The List Title should be the full proper name of the list in a single sentence. For example, the list "WEBDEV-L" has a title of "TMCC Web Developer's Discussion".
The List Description should reflect more about the purpose of the list in a few sentences.
Where are replies to postings directed?
"List" - When someone replies to a posting, it is directed back to the entire list (unless the original poster has specifically directed it elsewhere). (Default)
"Sender" - Replies to postings are directed to the original poster, not to the entire list (unless the original poster has specifically directed replies elsewhere).
Who can see that the list exists?
"Anyone" - Anyone querying LISTSERV can see the name and title of the list (though none can subscribe without approval from owner) (Default)
"Subscribers Only" - Only people already subscribed to the list will be able to see the listname returned when LISTSERV is queried about existing lists.
Is there another list that already exists that you want this new list to behave like?