Windows 7: Function of time field in New Trigger window Task Scheduler?

When creating a new task in the Task Scheduler, and creating a New Trigger, there are two fields next to the label "Start". Both default to the date and time I'm creating a new task. My question regards the time field. If I create a task a 4:30 PM (for example), does that mean it will run under any other conditions I set until any expiration date? Or does it mean that the task won't start running until 4:30 PM each day? I think I can guess the answer but need to be sure before I turn in a document about this to my manager!