Project Settings allows you to define default values and settings such as select, remove or rearrange sections on your project page. This is where you can setup how you want to display information when creating and viewing your projects.
You can choose default values for the project category, client view access to the project (given that they have login access), start date and assign a task template.
Here are the steps:
Click on 'Settings' tab
Click 'Project Settings' on the left navigation
Adjust the default values and options.
Note: Changes to the Project Settings will apply to new Projects created, not existing Projects.