A branch belongs to an element (a file or directory). A brtype or branch type is a name for some branches, which can be applied to any number of elements.
For example, file.c@@/main/int is a branch of the element file.c. Its brtype is int. And file.c@@/main/int/2 is a version which belongs to that branch.
Similarly, a label belongs to a version of an element. An lbtype or label type is the name for some labels, and can be applied to any number of versions of different elements. A common use is to create labels with the same type for each element in your repository, to stamp a certain release.
cleartool mklbtype -global TEST
makes a label type.
cleartool mklabel TEST file.c
creates a label on the version of element file.c which is currently selected in your view. Now file.c@@TEST is a permanent synonym for that version.
cleartool mklabel -rec TEST .
does the same for the current directory and all its contents, recursively.