The first 2 buttons control Font & Font Color, as discussed in the Help Topic "Changing Fonts In Your Design"
1) Distort Option- This button gives you options for changing the shape of your text, like arching it.
(2) Alignment And Sizing Options- This option allows you to align text, and dictate text size.
(3) Stroke Options- This option allows you to put a single or double colored outline around your text.
(4) Rotate Options- This option allows rotate your text.
(5) Shadow Options- This option allows to add a colored shadow to your text.
(6) Layer Up Option- This option allows you to bring a layer up, See Help Topic "Working With Layers".
(7) Layer Down Option- Allows you to push a layer in back of another.
(8) Toggle Resize Option- Turns the handles used for resize, on/off.
(9) Duplicate Object- Allows you to duplicate the text line.
(10) Remove Object- Removes element from design.