Find option can be used to find a text in the slide and the Replace option is used to
find a word and replace it with another text. Both these can be accessed from 'Edit' menu in powerpoint.
The shortcut key for 'Find' is 'Ctrl+F' and for 'Replace' it is 'Ctrl+H'. Find and Replace Text in Microsoft Powerpoint 2002
In the example, the 'Find' option is used to find the text 'Welcome'.
Using the 'Replace' option the same text is replaced by 'AAAAA'.
Multiple replacements can be made using the 'Replace All'.