Now when adding a new vocabulary there are only two visible fields; Name and Description.
And there you've got to add a field, see I've created:
A vocabulary > AUTHORS > then added a FIELDS called author_names of the type List(text) and with the widget select list,
Then in field setting I've filled up the the default values with all the authors names.
Associating taxonomy field with my content
Then, in my content type "Song"
Edit > Manage fields > Add existing field > (I've selected here the field author_names field)
when I began creating my first song the Select list with all the author's name was there!
Taxonomy with Drupal 7
Create and manage taxonomy with Drupal 7