The SharePoint Term Store is where the RecordPoint Business Classification Scheme is created. The BCS describes common business functions and activities for an organisation and is used by records managers to classify content.
The classification of records in RecordPoint is defined by the schema as described in the term store and the associated retention for each term class.
There are several ways to create the term store, generally the Outcome Setup process is the most straight forward as it allows you to import your BCS and create RecordPoint outcomes from the same template. Additional terms can also be added at a later stage, see Create Terms for more information.