Quadrant 1 represents things which are both urgent and important. We've called this "firefighting". The activities need to be dealt with immediately, and they're important.
Quadrant 2 represents things which are important, but not urgent. We've termed this one "Quality Time". Although the activities here are important, and contribute to achieving the goals and priorities - they don't have to be done right now. As a result, they can be scheduled in when you can give quality thought to them. A good example would be the preparation of an important talk, or mentoring a key individual. Prayer time, family time and personal relaxation/recreation are also part of Quadrant 2.
Quadrant 3 are distractions. They must be dealt with right now, but frankly, are not important. For example, when you answer an unwanted phone call, - you've had to interrupt whatever you were doing to answer it.
The final quadrant, Quadrant 4, are things which are neither urgent nor important. Some meetings could fall into this category - they've been scheduled in advance, but if they achieve nothing, or you don't contribute to them, then they have simply wasted time. Other examples could include driving time and low quality relaxation or family time