Character/Setting/Plot

The setting of a story includes the time and place where the story occurs.

Yes, it is.

The plot is what mainly happens in the story.

The climax is an edge of your seat moment or the main problem in the story.

True.

Characters are the people in a story.

The beginning of a story is called the exposition.

The falling action refers to events that happen after the climax leading to the resolution.

A summary of a plot is a brief description of what mainly happens in the story.

The resolution is the conclusion of the story where conflicts are resolved.