In college you type in lectures, in the library and the night before a deadline. This test runs for three minutes, which is long enough to show how your speed holds when you start to get tired.
Most students are comfortable between 50 and 70 WPM. You do not need more than that. What matters is that typing never slows down your thinking, and that you can keep your pace for an hour of notes or a long paper.
A lecturer speaks at about 120 to 150 words a minute, so nobody types every word. At 50 WPM or more you can type the main points while you still listen. Slower than 30 WPM and you will spend your time catching up instead of understanding.
A 2000 word paper is about 40 minutes of typing at 50 WPM and 25 minutes at 80 WPM. The typing itself is a small part of the work, but it adds up over a semester. Practise ten minutes a few times a week and you will notice the difference by the end of the term.
Use the punctuation test for essay style text and the numbers test for data and references. The hand strain guide is worth reading before a long semester of laptop use.
There is no requirement, but 50 WPM or more makes lectures and papers easier.
It shows how your speed holds over a longer stretch. For a quick number, the 1 minute test is also fine.
Yes, if you type around 50 WPM or more. Many students type the key points and leave out the rest.