If you look at the upper right corner of your stage, to the left of the zoom and scene options, you'll see a button that says "Workspace" with an arrow pointing down. Clicking on this opens a menu; the three primary options are "Default," "Icons and Text Default," and "Icons Only Default." The first option is the standard that loads when you open Flash; you have fully-opened panels taking up a portion of the right side of your screen.
If you click the "Icons and Text Default" option, the panels will collapse to small icons with descriptive text next to them. If you click "Icons Only Default," the panels will collapse to a very minimalist icon bar.
The fun part? All you have to do to access the content of each collapsed panel is hover over the icon; the panel will fold out completely.
