Yes, you got it right. But I've seen people be confused about this item before, so I'd like to add a few details.
What you will receive (on each of your characters, present and future) is a brownish gift-box item. This item will be somewhere in your inventory (provided you had at least one free inventory slot to hold it). It can only be used if your character has the Novice characteristic. To obtain this characteristic, simply finish the intro with your character and talk to the NPC your quest-log tells you to talk to after the final instance of the intro (Burning Archet or Gormr's Ritual, depending on race). You get the Novice characteristic at the same time as your free Milestone skill.
After you have used the gift-box item, you will receive three items, all of which look like pieces of paper. Right-click them to use them and thereby learn the associated skill. What those pieces of paper will do for your character(s):
1) "Trait: Riding Characteristic": This will teach you the basic riding skill. With this, you can ride any travel steed or goat. These can be obtained in-game or via the Store in a variety of desgins and three standard speeds: +32% run speed, +62% run speed and +68% run speed. Typically, the +68% run speed mounts are either relatively difficult to obtain or have to be bought in the Store.
2) "Trait: Apprentice Riding": This can only be used after the first piece of paper. This item will grant you a passive skill that makes all your mounts run at +68% speed, even those that normally only go at +62% and the very rare mounts that only offer +32% run speed. (I can only think of 2 in the entire game and those share their looks with higher-speed mounts.)
3) "Smell the Roses": This will teach you a toggle skill that will kind of deactivate the Apprentice skill and return your mounts to their native speed for as long as it is active. The main uses for this are role-playing and slowing your mount down so friends without Apprentice Riding can keep up with you.
Now, if you're willing to make this kind of purchase, I think I should point out that there is another item called "Journeyman Riding (Account)" in the Store which costs a bit more (2995TP?) and will give you a fourth piece of paper which you can use only after items 1) and 2).
4) "Trait Journeyman Riding": This will set your mounts' speed to +78% run speed, faster than any other non-War-Steed mount in the game. The +68% will no longer affect your mounts; you'll be able to choose only between +78% and the mount's native speed (via "Smell the Roses").
The thing is that there is no real upgrade from Apprentice to Journeyman Riding available. If you first buy Apprentice Riding and later decide you want the full +78% speed, you have to pay the full price. On the other hand, it is entirely possible to buy Journeyman Riding if you don't own Apprentice Riding, so if you can live with spending a bit more now, going for the +78% bundle will probably be the more economic option.
German, female, migrated from CodeMasters in 2011, Premium member, slow-leveller, pure PvEer and opposed to Forced Emotes - wherever I fit into the statistic, it's not in its middle.