You understand perfectly- Remember to use a key_lock of some type because the very person will hold the key longer then 1 cycle.
BTW wait(1) is a frame not a time measure - it changes a bit for each cycle - however in your example of 60 fps then you are perfectly correct.

As a personal note, the new users who learn the fastest and best are people like you who want to understand the logic not just be hand a piece of code. My complements to you for start on a good foot.