What name, format, and scheme should be chosen in order to "factory reset" a MacBook Pro?

I am following What to do before you sell, give away, or trade in your Mac and during step 7 (Erase your hard drive and reinstall macOS), the fourth step is "Click Erase, then complete these items: Name .. Format .. Scheme ..".

In order to emulate a "Factory Reset" of the MacBook Pro (so I can get its state as close as possible to when it arrived from the Apple factory), what are the defaults for all 3 of these options?

If you're intending to reinstall macOS on the disk at some point (which 99% of people would be), then use these:

Name

Enter a name for the disk: 'Macintosh HD' is the default on a new Mac

Format

use APFS for formatting, and

Scheme

GUID Partition Map for scheme

Notes

This source recommends using 'Mac OS Extended (Journaled)' format. BUT if you want to be able to reinstall macOS (who doesn't?), then you must reformat to APFS, otherwise you'll get a message like

This Mac can only install macOS on APFS-formatted drives. Please use Disk Utility to reformat as APFS