The requirement is to update Contact custom field (Long Text Area) on the Opportunity custom field (Long Text Area) when the opporunity is created. The opportunity is created from the contact record level. 

Long text area can not be used in a formula field.

How can I build a report that will show me all of the products that are related to an account and contact?  The idea is to be able to pull contact records that are associated with a particular product (codes).

How can I build a report that will show me all of the products that are related to an account and contact?  The idea is to be able to pull contact records that are associated with a particular product (codes).