Default permission levels in SharePoint 2010

PERMISSION LEVEL		DESCRIPTION
Full Control	This permission level contains all permissions. By default, the Site name Owners group has Full Control. This permission level cannot be customized or deleted.
Design	Can create lists and document libraries, edit pages and apply themes, borders, and style sheets in the Web site. Not assigned to any group by default An administrator must assign this permission level explicitly..
Contribute	Can add, edit, and delete items in existing lists and document libraries. By default, the Site name Members group has Contribute permissions..
Read	Read-only access to the Web site. Users and groups that have this permission level can view items and pages, open items, and documents. By default, the Site name Visitors group has Read permission..
Limited Access	By design, the Limited Access permission should be combined with fine-grained permissions. You can use this permission to give users access to a specific list, document library, item, or document, without giving them access to the whole site. However, to access a list or library, for example, a user must have permission to open the parent Web site and read shared data such as the theme and navigation bars of the Web site. The Limited Access permission level cannot be customized or deleted. Note   You cannot assign this permission level to users or security groups. Instead, the system automatically assigns this permission level to users and security groups when you grant them access to an object on your site that requires that they have access to a higher level object on which they do not have permissions. For example, if you grant users access to an item in a list and they do not have access to the list itself, the system automatically grants them Limited Access on the list. If the user also requires access to the site, the system automatically grants Limited Access to the site..
Manage Hierarchy	Can create sites and edit pages, list items, and documents. by default, the Hierarchy Managers group has Manage Hierarchy permissions..
Records Center Web Services Submitters	Can submit content to the named site by using Web Services. By default, the Records Center Web Services Submitters group has this permission..
Approve	Can edit and approve pages, list items, and documents. By default, the Approvers group has this permission..
Restricted Read	Can view pages and documents, but cannot view historical versions or user permissions.