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Permission LevelDescription
Full Control Contains all available SharePoint permissions. By default, this permission level is assigned to the Owners group. It can’t be customized or deleted.
Design Create lists and document libraries, edit pages and apply themes, borders, and style sheets on the site. There is no SharePoint group that is assigned this permission level automatically.
Edit Add, edit, and delete lists; view, add, update, and delete list items and documents. By default, this permission level is assigned to the Members group.
Contribute View, add, update, and delete list items and documents.
Read Can view pages and items in existing lists and document libraries. Can download documents.
Limited Access

The Limited Access permission level is unusual. It enables a user or group to browse to a site page or library to access a specific content item. Typically, the user was given access to a single item in a list or library, but does not have permission to open or edit any other items in the library. The Limited Access permission level includes all the permissions that the user must have to access the required item.

You cannot assign Limited Access permission level directly to a user or group. Instead, you assign appropriate permission to the single item, and then SharePoint automatically assigns Limited Access to other required locations.

Approve Edit and approve pages, list items, and documents. By default, the Approvers group has this permission.
Manage Hierarchy Create sites and edit pages, list items, and documents. By default, this permission level is assigned to the Hierarchy Managers group.
Restricted Read View pages and documents, but not historical versions or user permissions.
View Only View pages, items, and documents. Any document that has a server-side file handler can be viewed in the browser but not downloaded.

 bron: http://office.microsoft.com/en-001/office365-sharepoint-online-enterprise-help/add-edit-or-delete-list-items-HA102771938.aspx

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