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The video explains different text formatting symbols. It introduces the question mark and exclamation point, confirming their names. It then describes the underline symbol, noting that it indicates a line under a word. The term "underscore" is defined as a line without a word beneath it. Additionally, it clarifies that "underline" can also be used as a verb, meaning to draw a line under a word. Thus, "underline" refers to the action on a word, while "underscore" describes the symbol itself when no word is present.