Hi @tntdabomb,
MASTER PWD: The master password is the actual password that you get after Signing up for the Steemit account and that is given by Steemit.
OWNER KEY: The owner key is the master key for the account and is required to change the other keys. This key has additional permissions to recover your account or change your other keys. It's the most important key and should be securely stored offline.
ONE MORE THING: Please watch the Steem basics video posted above between the 1:21 and 2:21 minutes duration, you will clearly understand what is what.
Hope this info gives you clarity.