Awesom guid 2 the 3 chekboxez:
Collision: Whether things such as players run into it. I actually can't think of anything other than players that uses this, aside from perhaps some part of vehicle physics.
Raycasting: Whether anything that checks in a straight line (which vehicles do for some reason, at least partially) detects it. Your paint can works this way, it tests in a line for a certain distance for each puff of paint. So do bullets, they go "is there something in front of me" and move if there isn't. There are some bullets that travel instantly, we call them raycast bullets because there's no projectile flying through the air, just a raycast (raycasting is checking along a line, as I said) and a hit explosion when it finds something in the way to hit. Like a laser beam.
Rendering: Whether you can see it or not. That's all.
why did I put this here