Editing custom module - urgent requirement

Hi all,
I have created a custom module called Questions ( From Administration>>Module Builder ). After that I created a page. In that I dragged and dropped a Content Block and the custom module Question.  I tried edit the Content Block widget and added new contents in the edit mode of that page. My problem is that I can't do it ( what I did in the case of Content Block ) for the Question widget ( custom module created ). I can only edit it and select an already created content ( Content>>Question>>Create a Question ) for Question.

In the edit mode of Question widget, there is an option for select template and create template. When I create one and select it save it and view that page. But there is no reflection of that. Actually What is this option means?