what was the duration of the text slide?
well, unless I'm missing something here, then that is what you should be seeing. a text slide that is one second long on video track and your audio. Are you trying for a really short movie? Perhaps give the slide a little more duration than one second.
OK, tell us about that "text slide." Did you create it in PrPro Titler, or did you do it in Photoshop, or similar. If the latter, what size is that text slide? What format is the text slide? One often gets the green screen, or a black one, when the Imported image is too large. There is no real need to be much larger than your Project's frame-size. If you re-size (I'd do this back in the creation program) to your Project frame-size, you should be good to go.
The text slide is a simple title slide I created in premiere. The size of
the text slide is the same resolution as the video (960x720). After I added
about 4 title slides with text, when I added the fifth, which overlapped
another text slide, the text all turned red for some reason. Then I
rendered the video and when I played it back, they show up as full greenish