Audio is one of those quantities that is analogue in nature. However, a computer can only work with digital data - all analogue information needs to be converted to its digital equivalent. This is done primarily by means of sampling. At regular intervals of time, a digital snapshot is taken of the analogue input signal. Depending on the settings, this takes the form of an 8/16/24/32 bit number, with a greater bit size equating to a better representation of the analogue information. For example, take a nominal analogue signal varying between 0 and 1. With 8-bit, a snap shot can only have 256 discrete values. Using 32-bit, that rises to 4,294,967,296 discrete values, meaning that the information is captured with greater accuracy and precision. That is basically what bit depth is, sample rate is merely the number of times in a given period of time that a snapshot is taken.
As to your question, unless you have space restrictions, you should choose the one that gives you the best result. Generally, this is the one with the greatest sample rate and bit depth, as you have shown in your image above. Although, having said that, you probably won't notice much difference between the lowest and highest qualities available. However, if you are doing audio processing, you should always choose the highest quality available at each stage to minimize data loss.