Rod took over while I was asleep, but want to get back to you as ell.
I am a trainer - lot experience with software coaching - and am very frustrated when seeing most training programmes for Captivate because they almost all ignore the main stumbling blocks for newbies, where the Timeline is by far on number one (have many posts about it if you are interested). Look out for my blog post "Three skills for starters", and you'll see what I mean.
The State approach I explained is by far the easiest one for a newbie. As I told, if you want to stick with the older Hide/Show workflow, you need to group the texts. In that case you can hide the group On Enter of the slide with one command, and you don't have to bother about Hide in Output (have a blog psot about the 3-eyes mystery).
There are more workflows possible, but only offered the two most simple ones. Personally I often use D&D for such a use case with a multistate object. Or, and that is the most complicated, you can use variables instead of text, and replace the value of the variables.
I don't include links, directly, because you'll have to wait until it is approved. I will switch to an alternative and insert some links, you are free to look at them of course.
As pormised, some links:
Challenges for Starters - Captivate blog (contact me directly to get a pdf with my basic training programme).
This is an interactive movie (scalable HTML output from Captivate) converted from a presentation I gave at an Adobe summit last year. This may be little bit too advanced, but has many links to blog posts that are explaining more in detail.
Captivate's TImeline
%y last blog post has a fun movie, exploribg the effect of Pause and Pausing point (Timeline related) on Audio of all types:
Pausing Timeline and Audio clips - eLearning
Three Eyes buttons mystery:
1-2-3 Eye Buttons Mystery - Captivate blog