I found a really good quality book excerpt explaining all you'll want to know about settings, preferences, and managing assets in Premiere Pro. It's from Peachpit Press' "Adobe Premiere Pro CS5 Classroom in a Book". I think it would be well worth your time going over, especially if you're new to Premiere Pro.
Selecting Settings, Adjusting Preferences, and Managing Assets in Adobe Premiere Pro
Sr. Content and Community Lead
Adobe After Effects - Adobe Premiere Pro - Adobe Media Encoder
Adobe Systems, Inc.
San Francisco, CA
Follow Kevin on Twitter