Sonya,
It is typically a bound composition book used to keep (in a "common place") quotes, excerpts from literature, Scripture verses, poetry, etc. that are worthy of being recorded and reread over time.

I'd recommend a hard covered book, as it will stand up better over years of use.
On a sidenote, I'll move this post over to the Main Board as that is where all new posts begin.

We're glad to have you here!
Blessings,
Carrie