Bulleted lists and numbered lists are used to summarizing information in a series of importance, or to add a sense of order to items. You can list items in a single-level or multilevel.
Single level means that all items in the list have the same hierarchy and indentation. Multilevel means that there’s a list within a list(nested list).
In this picture you can see both of single and multi level bullet and number lists.
With Microsoft Word 2010 you can start many types of bulleted or number list just by typing some special character in special format.
Most commonly used shortcuts to crate lists with special character.