" Volume Label" can be used to enter a name for your stick to be shown in Windows explorer (or any other). "File system" can be changed between FAT32 and NTFS - both work fine and I recommend NTFS if you only use it in Windows. Under " Device" you select the stick you would like to format.
They define the standards for SD cards, so you can trust they know how to treat your SD card properly. For SD card the only tool to use is the SD formatter from SDCARD.ORG. Instead for USB flash drives I strongly recommend the HP USB Storage Format tool. If you like your data and flash memory you should never format with Windows on board tools. After that all memory blocks will be sorted and addressed the way they were designed. This is caused by Windows as it totally ignores how the manufacturer designed the drive - remember special low level format tools? A dedicated and proper tool for the job will check the type of memory either directly or by checking the controller of the flash memory. Some even report it gets unusally hot when writing big files. Furthermore Windows totally ingores all device specific parameter while formatting If you have done it before and not just used the quick format option you might have experienced a flash drive that is now much slower than it used to be. So you get the same sector and cluster sizes Windows deems fit for the size and file system. Now, when you simply use the Windows format option all will be formatted like a hard drive. As mentioned before, the controller does the actual work but it has to know where to put the files and how to address the memory. In fact it is even more true for flash memory of all kinds. Sure we have Terabyte drives now with insane speeds and all is done by Windows (or Mac) for us, but the workings behind closed doors are the same. We do I mention this you wonder? The reason for it that since these old days nothing much has changed. And if you do you also remember the verious "low level format" tool we had. If you are on old geek like me you might still remember those day where we were proud owner of 20mb hard drives. If you encounter serious problems with your stick / SD don't try to format it, check the other steps on how to check the device and spot a fake.
For the Mac I have not clue but am sure there is a similar option, so please use it.
On Android you go into the storage setting to safely unmout a stick or SD. In Windows you can do a right click on the drive letter and select "Eject" - wait for the completion massage or the drive to disappear before unplugging. Never just unplug a SD card or USB stick! Always make sure to use the save removal options of your OS. If you have to copy multiple times it will be faster to do it one at a time compared to several simulatnious copy sessions. Never try to multitask and start multiple copy actions onto the same device at the same time! Not only will the data end up fragmented but the controller has to work overtime and this slows the copy process down. A format the wrong way can make the memory slow or in rare cases render it useless. A format should only be performed when really necessary, in all other case please take the time, select the files and just delete them. It is important to note that when you get a new SD or USB stick it is already formatted the best way. Ok, I realise I am starting to sound boring here, so skip the technical crap and we move on to the next part. You see it does not really what file system is used as the controller "translates" it fit for the memory type used.
When you start writing to it the first block is being filled, once full the second is being filled and so on. See it as a tower with the controller at the bottom and the memory blocks on top of it. Here is also the point where all the fakes fool you. So you have the controller taking your data and shifting it onto the actual memory chips. This is one reason why a 16GB chip never can take the full 16GB, usually between 14.5 and 15.8GB. Some areas of the memory can't be accessed with normal tools as they contain the actual info on the addressing and type of memory. Like a hard drive each flash memory not only contains a memory chip but also a controller to transfer the data. It does not matter if you have a USB stick or SD card, the only difference is the connection type and the way it is addressed, in most cases you can find the same memory chips in both types. Let me tell you a bit about the way these memory devices actuall work (in simple terms).