Formatted Text is a text field that is not fillable by a form filler. It is meant to contain text that the form designer wishes to use to convey some information (instructions for example). A text field is an input field that can be configured accept text, number, percent, email, currency or a date.
You can find more information in the Help-> Tips and Tutorials menu. If you are not in the application the link is https://www.acrobat.com/formscentral/en/library/how-to-make-create-survey-or-form.html?pro moid=KFVXW.
Software Quality Engineer
Adobe Systems, Inc.