The actual time a note is played is set according to the tempo which is specified in beats per minute. So for example, at a tempo of 60 beats per minute, a note of one beat is played for 1 second, and the total time of the passage above is 16 seconds.
A given piece of music may specify the tempo at the beginning. Whether it does or not, the musician always has the option of selecting the tempo to his/her preference (at least when playing solo!). In some cases, the sheet music may explicitly change the tempo one or more times.
Staves
Some instruments may require only a single staff whereas keyboard instruments generally require two, the treble and bass staves. The treble staff covers the higher tone notes and the bass staff the lower. On the piano, the treble is generally played with the right hand and the bass with the left.
In addition to the beat tic marks, the horizontal timeline of the octaves are further delineated by vertical lines, or "bars", in between measures. The number of beats in a measure is usually fixed for some number of measures and often remains unchanged throughout the entire piece. How measures are interpreted by the musician is an advanced topic that students learn well into their studies. For now, just know that there are measure sequence numbers displayed above the topmost line of the staff. They are a convenient way to reference a specific location in a work.
In addition to the notation that tells the musician what to play, there is also notation that tells the musician how to play it. These include slurs, articulations, fingerings, dynamics, and piano pedal controls. The format of these is the same as that for traditional notation. Additional information on retained traditional notation can be found here.
Grandstaff rows and single staff rows
A grandstaff consists of a treble staff and a bass staff pair. Sheet music for piano generally uses these to define notes to be played with right and left hands. The staves are denoted by the letters T and B at the left of the staves. Some works require only a single staff either treble or bass. This is the case for non-keyboard instruments and vocals where only one note is sounded at a time (although there is often a 2nd staff for another instrument or voice for synchronization). In any case, the staves of the work are segmented into rows such that each row fits the width of the sheet music page.
Lyrics are displayed in a way that aligns words or syllables with their corresponding notes. For works needing grandstaff rows, the lyrics are displayed in between the staves. For works that require only a single staff, (either treble or bass) the lyrics are displayed below it.