Because the outline for a presentation consists of text, you can save time when working on an outline by using the keyboard shortcuts that PowerPoint provides. You can use these shortcuts either when the focus is in the Outlining pane or when the focus is in a paragraph on a slide.
[Alt] - [Shift] - [ ]
For example, click in a heading level 2 paragraph and press this shortcut to promote the paragraph to heading level 1.
[Alt] - [Shift] - [ ’ ]
[Alt] - [Shift] - [ ‘ ]
This shortcut and the next move the selection by one displayed item at a time. If a slide is collapsed , it counts as one item; if it is expanded, it counts as multiple items. Either expand or collapse the outline before pressing this shortcut, or use the shortcut multiple times.
[Alt] - [Shift] - [ “ ]
This shortcut collapses the outline to display only heading level 1 paragraphs.
[Alt] - [Shift] - 
[Alt] - [Shift] - [+]
Select a heading and press this shortcut to expand all the headings and text below it.
[Alt] - [Shift] - [-]
Select a heading and press this shortcut to collapse all the headings and text below it.
[Alt] - [Shift] - [A]
Press this shortcut to quickly expand all slides to show their text and headings or collapse them to show only heading level 1 paragraphs.
In PowerPoint 2000, you can press [/] (the forward slash key) on the numeric keypad to toggle the [/] display of formatting in the Outlining pane. PowerPoint 2003 and PowerPoint XP don t support this keyboard shortcut.