what is team project in visual studio 2010

I am new to .Net framework and I am finding it difficult to understand all the terms and tools from VS2010. When you want to create new project there is an option for "Team Project".

I tried to find documentation on MSDN Forum and MSDN Magazine but the way that they explain it is way over my head.

Can anyone please explain to me in simpler terms

• What a Team Project is?
• and how and when to use it?

A Team Project is a feature of Team Foundation Server, the Microsoft offering in ALM (Application Lifecycle Management). You don't have to worry about it if you don't use TFS.

TFS provides:

• Source Control (Version Control)
• Work Item Tracking (bugs, tasks, requirements)
• Automated build, test, deploy (and test)
• Management of QA Lab Environments
• Reporting on the above
• A collaboration environment

and much more.