File - Allows you to select from the following options.

New - This allows you to start a new project.

Open - This allows you to open a file from your computer

Open from URL - This allows you to open a photo from a URL of that image.

Take a picture -  This will turn on your webcam to take a picture
 

Edit: Allows you to select from the following options.

Undo/Redo
This will undo the last change that you have made.
 

Step Forward
Steps you forward if you undo too far.
 

Step Backward
This will undo the last change that you have made.
 

Copy
Copies the selected text, item, or layer that you are on.
 

Paste
Pastes the copied text, item or layer.

Clear - Clears your image

Fill - Fills your image with your selected color

Stroke -Adds a stroke to your image

Free Transform - Allows you to change the size of your image by dragging its corners.

Transform
Allows you to select from the following options.
 

Rotate 90° ↻
Allows you to rotate your layer 90° Clockwise (to the left).
 

Rotate 90° ↺
Allows you to rotate your layer 90° Counterclockwise (to the Right).
 

Rotate 180°
Allows you to rotate your layer 180°.
 

Flip Horizontally
This will flip your layer on the vertical axis (think about flipping a see-through paper, left to right, to the other side).

If you are flipping text, your text will show up as if it is reflected in a mirror. Like this:ƨiʜƚ ɘʞi⅃
 

Flip Vertically
This will flip your layer on the horizontal axis (think about flipping a see-through paper, top to bottom, to the other side)

Your text will show up as if it is upside down, reflected in a mirror. Like this:⅂!ʞө ʇµ!ƨ

Define New -  This allows you to define a new pattern on your image

Preferences - This allows you to add guides and grids while editing
 

Layer - These options allow you to edit the layers of your image

Select - This allows you to define what you are selecting

Filter-  This allows you to add a filter to your image

View: Allows you to select from the following options.

Zoom In
Zooms in your view for more detailed editing of your design.

Zoom Out
Zooms your view out to see a broader look of your design.

Window - This allows you to choose what windows you see within the Image Editor

More - Gives you further customization options.