Formatting the timecode settings and appearance in display

I would like to ask something about Adobe Premiere CS6. What is the importance of looking in to the timecode and what is the use of it in video editing? How can select the format of time code? What are the steps on achieving this in my project? Can you provide me step-by-step instructions on how to do this? What do you mean by Shot and or take in CS6? What is the definition of it and what is the main function of this in video editing? Please show me how to recover this problem properly and how to make it work again? Thank you very much and have a nice day!