Consist & MU/Multiple Unit are one and the same in DCC talk, basically couple several loco's together and you have a consist/multiple unit.
With speed control knob and dial are one and the same. A pot which is short for potentiometer is what the knob actually turns, this gives an arc of around 270 degrees from stop to full speed.
The better throttles don't use a pot, instead they use a rotary encoder, but still with a knob. A rotary encoder has no physical end to it's travel, and so it can take several rotations from stop to fullspeed, this gives much finer speed control.
My system uses rotary encoders, and I have one loco that takes around 30 sec to move from one sleeper to the next at the slowest speed setting. Control like this isn't possible with a pot.
Some systems use both knobs and buttons to control speed, depending on the system you may be able to use one or the other, or you may be able to use both.
Speed Steps are literally the number of steps between stop and fullspeed, there are 3 modes of speed steps 14, 28, and 128.
14 steps is the original standard and was all we had when DCC first came out, this was later increased to 28 to allow better control, this has now been extended to 128 steps to give the ultimate in fine control.
14 steps is the baseline standard, all systems and decoders must support this to be compatible with each other, 28 & 128 steps is a recomended practice, systems and decoders are not required to support 28 or 128 steps, but is recomended that they do.
By ensuring that all systems and decoders are compatible with 14 steps loco's fitted with an old decoder can be run on any system, while an older system can be used to run loco's with modern decoders.
This is "backwards compatibility," and ensures that all DCC systems can work with all DCC decoders, regardless of make or age.
Functions can be what ever you want them to be, that is the idea of them. Functions can be used to control lights, sound effects, or even mechanical devices such as uncoupling, and doors on carriages.
There are currently 13 functions, F0-F12, however there is a proposal to extend this to 19 functions F0-F18.
The only standard function is F0, this is for forward and reverse headlights, all decoders and systems must support this function. With this function you can turn the headlights on or off by pressing the F0 button on a throttle, also whether the forward or reverse headlight is lit is determined by the direction the loco is travelling in, even when the loco is stopped the lights will remain lit depending on which direction the loco is set to.
Functions F1-F12 are recomended practices for systems, they don't have to support these functions, but it is recomended that they do. Some systems support all of these functions, others only a few of them, while some basic sets only support the standard F0.
What you do with functions is entirely up to you, for some loco's you might not want any functions, just speed and direction, or you may want some special effects to make your model more realistic. You can also buy function only decoders, these don't have controls for a motor, and so are mostly used in carriages and wagons for lighting, opening doors and such.
Some possible uses for functions are
1. individually controlled marker lamps
2. uncoupling
3. sound effects such as whistle/horn, couplings clanking, brake squeal, etc.
4. opening doors on carriages or multiple units
5. smoke units
6. working fans
7. anything else you'd like to add to you models
Also sound decoders which fit inside a loco use these functions to control specific sounds, as well as the chuffing or motor noise which is synchronised to the loco's speed, and because power is supplied even when the loco isn't moving you can activate these sounds at any time, such as sounding the whistle before departing from a station.