Yes
Yes, you can adjust line and paragraph spacing using the mini toolbar in some word processing software. Just select the text you want to adjust and look for the line spacing or paragraph spacing options on the mini toolbar that appears near your selection.
It is called the Mini Toolbar.
Option button
No it is on the quick access toolbar.
Mini Toolbar
Select text, and then hover over the dimmed Mini Toolbar.
yes
Mini Toolbar
mini toolbar
"Mini" toolbar
You may mean the formatting toolbar, which is usually on by default and can be used to format text, but has other uses too.
transparent
yes it does