The information at https://access.redhat.com/knowledge/docs/en-US/JBoss_Developer_Studio/5.0/html-single/JBoss_Server_Manager_Reference_Guide/index.html#creating_a_new_server is not up2date. When you create an AS7 server (7.0.2+) you can check if you want to expose the management port. Also, for most servers you can check if the server is to be bound to all interfaces.

Note that for a local server you don't really need to expose the management port - it is bound to localhost by default. But for remote servers you need to use it if you want to make a jmx connection to the server.
Also, if this option is checked, it will set the startup poller for that server to JBoss 7 Manager Service. For the startup poller and jmx connection to work you need to have a user created on the given remote server.

Please let me or Rob know if you need more info on this.