Joomla - How to Change the Site Description/Site Slogan

Changing the site description/slogan in Joomla might not be simple at all if you are new to Joomla and don't know where to look.
I wanted to build a website using Joomla for the first time. I installed Joomla and gave my website a name and description. 

After installing Joomla I noticed that I have a spelling mistake in my website description and wanted to fix it. I tried to do it via the admin screens but couldn't find where.

After struggling with the administrator screens, I finally found where!

• Go to "Extensions" --> "Template Manager"
  
• Select Your template
• In the parameters section - change the slogan name and save.

Changes should take affect (I'm using Joomla 1.5.9)