What is the difference between adding to history, favorite, collection, and watchlist

What are the differences between the 4 options? What do they do?

Adding to your history is how you mark you have ‘watched’ something.
Adding as a favorite means that show or movie is one of the best things you have watched.
Adding to your collection means you have that media digitally or physically.
Adding to your ‘watchlist’ means you plan to watch that show or movie, but you still haven’t started it.