In general the beep is the POST indicator, 1 beep generally means OK unless it is extended anymore than that usually indicates an issue, similar to Morse code it is rather specific and tends to be relative to the mobo/issue.
The component (presumably a mini speaker) will plug in on the bottom right of your mobo this exact spot is not a definitive standard but will be shown on your mobo user guide or will be aptly labeled on the mobo (given that it supports the component).
Thanks
Sig