Yeah, the bottom slot is channel 1. Next up is channel 2, then the bind slot, then VCC. Steering (CH1) and ESC (CH2) go where Tunedpipe said. On the receiver you will see the pin orientation says S + -. This shows which way the plugs are installed. White is signal, red is +, and black is -.
The VCC is where you plug in a small battery pack to power the receiver if you are using the receiver in a nitro car. On electric cars you won't need this.
The bind slot is where you put your bind plug when you need to bind your receiver to your transmitter. Here is what the bind plug looks like...
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