After much experimentation I resolved my own question and this answer might help somebody.
function mmm_select_field( ) {
$options = get_option( 'mmm_settings' );
$buttons = array(
'Bold' => 'bold',
'Italic' => 'italic',
'Underline' => 'underline',
'Superscript' => 'superscript',
'Align Left' => 'alignleft',
'Align Center' => 'aligncenter',
'Align Right' => 'alignright',
'Bullet List' => 'bulletlist',
'Number List' => 'numberlist',
'Link' => 'link',
'Unlink' => 'unlink'
);
foreach ($buttons as $key => $value) { ?>
<input name="mmm_settings[mmm_select_field][]" type="checkbox" value="<?php echo $value; ?>" <?php if((!empty($options['mmm_select_field']) && in_array($value, $options['mmm_select_field']))) { echo "checked"; } ?>/>
<label for="<?php echo $value ?>"><?php echo $key; ?></label>
<?php }
}
Basically this is how you assign the array to an Option/Setting:
mmm_settings[mmm_select_field][]