Need Clarification on Backup Scheme Settings - Version 2.5 Pro

I took a look at the disk management section for my backup plan and I find the screen to be a little confusing. I also reviewed some of the other peoples' concerns as well. I would like to have a simple explanation on how to set up my backups. I have scheduled weekly full backups and I want to have the system maintain 5 full backups. I do not have any incremental backups included with this plan. Can someone tell me what my settings should be?