What must be done before a volume labeled as "Free Space" can be utilized?

To utilize a volume labeled as "Free Space," the correct action is to format the volume. Free space indicates that the area is unallocated and does not currently belong to any filesystem. Before any data can be written or the volume can be utilized, it must be formatted to create a compatible filesystem that the operating system can use. This formatting process usually involves setting up the filesystem structure, which will enable file storage and retrieval.

Partitioning is a different concept that typically involves dividing a single physical drive into smaller segments that can function independently. While it may be part of the process in some scenarios, simply using free space does not necessitate partitioning again if the goal is just to format it for use. Additionally, creating libraries or assigning user privileges relates to the organization and access of data, but those steps come after the volume is ready for use. Therefore, the essential first step before utilizing free space is to format the volume.