What is FormControl used for? Why is it used? How Should it be used?

Can someone explain to me in layman's terms what function FormControl serves, and why/how one would want to use it?

I'm using Material-UI in React, and many of the form examples I see make use of FormControl, but I'm having a hard time understanding what it does, and if it's necessary or not for my project.

Right now I simply have a Component named Form.js and I'm containing all my form elements in a div like this:

return (
<div>
  <FormControl className={classes.formControl}>
    <InputLabel htmlFor="select-multiple-accounts">Account</InputLabel>
    <Select
      multiple
      value={accountName}
      onChange={handleAccountChange}
      input={<Input id="select-multiple-accounts" />}
      renderValue={
        selected => (
        <div className={classes.chips}>
          {
            selected.map(value => (
            <Chip key={value} label={value} className={classes.chip} />
          ))}
        </div>
      )}
      MenuProps={MenuProps}
    >
      {accountNames.map(name => (
        <MenuItem key={name.label} value={name.label} style={getStyles(name.label, accountName, theme)}>
          {name.label}
        </MenuItem>
      ))}
    </Select>
  </FormControl>
  <br /><br />
  <TextField
    id="job-number"
    label="Job #"
    className={classes.textField}
    value={props.jobNumber}
    onChange={handleJobNumberChange}
    fullWidth
  />
  <br /><br /><br />
  <TextField
    id="project-description"
    label="Project Description"
    placeholder="Provide a detailed description of the project:"
    className={classes.textField}
    multiline
    variant="outlined"
    value={props.projectDescription}
    onChange={handleProjectDescriptionChange}
    fullWidth
  />
</div>
  );
}

Is this ok? or am I supposed to be wrapping everything in a FormControl? If so.. can you please explain why? I'm not sure what the best practices are when coding a form into a React web application. I'm new to React Forms.

Thanks.