Specify what parts of your Web site (if any) anonymous users can access. If you select Entire Web site, anonymous users will ...

Specify what parts of your Web site (if any) anonymous users can access. If you select Entire Web site, anonymous users will be able to view all pages in your Web site and view all lists and items which inherit permissions from the Web site. If you select Lists and libraries, anonymous users will be able to view and change items only for those lists and libraries that have enabled permissions for anonymous users.