There is a couple of things you will do on this tab.
Start and End Time
This is where you set the start and end time for your school. The time is only set to the hour and the minutes does not matter.
Advanced Calendar Theme
There is where you can set your calendar to look one of the following:
MS Outlook 2013 (default)
MS Outlook 2010
Here is where you can the different colors for the following:
To set the color(s), click on the colored box next to each category. A color palette will open up and you click to choose your desire color. Once you are done, click OK to accept.
These colors will show on the calendar in Desktop.