Facecrooks security shares some great best practices with detailed screenshots to help guide users in tuning their privacy and account settings

http://facecrooks.com/Internet-Safety-Privacy/how-to-lockdown-your-facebook-account-for-maximum-privacy-and-security.html

QUOTE: Our goal was to create a guide that Facebook users could reference to help them set up their privacy and security controls quickly, easily and appropriate for their comfort level of sharing. This walk-through will show you how to configure your Facebook Account and Privacy Settings