It's got a flip flop hub... that's a rear hub with a thread on both sides so you can mount a cog on each side and change between two gears by "flipping" the rear wheel. It came from the shop with a freewheel on one side and a fixed cog on the other.
To start, I just rode it how it came out of the box, set up to freewheel, and apart from some bar ends and toeclips, I didn't really do much to it. Then after a while the chain started to sag a bit and the cranks creaked a bit and everything needed a bit of a tightening.

If I was twenty years younger and not so worried about loosing skin and breaking wrists, I might have stuck with the fixed gear and learnt to go fast and do track stands and ride backwards. If I lived in Melbourne or New York or some other place with no hills I might have given it a bit more of a go but I think there are reasons why there seem to be very few people riding fixies around Brisbane. So I went back to the freewheel.
Now I was just a little bit too old when the BMX craze hit. My first bike was some sort of kids cruiser made by Repco. It was red and I don't remember much more about it. I'm pretty sure it hand "back pedal brakes". My next bike was a "Ten speed racer"! White Toyosha frame (made by the Toyota auto company) with shifters on the down tube. I rode that through high school, got a car and after a while got into mountain bikes. So I'd never really looked at a screw-on freewheel before my wife bought me my on-line single speed.
It didn't take much searching before I found Sheldon Brown and now I know everything.
...about everything!