If you want to create a preferred or restricted audience on the fly, you can do so directly from the Add Content Screen during the test creation process. 

You can also set your Custom Audiences by navigating to your settings menu and clicking on the "Preferred & Restricted Audiences"

You'll be brought to the page where you can manage, create, and save your custom audiences. 

On the right-hand side of the page, you'll be able to create and manage your Preferred Audience Segments. To create a Preferred Audience Segment, simply click "Add New Preferred Segment."

First, you'll be asked to name your segment, then you'll have the option to add audience traits: age, relationship status, gender, college years, partner preference, user interests, country, and languages.

After setting all your traits, be sure to click "Save." If you ever want to fine tune your audience a bit more you can use the "Edit" button to add or change additional traits.

You can also delete audiences entirely by using the "Delete" buttons that populate to the right of each audience. 

On the left-hand side of the page, you'll be able to manage and create your restricted audiences. 

To create a restricted audience, click on the "New Preferred Segment" button. There you'll be able to restrict your content from Countries and Broad Language Groups. 

Tip: Our hands our hands are tied by Facebook's API, we're working on adding new categories for restricted audiences soon. All updates will be communicated via our email newsletter and our blog. 

If you need to edit your Restricted Audience, feel free to do so by clicking on the "Edit" Pencil on the left-hand side of the page. 

If you want to delete an audience that you created, just click the "Delete" button to the left of your restricted audience.