Acer 505 series - Manual (Page 99)

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Power Management
Power Management is used to set various settings related to power management.
Click on the “Advanced” button to access the advanced Power Management
Properties options.
The Advanced options in Power Management Properties enable you to assign a
function to the Lid switch, power button, and sleep hotkey (Fn+F4). The options
available for the Lid switch are: No Action, Standby, Hibernate and Shutdown,
while the options available for the hotkey and power button are: Standby,
Hibernate and Shutdown.