How do I present as default the field value entered in the previous record?

How do I present as default the field value entered in the previous record?

For instance, if I have a Category Name field, I would like the user to enter the category name in the first record.  When they add a second record, I would like that category name to be auto-populated (the "default" value) for this new second record.  Is that possible?  How?

Thanks.