What would happen to my phone if i pressed MASTER CLEAR button?

own a MoTo V3.will it wipe out everyting?what does it do x-actly?What would happen to my phone if i pressed MASTER CLEAR button?
wipes out all user defined settings, ringtones, pics, and the like. The only thing it leaves is brew appsWhat would happen to my phone if i pressed MASTER CLEAR button?
It is like setting a phone back to the factory default so you would only want to do this if you are giving away or selling the phone. This would wipe out all ring tones, your contacts, everything that you have put into the phone.