DNS stands for Domain Name System. The purpose of DNS is translate your server's IP address into a friendly, easily-legible name that humans can remember. It's much easier for humans to remember a name than it is a string of numbers.
DNS Records direct the different types of traffic for a domain name to the proper server(s). Each DNS Record corresponds to a different type of service or traffic your domain might receive.
- A records are set for "hosts" and standard website traffic
- CNAME records are set as "Aliases" or Canonical records
- MX records direct email traffic
- TXT records provide many useful options, like domain ownership verification and enhanced security options
This is not a complete list. You can review all the different DNS Record Types.
Here's a video on how to configure DNS Records: