Accuracy. Which is something else completely than resolution. Your meter may have 4 digits, that's a 0.1 % resolution, but if its accuracy is only 1 % that last digit is useless.
Accuracy is given by two numbers, an absolute error and a relative error. The relative error is the one expressed in %, like 0.5 %. The absolute error is expressed in digits, like 2 digits. If you have a 0.5 % meter, +/- 2 digits, that means that a reading of "100.0" may as well be (100.0 + 0.2) * 1.005 = 100.7. Engineers fresh from uni often neglect or underestimate measurement error due to the number of digits the meter gives them.
The absolute error becomes less important when the reading gets larger, like for a 900.0 reading 2 digits are relatively less (0.022 %) than for a 100.0 reading (0.2 %).
RMS. If you need to measure non-sinusoidal waveforms you'll need that. Non-RMS meters assume your waveform is a sine, and will only produce correct results if it actually is.
Autoranging. You don't want to put your probe aside all the time to turn the knob.
USB interface. May sound as luxurious, but can be handy to log a whole series of measurements in the computer.
You should check the manual that came with your multimeter. However, in general, digital multimeters display a 1 on resistance ranges to show overranging. That means that the resistance connected to the meter is larger than the meter can display on whatever range setting it is on. If the meter is not connected to anything, then the resistance is very high and it will display a 1 on all ranges. Are you sure the 200m range is a resistance range and not a voltage or current range? If it is a resistance range and the leads are shorted then 00.0 would be the expected reading. If the leads are not shorted than something is not right. On the other hand, if the 200m range is a voltage (200 millivolts maybe) or current range (200 milliamperes maybe), and nothing is connected, 00.0 is the correct display.
Best Answer
As expected this multimeter will allow you to measure voltages, currents and resistances. To do so you just need to consider basic electronics. That is consider what reading you expect to read (if it is a small or big voltage for example) and select the closest setting. You will need to connect two probes considering black probe is ground.
Be careful that the reading does not alter the circuit. For example reading a voltage requires some small current flow (for the resistance of the voltmeter is considerable but not infinite), though this should not affect circuits unless it contains small currents due to similarly high resistances.
Also, be aware of your probe configuration when taking measurements. For instance, if you are using the multimeter above, you don't want to be measuring a current potentially above 200 mA when you are plugged into the COM and \$V\Omega mA\$ terminals.