The first screen shows all of your general settings—things like where your store is located, what currency you accept, and what type of products you sell, which will set some smart defaults:

Go ahead and enter all of this information. One thing you should know about your address: WooCommerce assumes you have one location for your business. This should be your primary location. WooCommerce uses your location for two features:

• Calculating shipping rates via USPS, UPS, FedEx, and other shipping carriers
• Importing tax rates via WooCommerce Services

If you do have multiple locations, you'll have to configure a few extra settings in the shipping and tax settings sections.

There's also a setting for usage tracking. If you're running a live site, I recommend turning this on. It will give WooCommerce data about what plugins you're using, how many orders to have a month, and other data. This helps them to test against the most common plugins out there.

If you're running a local or test site, I recommend leaving this setting off since it will send data about a test installation. WooCommerce only wants data about live stores, not test scores, so we should leave the setting disabled on test stores.