A valueset is a group of valid values that can be used for validation or to retrieve data. There are five types of valuesets: format only, independent, dependent, subset, and table. Table valuesets retrieve values from application tables and can be used in formulas and extracts when no database item exists. SQL queries can retrieve valueset details from the FND_FLEX_VALUE_SETS and FND_FLEX_VALUES tables and retrieve data from application tables for table valuesets.