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There are a variety of tasks, but most commonly they involve mindless data entry, web research or form filling. You are rewarded and paid in cash (via Paypal) for the work you do, and you can choose for what and when you work. Give it a go. [If you're US based, also try Amazon's ‘Mechanical Turk‘].
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This is where the HUGE majority of people get tripped up when freelancing for the first time…and I don’t blame you if you do too. There’s no exact science on what to charge and so much of it is guesswork until you land on the right price for you.
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