When creating either a page or post, the area you enter your content is called a WYSIWYG. This stands for What You See Is What You Get. You will see two tabs to the right, Visual and Text. Visual acts very similar to Word but initially you may not see all the tools that Word has. That’s because you need to Show the Kitchen Sink. The icon is the last icon on the WYSIWYG toolbar and looks like the the image to the left.
Once you click on this button you should see more options (i.e. change font color, indent, undo, etc.)
And for those HTML bloggers out there, use the Text tab instead.