Second one is a screw starter or remover. Twist the black tip till the flat ridge forms a straight line. Slip a slotted screw onto the ridge and the cap will spring a bit, to hold the screw. You can insert and start the screw from several inches away.
Or, twist the black cap and pull it out, so that the slot engages the pin. The ridge will form a straight line. Push that ridge into a screw (several inches away) and the cap will snap back, allowing the cap to twist, firmly gripping the screw. You can then remove the screw, without dropping it into the abyss!
I have a couple of these in straight and phillips configurations. Used them more than you'd think.
Bill