Versioning Settings For List And Library
These settings allow customization of the way item versions will get managed within list. Configuration of these settings is possible only at list level.
Content Approval :
This feature finds out if content needs to be approved by someone having approval rights for the list before the content actually becomes available within list. Selecting this option causes uploading of all content and the content stays in draft stage until it gets approved.
Major version :
It is similar to the published version of a specific document.
Minor version :
This represents the iteration of a document while it is in draft mode. It is especially helpful for scenarios in which multiple people work on a document before it get published for the entire organization. Whenever a user works on a document and then saves it, a new minor version of the document is created by SharePoint.
Draft Item Security :
This setting specifically determines the users who will be having the access to read items still in the draft stage.
Require Check Out :
This setting specifically requires a document to be first checked out before a user can actually edit the document and then save it to the library. It thus offers a great tool to ensure that one person only is editing the document at one point of time.
We hope this tutorial explains clearly all versioning settings in SharePoint 2013.