-up palette. To choose a bold text style, click the B button in the properties inspector. To select an italic style, click the I. to make the style both bold and italic, click buttons.
To change the alignment of text or a paragraph of text, click one of the four alignment options: left, centered, right, or justified. Font properties can also be accessed from the text menu. Additionally, you can set the text’s fill color from the fill color palette in the toolbar as well as the color mixer and color swatches palettes. If these palettes are hidden you can access them in the window menu. Letter spacing is the space between characters. You can widen the space between characters to make a word appear "airy," or you can contract the space to make it appear tight or congested. To adjust the letter spacing for a block of text, first select the text with the selection or text tool, then click the arrow to the right of the letter spacing box and use the pop-up slider to select a number. Dragging downward on the slider displays negative spacing, or less space between characters. Dragging upward on the slider displays positive numbers, giving you more space between characters. A setting of 0 is the default spacing. You can also type in a custom number in the letter spacing box.
A word selected with the text tool and given a letter spacing of 7 pixels. You can change letter spacing on any selected text. For example, if an entire word is selected and you adjust the letter spacing, the change will apply to the entire word. If you select three letters in a sentence and change the letter spacing, only those letters would be spaced at your new setting. Kerning is adjusting the space between specific characters. Clicking the auto kern box in the properties inspector allows flash to determine what the most visually appealing space is between problematic pairs of characters. For example, the "il" letter pair may require different kerning (depending on the font selected) than the "wi" letter pair. If text is monospaced and not kerned, it ends up looking like it has too much or too little space between characters. Clicking auto kern addresses the special problems between character pairs. You can also change the character spacing for a highlighted block of text or between two characters by selecting the text (or the two characters) and pressing CTRL-ALT-LEFT/RIGHT ARROW in windows or OPT-CMD-Left/RIGHT ARROW on a Macintosh.

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