Site information is where you enter basic information of your website such as your site name, slogan, email address and ect.
Go to Admin > Configuration > Site Information
Site name and slogan
Site name and slogan are very important. If you install a default Drupal theme, the site name and slogan will display on the logo position. They are also shown on the title bar and tabs of most browsers.
Moreover, search engines use them as the site's meta data, which affects your ranking. You can explore this topic more on the SEO section of this tutorial.
Email address
This email adress will be used as "sender address" of any email sent by your website to your users.
Error pages
Instead of default 403 (Access Denied) and 404 (Page not found) pages of Drupal, you can create your own pages for those error messages. Please see my tutorial on "How to create custom 403 and 404 pages in Drupal".