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It is used in specifying text in a function, and sometimes dates. It differentiates names for ranges and actual text. Functions use different kinds of data, such as numbers, dates, logical values and text. Text is indicated by enclosing it in quotation marks, and dates can be indicated that way too. See the following examples:

=FIND("A", C30)

=WEEKDAY("2/5/90")

If you had a range named Sales you could do this with Excel to sum the range, but you would not use the quotations marks to specify it, otherwise it would not work, as it would treat it as text. Assuming you did have a ranged named Sales, then the first of these two is correct and second will not work:

=SUM(Sales)

=SUM("Sales")

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Q: What is the ' ' symbol used for on a spreadsheet?
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