1. You need to check the time.

(What kinds of time should be checked acording to the sentence? Does '
check the time' have a lot of meaning according to the context? Does it also mean "Check what time it is now.?"

Without a definite context, it could mean checking any time indicator: the current time ("now"), the time on a stopwatch for a finished race, the time a train will leave or arrive, the time a meal has been cooking, the time for a class to begin or end, the time for an appointment, and so on.