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Single-line text should be self-explanatory. This is, basically, just some input text that fits into a single line. Note that this is the default field type, since this is what most users will apparently need most of the time.
Multi-line text is practically the same as above, only the input text is allocated within several lines. This field type was implemented solely as a visual convenience feature, technically it is the same as the single-line text field type.
Related topics:
Check box fields
Virtual fields
Polymorph fields
Hierarchical fields
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