This is a “Free Content” Module – you can enter any formatted content, or even HTML and CSS/JS.
These are often used to embed iframes for 3rd-party content.
All Modules can be aligned left, center, or right.
The module immediately below this one is a Reusable Module – you can create reusable modules and then use them in multiple places on the site. The advantage of this is that if you change the content, it will change in all the places where the reusable module appears.