Now that we have our VM, it's time to install our OS on it.
Clicking Start on the top of the main VirtualBox window, with your VM selected, should prompt you to first select a startup disk.
I've navigated to my Downloads folder and chosen the downloaded image from earlier.
Pressing Start will boot the machine from our media.
You will be presented with the option screen within the VM, with Test this media & install CentOS 7 selected by default.
I usually hit the up arrow (within the VM window) to select only Install CentOS 7 and skip the media check, though you may wish to perform the test.