So it only allows you to set font and size when executing the command initially, you can't go back and change the font or size after it's been out there. Once you're satisfied and get out f the Text Box function, you will notice that the Properties Bar does not show the font and size drop-dowm menus anymore. Start typing your text once you're done, if the text shows a different font or size from what you wanted, highlight the entire text and pick your font and size from the drop-down menu.
Right-click somewhere on the Menu Bar and check the Properties Bar option, then the bar appears with choice for font and size. Found out after a lot of trial and error and some help from a friend: you can only set or change font and font size when you click to initiate the text box on the first try.