The term tempo refers to the speed at which music is played. Tempo markings come from Italian words. Some of them are listed here, along with their English translations. It is important to be able to recognize these markings and to be able to play comfortably at each tempo.
The % time signature tells you that there are only two quarter note beats in one bar. The only difference between % and * is that % in time there are twice as many bar lines.
When playing 2 chords per bar, use the second rhythm pattern.