Setting Wireless Keyboard Function Keys

I just upgraded to a Dell Pro Wireless Keyboard and cannot find an explanation for what the F1-F12 keys can be programmed to do.  For instance, under “Productivity Actions” for “Assign Keystroke”, the online notation is “Enter a key combination to create a short cut”.

Is there anyplace that provides a more detailed description of what exactly this means?  I have the “Dell Peripheral Manager User’s Guide”, but it has no details.  It just call the actions “intuitive”.  But I have no idea what this means!

Thanks!