How do I set up my email on android phone?

I got a new android yesterday and I'm trying to figure out how to set up the email. I put in my email and password. Then it say's "What type of account is this?" and the options are "POP3, IMAP and Exchange" I have no idea what they mean and what I'm supposed to do... Help ?How do I set up my email on android phone?
Settings -%26gt; Accounts %26amp; security, there is an option Add account where u can enter email or twitter etc



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Reference:

http://bit.ly/mXmV3vHow do I set up my email on android phone?
Gmail is built-in and accessible through the app, yahoo has an email app which works great too.
If its an msn or hotmail email or something of that nature, its a POP3 account. Company email would likely be exchange. You may need your IT person from there to configure the settings. Below is a configuration list if you want to try it yourself.

http://www.emailaddressmanager.com/tips/鈥?/a>