Use the Styles and Formatting task pane

Apply styles. Recently used styles are at the top of the list; remaining styles are in alphabetical order.

Manage styles. Each style has a drop-down arrow that appears, which you can use to modify or delete the style (you cannot delete built-in styles).  You can also update the style to match the currently selected formatting.

Create new styles. Click the New Style button.

Select text based on its style or formatting. Very powerful way to work with selections and with styles.

Filter styles. Control the styles and formatting that appear on the list by selecting from the Show drop-down list at the bottom of the Styles and Formatting task pane. Choose Custom to unleash all of power you have to control what is visible in the Styles and Formatting task pane.

Interestingly, even if you choose All Styles in the Show box, all styles do not appear!  Do so, then choose Custom and you'll see.

Remove formatting using the Clear Formatting, Default Paragraph Font, Table Normal and No List options. If you do not see these items, click the drop-down arrow of the Show list at the bottom of the pane and choose Custom.  You can enable Clear Formatting using a checkbox at the bottom of the Format Settings box. You can select to see Default Paragraph Font, Table Normal and No List by selecting them in the list of styles.