It's important at this point to remember that each server in an Exchange Site has it's own set of property pages to configure. You can access the servers property page from the file menu in the Administrators program. Once there you'll be looking at 8 different tabs you can configure. Many of the settings are similarly to the others you have been working with. There are however a few exceptions that are noteworthy.
Locations are ways of grouping servers together in order to improve performance.
One of the performance boosts for example might be that a server would search its location first for the availability of public folders. They are Admin, Permissions Admin and Service Account Admin. Such as time, currency and dates. Here is where you can also specify a foreign language as a locale so say the Russians are logging into your site, they'll see everything in Russian. An activity is something like disk defragmentation.