You actually have two options:
1) as ziffos explained, top right hand key on keyboard
OR
2) place fingertip ( or stylus) on word(s) you wish to delete until You see magnification and cursor pulsing, then let go. Now you can choose to SELECT - this option then presents you with two blue dragging points at either end of the selected text string. Dragging either of these reveals a magnification of where you are placing the highlight at each side of your selected string. Then you can CUT, COPY or PASTE.