Posts will allow a user to add content to a page using a blog format that would show on the home page with a date and time. To change the front page to display a page instead of post click Customize to see how.
The image below displays what Posts feature when viewed in WordPress.
In the image above you will see Categories and Tags under Posts. To add, edit, or delete a post select on the Post drop down or on the links below:
For more information about WordPress Posts click here http://codex.wordpress.org/Posts_Screen.