How do I start?
Before we move on on how to create slides, we need to begin with the end in mind. Unfortunately, that is not what the typical student do.
This is how the typical student approaches his presentation.
With a report already created, he copies and pastes what he has into different slides, trying to fit the maximum number of points into the least number of slides. After this is done, he will try to summarize the contents into bullet points. Finally, as an afterthought, he will add in some cheesy clipart not seen since 1998. If there is time, basic animation will come in. This habit is brought along when he graduates and enters the corporate world. This is what it’ll look like.

(Thank God theatric sounds like fake applause and glass breaks were removed in Powerpoint. It was cool when we were twelve.)
The above example, is not only wrong, but the end result will be a disastrously boring presentation. A report and a presentation essentially serve different purposes.
A report should be exhaustive with all relevant data documented and conclusions drawn through a detailed analysis. A presentation should inform your audience of your most important findings, pique their interest, move them to action, or inspire them for greatness.
Your presentation does not start with your report.
Here’s how a proper presentation should be done:
1. Know your audience, their age and their general interests. It’s about them, not you.
2. Prepare a speech that conveys what you want to tell them while cursorily referring to your report. I find that I am more productive when I use the pen and paper. (The specifics of a proper speech will be covered in another article) The computer provides way too many distractions eg formatting, spelling, other programs, facebook.

3. Stand in front of the mirror and read your speech, like you would to an acquaintance. Keep it friendly but formal. Does it sound smooth or weirdly contrite? Keep editing till it sounds smooth. Throw in bits of humor.
4. Start preparing your slides. I like to use a storyboard to plan out my slides. If properly planned, the above overly-bulleted slide could look like this.

5. Rehearse, rehearse, rehearse, till you almost do not need your script.
These steps are definitely a little more tiresome than the easier way but the effect on the audience and their reaction will make your time worth it. I promise.

I’d like to point out that it’s also important to know what your audience like and expect from your presentations. This is particularly relevant to in-school presentations whereby grades are given by professors. You need to know what they expect from you and your slides; they can be quite old-fashioned (i.e. plenty of words on one slide).
Oh, I honestly never considered that. Actually my main gripes towards having many lines in one slide is that why squeeze the content together and affect the look and feel of the slide? The presentation could still have the content, but divided over many slides with the relevant words and graphics to display them.
That said, we do have to be clear on what our audience prefers; & if that professor prefers words over graphics, we should follow.