While creating Test Steps or while editing Test Steps, you can click on the Settings button to show the advanced Settings for Test Step level configuration:

On clicking the Settings button, the following options shows up:

Mandatory: Select the Mandatory checkbox to make the execution of this step compulsory for a test case.

One major use of this option is to skip verification steps during Dry Run(How to perform Dry Run to verify Test Case is correct). This can be done by unchecking 'Mandatory' option for verification Test Steps and checking 'Mandatory Steps only' during Dry Run.

PrioritySelect the Priority level that you want to set for this Test Step - Major, Minor or Medium

Failure of a Minor and Medium priority step will not cause the Test Case to fail. However, failure of a Major priority step will abort the Test Case execution and skip to next Test Case as per the Execution Settings.

PrerequisiteSelect a previously created Test Step if successful execution of that step is required to execute this Test Step. For example, we need the login step as prerequisite for the logout step.

Maximum Wait Time: This is the maximum amount of time the step waits for a ui identifier to be present. If the times exceeds, it will be timed-out and the Test Step fails.