In Excel, what are labels used for?

The correct answer is option 3- Providing descriptive information for rows or columns.

A text or especial character will be treated as labels for rows or columns or descriptive information. Labels cannot be treated mathematically multiplied, subtracted, etc. Labels include any cell contents beginning with A-Z. e.g.,  Principal Amount, Rate of Interest, Maturity amount, etc. will be taken as labels.