Minors and co-factors are usually associated with larger matrices. It is a method of dividing the problem of calculating the determinant into a set of smaller tasks, hopefully easier individually that result in the answer to the more complex task.
The determinant of this matrix is 3*(-5)-2*4=-23
A "minor" is the determinant of the square matrix formed by deleting one row and one column from some larger square matrix. Since there are lots of rows and columns in the original matrix, you can make lots of minors from it. These minors are labeled according to the row and column you deleted. So if you were to go, say, to the a2,4 entry from some matrix A and cross out the row and column that pass through that entry (that is, if you remove the second row and the fourth column of the matrix), the determinant of the new (and smaller) matrix is called "the minor M2,4".
There are therefore four potential minors |3|, |4|, |2| and |-5| These would be used in pairs
example:
Minor(1,1) = |-5|
Minor(1,2) = |2|
Co-factor(1,1) = 1^(1+1)*3 = 3
Co-factor(1,2) = -1^(1+2)*4 = -2
The determinant is therefore:
Co-factor(1,1) *Minor(1,1) +Co-factor(1,2) *Minor(1,2) = 3*(-5)+(-2)*4=-23