This is the General Setting of WordPress. Here you will be able set the Site Title, Tagline (the subtitle), WordPress Address (URL), Site Address (URL), E-mail Address, Membership, New User Default Role, Timezone, Date Format, and when the Week Starts.
The Site Title and Tagline are the titles that will be shown in the header of your site.
The WordPress Address and the Site Address are identical to each other unless WordPress given own Directory. WordPress Address is the full URL where the WordPress directory is located. Site Address is the URL you want used to visit your WordPress site.
E-mail Address is the Address where notifications are sent to regarding maintenance and administration.
Membership is if you want anyone to create account on your site.
New User Default Role is where you can a users default role when they log in.
Note: An administrator account can change the roles of user.
Timezone is where you can select the timezone for your site.
Date Format is for how dates will be formatted.
Time Format is for how times will be formatted.
Week Start On is for what day you want the WordPress calendar to start on.
For more information about WordPress General Setting click here http://codex.wordpress.org/Settings_General_Screen.