To choose your PHP version:

 
In cPanel go to "Software/Services"
 
Click "Select PHP Version"
 
Click the dropdown for "PHP Version" and choose the version of PHP you like
 
Click the "Set as current" button
 
Note: Make sure you have the proper modules enabled for the PHP version you choose, as some apps/scripts require certain modules.

For example, WordPress requires the mysql module and you will receive an error if not enabled when browsing your WordPress installation. 
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