A benchmark is a place that any surveyor can locate. We use a benchmark as the origin for a project's coordinates, the same way AutoCAD uses (0,0,0) as an origin; everything is located in relation to that point. In the US, the Geodetic Survey has a system of benchmarks that are often used to locate project benchmarks (or to be the benchmark itself).
Your project is measuring distances in feet, so 11,675 feet is 2.21 miles (11675/5280). In this case the "intersection" (whatever that is) is your origin, so all your coordinates are measured from that point. If you know about Universal Coordinate Systems (UCS) in AutoCAD, you can redefine the origin to match your project benchmark, your geodetic benchmark, or anything else that gives you the results you need. Typically, each state has its own "origin," so every location in the state can be expressed in State Plane Coordinates; this is handy if (for instance) you have data from several different surveys and want to combine them.
The point BM312 is a project benchmark. The surveyor knows where BM312 is in relation to the first benchmark. You can then adjust the points from the survey to express them in relation to the first benchmark, the project benchmark, or any other origin.
Technical advice: AutoCAD works better if you keep your work close to the drawing origin. Instead of physically putting your project miles away in space, change the UCS instead.
Finally, "elevation" refers to the Z coordinate. A surveyor also describes the elevation of points in relation to the benchmark.