There are many ways to make selections in Photoshop. Some are easy, some can get tricky. I find one of the easiest and fastest ways to select text for example, whether it’s been rasterized or not, and as long as it’s in its own layer is by holding down the APPLE (Command) key and clicking on the text layer. This method is more accurate than say using the MagicWand, especially if you’ve added effects or blending options. The same goes for selecting artwork in other layers.
This tip has come in handy many a times.