The various Settings screens are used to configure your WordPress site. Normally, once your WordPress site is set up there’s no reason to change any of these settings. These Settings options will only be touched upon very briefly. You can find out lots more information in regards to configuring your site within the WordPress Codex.
The General settings configure your basic site preferences such as the Site Title and Tag Line, the WordPress Address and Site Address, the administrators email address and the date and time format, among other things.