The different options for creating points are shown below.
Part
The part name for the newly created point. The default naming behavior can be set in Settings > Geometry Options.
Name
Enter a name for the point. If no entity name is given, the name of the point will be the part name with a numeric extension. The default naming convention is described under Settings > Geometry Options.
Note: This name field is very useful when you want to write a script. You can define a specific name for a newly created entity through the Name field while writing the script itself rather than the automatically generated name (which could be different in every session depending on the order of creation of the entity).