Do you mean when you click on Grade and then it says "Type"/"Scale" and "Maximum points"? If so, then take a look at Grade points
Point in 2.7 simply refers to number grades, which are the default grade in earlier versions of Moodle. You still have the same grading options in 2.6 but it is just the terminology which is different in 2.7. See http://docs.moodle.org/26/en/Scales