The Action Button (action drop down) is a button located beside many items. To have access to the action button of an item you must have full access or be a member of a group with full access. To use the action button move your mouse over top of the button, this will list the available options. To select an item from the list move your mouse over your choice and select it. Not all options listed below apply to all objects.

The action menu is displayed beside a document that you either have uploaded or have full access to. It incorporates options such as edit, copy, move, hide and delete. Below is a description of the possible options within the action button:

Edit

The available edit options depend on the type of item which you have accessed edit for, possible options include:

• Rename the object.
• Edit the object using the page editor.
• Select an option for comments; Open, Closed or Disabled
• Modify labels 

Copy

Copy allows you to duplicate an item and place it in another location.
After selecting "Copy", select the folder into which you want to place the copied item and then click the "Copy Here" button.

Move

Move is the action of relocating an item from one location to another.
After selecting "Move", select the folder you want to move the item to and then click the "Move Here" button.

Hide/Show

Hide an object in a folder and hide the object from other members.  To let the object become visible again select "Show".
Note: Administrators will still be able to see hidden objects. 

Delete

The act of removing an item from your briefcase or a community.
The following rules apply when deleting items:

• When you delete a folder, all items inside the folder are deleted.
• You cannot delete a folder if you do not have full permissions for the items in the folder.
• Deleted items that are removed from your briefcase or a community and cannot be restored.

To delete a n item, click the item's Action icon, and then choose Delete. In the Confirmation dialog box, click the OK button.

Access

Set permissions to your object by Member or Group using the access area of an uploaded document or file.

Activity

Activity Monitoring allows users to  track a community item's history of events. The history of events is called the audit trail, which tracks the operations performed on the item, the date and time of the operation, and the member who performed the operation. You can audit the following community items: documents, community pages, and albums.

Lock

This applies to Forums only. 
It locks the forum/discussion and does not allow new comments.

The image when the lock option is clicked looks like this:

Versions

The versions area keeps a record of the original and each updated version of a file. Version History allows you to view all available versions of an item.

Add Version

Adding a version allows you to keep a file up to date and still access past versions using the Version History area of Versions. To add a version select "Browse", select the version you would like to upload and finally select "Add Version".

Revert to a previous version

While on the versions tab you can promote an earlier version of the document to most recent using the revert to previous icon