Clicking on the More options in the last step of the New Backup Task wizard opens up a pop-up with the settings. If no changes were made to the settings, they will retain their respective default values for your current backup task. Note that if later on you change certain settings and save them as default, it will not affect the tasks created with the default settings (they will retain the settings which were default at the moment of the task creation).
This section below describes all the settings one by one.