String[] list = new String[5];

A good answer might be:

The array object has five slots.

Fixed-length Array

Once an array object has been constructed, the number of slots will not change. If an array object is to be used for the entire run of a program, its length must be large enough to accommodate all expected data. It is often hard to guess the correct length in advance. It would be nice if there were a kind of array where you could keep adding data no matter what length it was originally.

QUESTION 2:

Say that an array has been declared and completely filled with information:

String[] list = new String[3];
list[0] = "ant" ;
list[1] = "bat" ;
list[2] = "cat" ;
After running for a while, the program needs to add information to the array. Will the following statement make the array larger?

list = new String[5];