The name of a security profile should describe the type of access it provides; a job title often makes a good name. In a multi-site implementation, you might want to name the profile for the site to which it applies, such as the home site or the top site.

Editable (Full access): This level allows a user to perform any task, including viewing data, entering new data, and editing existing data. All actions are enabled, and all views and pages are visible. A user whose profile has the Editable default level will have access to all actions and data in the system, except for any items with overrides.
Read-only: This level allows a user to view data, but not to add or modify data. Actions are disabled, but views and pages are visible. A user whose profile has the Read-only default level is able to view all objects in the system, but is not able to edit them, or to create new ones, except for items with overrides.
Hidden (No access): This level means that a user cannot view, add, or modify data. Actions are disabled, and views and pages are hidden. A user whose profile has the Hidden default level is not able to open objects in any view, or perform any actions, unless overrides are added to the profile.