It is used when working out a straight line equation.
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You need either a point and the slope of the line or two points. Then you use the point slope form of the line or the slope intercept form to write the lines.A given point has an infinite number of lines going through it, that is why you need more information.
When you are trying to graph an equation.
You can have infinitely many lines through one specific point, each with a different equation. If you want to have a general equation for ANY line that goes through that point, use the point-slope equation for a line, and use a variable for the slope.
In the case that you are using Slope-Intercept Form, no, you only plot two points: the y-intercept and one other point. If you don't use Slope-Intercept Form, then you have to use three points.