The objectType is where we put the type of object we are going to use. If our objectType is a sprite then we put sprite where object is. The 'name of object' is a specific object of the objectType you are looking for. It can be a string or a number depending on what type of object it is. In this case it is a sprite, so we use a number as its identifier.
Sprites have many properties.
It is possible for a property of an object to be another object. As we already know, objects have properties. Stay with me. Using a real example I'll explain. For this example we'll use sprite channel 10.