What’s the difference between “Favorites” and “Bookmarks”?
They’re the same thing, actually. “Bookmarks” is the Mozilla Firefox (amongst others) term for what are essentially internet shortcuts. Internet Explorer calls these”Favorites”.
They both work the same way. When you’re on a page you want to get back to, you click the Favorites or Bookmarks menu (depending on the browser) and usually you’ll find an option to add the page to your favorites / bookmarks. Click that, add the page, and it appears on your favorites or bookmarks menu.
You could also drag the site from your browser address bar and drop it in your Favorites/Bookmarks window.