It describes the relationship of the lowest notes to the other notes in the chord. For instance, a C-major triad contains the tones C, E, and G; its inversion is determined by which of these tones is the lowest note (or bass note) in the chord. They allow for smoother bass lines and melodies. They give texture and tone to the music. In classical music, different chord inversions have different functions.
An artist creates a vanishing point by drawing a single dot on the horizon line at the vanishing point location. A vanishing point can be anywhere on the horizon line, and all parallel lines will appear to move towards that point.