Depends on the context so if this is just a private survey to help someone/something you know and support, that's fine but don't give corporations your personal info for free please. Especially not info they can sell to someone else to target you for advertisements or worse, to the government so they can pinpoint target you for nefarious purposes in the future.
Definitely a divisive topic. My understanding is that bisexual is attraction to two or more genders (of any nonzero amount of attraction) and that pansexual is equal attraction to all genders. Bisexual is an umbrella term and pansexual is a specific type of bisexual.
However, how people decide to label themselves is a bit tricky. Some folks consider themselves pansexual, and the bisexual label does not apply. Other pansexual folks will say that bisexual also fits. There are even more labels, like omnisexual (attraction to all genders, but the level of attraction between them is not equal), that exist but aren't in as wide of use. It's not really my place to say whether these labels are valid or if these folks are using them right, but this is what I have observed over time.
If I needed to make a multiple choice form for collecting sexuality information, I would likely have straight, gay, bisexual, asexual, other and prefer not to say, with each option allowing notes if wanted. This would still allow for people to choose a label that fits them and be more specific if they preferred. (A pansexual person, for instance, could choose bisexual or other and further specify if they so chose.)
There is some degree of distinction, I'd say. Bisexuality is attraction defined by the male/female binary, pansexuality is attraction regardless of gender. A person can be bisexual and attracted to cis men and cis women, but not pansexual if they aren't attracted to trans or agendered folks.
Granted, a lot of people who say they're bisexual are probably actually pansexual, but stick with the label that is more widely used and understood out of convenience.