The name of the network is the SSID.
The "password", or "passphrase" is the WPA-PSK (pre-shared key). It can be the same, or different for the different SSIDs, that's totally up to you.
In other words, in your setup you have 3 separate network names (SSIDs), all with the same password.
In a client device, you may have only one of those network names saved, in which case it would only connect to that one network, i.e. MyNet5_1 let's say. If the client device has more than one network name (SSID) saved, then it would connect to the stronger signal. You can always see which name/ssid you are connected to.
If one of those networks is intended as a "guest" network, I would change it's passphrase (WPA2-PSK) so that guests wouldn't know your normal passphrase, and I would use the Asus "Guest Network" tab, that allows you to disable access to your other LAN devices for guests (called "Intranet" in the Asus firmware).
There is another way to set it up with fewer network names, but it limits your choices a bit:
If you don't really care which frequency band your devices are using, you can name both the 2.4GHz and 5GHz networks with the same SSID name (and same WPA-PSK passphrase) - then client devices would only see one network, and will connect to either 5GHz or 2.4GHz, whichever signal is deemed stronger. Devices only capable of 2.4GHz would use that band. This simplifies setup, and only shows one network name to devices. The only downside is that some smart clients (Google Home, Alexa, etc.) may connect to a 5GHz band and not find smart devices on the 2.4Ghz band.
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