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There are several categories of fake news. The following are broad ones:
Intentionally Deceptivenews use false or misleading information that has been fabricated deliberately to either make money through number of clicks, or to cause confusion or discontent or as sensationalist propaganda. These are news stories created entirely to deceive readers.
Misleading news including conspiracy theories are news stories that report a fact, event, quote, statistics, images and other media out of context. Some of these news can also be old stories re-shared on Facebook and through other social media channels.
Clickbait-y Headlines these are false news that use misleading headlines that catch readers' attention and make them click on the news; and usually they do not reflect the content of the actual story.
Satire or Comedy news use humor, irony, exaggeration, ridicule, and false information to comment on current events. These news stories offer important critical commentary on politics and society, but have the potential to be shared as actual/literal news. e.g. The Onion and Daily Mash.
There is no clear cut between categories, some news articles fall under more than one category.
According to the Middle East Media Use Report (2016) younger adults are much more likely to rely on social media as an important source of news (75% 18-24 year olds vs 40% 45 and older) and to consider it reliable (53% vs 30%)