Guest – No longer valid in Windows 10. Guest accounts were good to allow people temporary use of your PC. A guest account is not able to install apps, hardware, change settings, and can only be a local account.
Standard User – Standard user accounts are good for everyday usage, and can be a local account or Microsoft account. Standard user accounts can use most apps and change system settings that do not affect other users. If any action that requires elevated rights is attempted while signed in as a standard user, Windows will display a UAC prompt for the password of an administrator for approval. If UAC is set to “Never notify”, then a standard user will automatically just be denied the elevated action.
Administrator – Administrator accounts have complete access to the PC and can make any desired changes. Administrators can be a local account or Microsoft account. If any action that requires elevated rights is attempted while signed in as an administrator, Windows will display a UAC prompt for the administrator to confirm (Yes or No) or enter their password first.
Which type should you use – read more here.