Final answer:
Sir Francis Drake was a privateer sponsored by Elizabeth I to capture Spanish treasure, contributing to the Anglo-Spanish War, and he was knighted for his services in 1580. He did not establish the first permanent English settlement; Jamestown holds that title.
Step-by-step explanation:
An accurate description of Sir Francis Drake is that he was an English sea captain, privateer, navigator, slaver, and politician of the Elizabethan era. Drake carried out the second circumnavigation of the world in a single expedition, from 1577 to 1580, and was the first to complete the voyage as captain while leading the expedition throughout the entire circumnavigation.
As a privateer, he was commissioned by Queen Elizabeth I to raid Spanish ships for treasure. During the time of heightened tensions between Protestant England and Catholic Spain, Drake’s privateering was effectively state-sponsored piracy.
This aggravated relations with Spain, leading to the eventual outbreak of the Anglo-Spanish War. In recognition of his services, Queen Elizabeth I knighted Drake in 1580 after his profitable circumnavigation that seized a significant amount of Spanish treasure. It's noteworthy to mention that he did not establish the first permanent English settlement in the Americas; that milestone was achieved at Jamestown, Virginia in 1607.