There's a good chance you're going to want to grade the students who take your course. Here's a quick explanation of how grading works:
To see and edit your grading preferences, start by selecting Grading from the Settings drop-down menu in Xen.ed Studio.
From here, you can see the grading range, which you can easily change by clicking & dragging, or by clicking the + on the left to add grade levels.
From this page, you can also change the grace periods on assignment deadlines. Note that this grace period is universal for all assignments for the entire class. 
Say you want to add "Quiz" as an assignment type. Start by clicking New Assignment Type. Then, just fill out the fields accordingly.
You'll notice that if I haven't changed the weights of "Homework" or "Exam," I'm left with 125% grade weights, which I can't have. To make sure I'm at 100%, I"ll just change Homework from 75 to 50%.
Be sure to click Save, and you're good to go.
Remember when creating graded content that grading is configured at the subsection level.
This means that all units containing under a single given subsection are going to be weighted the same.
FROGED