Goodday Everyone
I personally think this step of the verification and induction process is very necessary because as a newbie

I myself have found these processes very confusing but with the help of my friend @willowsmith I have been able to grasp and comprehend these modalities.

1. The posting key -This is used to log in to apps such as Steemit.com to carry out social actions such as posting, voting and commenting.

2. Private Active- Used for monetary and wallet related actions, such as transferring tokens or powering STEEM up and down.

3. Private Memo - This is used to decrypt private transfer memos.

4. Private Owner Key - This is the key used to reset all your other keys.

5. Public keys- These keys are associated with usernames and are used to encrypt and verify messages.

These public keys are not needed for login into your account.

Steam Wallet

There are three forms of the steem wallet;all of which are tied directly to the main steem wallet.
They are as follows:
a. SP Wallet:This refers to the wallet where you store your steem power.
b. SBD wallet:This is for storage of Steem Based Dollar.
c. .Steem Wallet : This is for storage of your steem.

Do you know how to transfer your Steem token to another steem user?

Below are the steps taken to do so

1. Click on the portrait icon to show a drop down
2. Select wallet
3. Click on the drop down beside steem
4. Click on 'transfer'
5. In the the box, type the username of the account you are about to transfer the steem token to
6. Click next, then confirm.

Illustrations on how to do this are shown below

For powering Up of Steem,

1. Click on the portrait icon to show a drop down
2. Select wallet
3. Click on the drop down beside steem
4. Click on 'Power Up'
5. Input on the amount you wish to power up then Select 'Power up'
   These diagrams will explain better

Question 1

Have you retrieved all your keys on steemit?
Answer: Yes I have

Question2

Do you know each of these key functions and restrictions?
Yes

Question 3

How do you plan to keep your master password?
I have a printed copy of it which i have kept in a place i
keep my important documents

Question 4

Do you know how to transfer your steem token to another steem user account?
Absolutely

Question 5

Do you know how to power up your STEEM?
Yes, i illustrated it above.

With the already provided answers i hope i can now say that i have knowledge about the basic security of steem.Thank You all
Shoutout to our Country Rep @whitestallion

@crytokannon