Understand how work Layer Manager tool in 3d Studio Max it's a important step ahead to improve your knowledge of the software. In fact great 3d modeling and rendering systems are both based on objects (usually a lot...) on different layers. Like a graphic software 3d Studio Max allows you to collocate objects on invisible planes called layer to facilitate your work or speed up rendering time when you don't need to render a particular object (or several..) placing it on a layer that may be hidden with a click. Let's see how Layer Manager work.
Step 1)
Create three primitives a cube (box), cone and a sphere of every color you like expect grey (then we'll see why) 
Step 2)
Go Tools > Layer Manager

Layer Manager window prompts.

Step 3)
Click on 0 (default) to open the tree menu. This shows your object: sphere, cone and box.. all in the same layer.

The first icon is Create New Layer (Containing Selected Objects), this means that if you select an object first and then click this button Max will create a new layer with it
This pointer is useful if you want to select all your object in a layer. Think how it may be useful if you have a layer with 100 objects mixed with 70 that you do not want to select..
This icon (like a mask) is Hide/Unhide all Layers.

This way for Freeze/Unfreeze all

The teapot icon, click of it to exclude the object/layer from your render. This is useful for speed up rendering time, if you don't need a particular object (hair, details..)

This one allows you to change the color of your objects.

Clicking on the same line of your object, for example of mask for Sphere01 will hide just this one. Easy.

Freeze, snowflake image, will.. freeze just the sphere (grey color..)
On the same way clicking on teapot beside it will exclude the selected object from the 3d render.
Step 4)
Click the box to select it the in Layer Manager click Create New Layer. Your box will be moved to another layer. This is how Layer Manager work.
Hope this help.
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