There are two kinds of 'events' in Timecounts: Gatherings, and Events.
A Gathering is for activities that only require a simple signup or RSVP list. The signup process is simplified for a Gathering: volunteers simply fill out the form you've linked to that event. You can then review submissions, confirm participants, waitlist participants, and communicate to your list of attendees in one screen. Gatherings are perfect for orientations, training sessions, seminars, meetups, picnics, and other activities where everyone is 'attending' or performing the same task at the same time.
A Timecounts Event comes with a schedule, and volunteers are assigned shifts and roles within the event. For Events with a schedule, volunteers won't just 'attend' - instead, when they signup, volunteers will indicate their availability and preferences for shifts and roles that you've created. You can then manage shifts in the schedule. You can also assign shifts directly in the schedule to anyone in your community database. Events are designed for more complicated signups, like gala events, fundraising events, and festivals, where you want volunteers to perform different tasks.
Note that both event types can be used for single-day events or multi-day events.