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No, it only shows data usage (in MB/GB) if anything.
The cell phone isn't transmitting or receiving data at the moment.
Believe it or not it doesn't use up that much. Typically its only one megabyte or less for your average call.
Using internet (3G or 4G) on any cell network is different than making a phone call in terms of plans. Firstly, Verizon doesn't measure your usage in terms of minutes, but rather in MB (megabytes). So the more "stuff" (load webpages, read e-mails, watch youtube videos, download apps, etc) you do over 3G (or soon to be 4G) will increase the amount of MB you use in a month, increasing your monthly bill. Also, unlike a phone plan, you can't not have a plan for internet usage (i.e. you can't have a pay-as-you-go plan with internet). At the moment (January, 2011), Verizon offers two options for smart phones (Blackberries, Androids, and most likely the iPhone as well as its exact plans haven't been announced yet). The first is you can $15 per month for 150MB, or you can pay $30 for unlimited usage. It is likely these plans will change soon to tiered data plans as Verizon upgrades to its 4G network, but these are the plans as they are now. Otherwise, for non-smart phones, you can pay $10 per month for 20MB (I think its 20...but I'm not 100% sure on this one). Hopes this helps :)
1 mb = 1 megabyte is an amount, like 1 kilometer. 7 mbps = 7 megabytes per second is a speed, like seven kilometers per hour.