What is the "Title" field used for?

What is the "Title" field used for?

When you want to add a new employee there is a field named "Title", what is used for?
It's a Radio Button field which I don't think is a good choice for Designation Names (as in job titles), so what is the "Title" field used for?

And how can you delete a entry once you added one using the plus sign? Please reply!!!